What Is Sales Progression?

In a nutshell... Sales Progression is the glue that holds a property transaction together!

If you've ever bought or sold a house, you may have heard of this term - 'sales progression'. But what exactly does it mean, and why it is to vital to a smooth sale?

The Basics.

Essentially, sales progression refers to the work taking place behind the scenes, between an offer being accepted and the sale actually completing. It ensures that everything moves along smoothly, through the offer and exchange of contracts.

Who Handles It?

Once an offer is accepted, a dedicated sales progressor (or team of sales progressors) will take over. They will act as the middleman and keep communication flowing between the buyers, sellers, solicitors, and mortgage companies. They chase and keep track of paperwork, monitor deadlines, and iron out any kinks that appear in the process.

Why Is It So Crucial?

Without effective progression, property transactions can easily stall or fall through. Any delays, communication issues, or misplaced documents can lead to frustration and hesitation, and perhaps even fall through. A skilled sales progressor will keep all parties well informed, solve problems quickly, and ensure the sale stays on track to completion.

What are the steps?...

1. Conveyance.
   Both the buyers' and the sellers' solicitors exchange important documents and handle the legalities of transferring property ownership. This includes background searches and essential checks into potential issues with the property.

2. Surveys and Mortgages.
   The buyer's mortgage company will typically arrange for a valuation survey to assess the property's value. Once the buyer is satisfied and the mortgage is approved, the sale can progress further.

3. Exchange of Contracts.
   Once both parties are satisfied, the solicitors will finalise the contracts. Upon exchange of these contracts between buyer and seller, the sale becomes legally binding, and a completion date is agreed.

4. Completion!

Issues with surveys, documentation delays, and slow responses from solicitors can easily cause roadblocks.

Sales progression is all about problem solving and navigating these hurdles to keep the sale moving, from offer to completion. With a skilled progressor guiding the process, you can be sure that your property transaction is in safe hands. The average length of time between sale agreed and sale completed is around 5-6 months, usually due to estate agents waiting for a problem to arise in order to address it. Here at Mark Antony, we head off any potential issues at the pass, reducing our typical length of time to 3-4 months. Quicker does not mean less efficient here, it's quite the opposite.

Still got some questions? Get in touch with our team today!