Industry News

Building Trust for Consumers

Early indications of trustworthiness in a building's design can offer increased margins, confident buyers and overall competitive advantage in the market.

Sindu Satasivam (PhD, MIEAust CPEng)
May 2, 2023

Executive summary:

  • Home buyers often have uncertainty about the reliability of the property due to a lack of transparency in the construction industry.
  • Developers can inspire confidence in potential buyers and accelerate sales by providing an early indication of trustworthy design.
  • KPMG Origins’ Trustworthy as Designed Indicator provides an early understanding of how trustworthy a building design is prior to construction, contributing to pre-sales and competitive advantage.
  • The indicator can also support conversations about latent defect insurance with potential insurers and establish a reputation as an industry leader by fostering reliability in the construction sector.

When purchasing apartments, buyers expect nothing less than top-notch quality. However, off-the-plan buyers often only have access to drawings of floorplans, leaving them with uncertainty about the reliability of the final product. This lack of transparency can present a challenge for developers in selling apartments. However, by providing an early indication of trustworthy design, developers can inspire confidence in potential buyers and accelerate apartment sales. In fact, 77%* of prospective buyers suggest that a measure of trustworthiness about a development will give them greater confidence to make a purchase. 

KPMG Origins’ Trustworthy as Designed Indicator provides an early understanding as to how trustworthy a building design is prior to its construction. As a developer, achieving a Trustworthy as Designed Indicator for your proposed building developments can be used to drive the following outcomes: 

  1. Differentiation of your buildings in the market helping contribute to pre-sales and overall competitive advantage.  
  2. Support conversations about latent defect insurance with potential insurers.  
  3. Provide an additional indicator to your financial provider about the trustworthiness of your design and construction practices.
  4. Establishing a reputation as an industry leader by fostering reliance and reliability in the construction sector.
It is incredibly easy to obtain a Trustworthy as Designed Indicator. Data is captured about the participants (who), the materials (what) and the processes (how) involved in the design of your building. This information is easily accessible and is typically generated during the standard process that a building undergoes to obtain planning and construction approvals. Design drawings, material specifications, and consultant reports are combined to measure the trustworthiness at this stage.  

Establishing trust and transparency in the construction industry is more important than ever, and the Trustworthy as Designed Indicator provides the solution. By utilising the data captured, you can also gain a better understanding of the risks associated with a particular building and improve your success in the market. Take the first step towards showcasing trustworthy construction and supporting your reputation as an industry leader.  

Contact KPMG Origins today to learn more about Trustworthy as Designed Indicator and how it can benefit your business. 

 

References: 

* Research on serious building defects in NSW strata communities | NSW Government 
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