A new chain-tracking service is now being used by three-quarters of the 30 biggest – by branches – groups of estate agents.
The number includes corporates.
View My Chain, founded by entrepreneur Sohail Rashid, also claims that its users are completing on average in 79 days, against an average of 100 days.
The firm says it is now tracking, analysing and reporting on 500,000 transactions – from the point at which a property has an offer accepted on it, to actual completion.
Surprisingly, it has found that properties in chains of nine sell the fastest, averaging 75 days – however, with the average chain size being between three and four properties, it says this can be “considered an outlier”.
Chains of two take 88 days, of three take 102 days, chains of four take 95 days, and chains of five take 114 days – with regional differences.
Rashid said: “We are on a rapid learning curve of how understanding and tracking each stage of the sale progression process at the level we do can dramatically influence the financial performance of an estate agency.
“We are working incredibly hard with our agents to make sure that not only does our system help to reduce the time it takes for property chains to complete, and as a result reduces the chance of fall-throughs, but we are also better understanding how to utilise resources at key bottlenecks in the buying and selling process.
“We have robust evidence that early adopters are now being able to give a much better sales progression service to their buyers and sellers and, because the system allows us to predict and prevent problems rather than merely react, our agents are able to provide more reassurance that the purchase/sale will go through. This is proving an invaluable tool when securing instructions.”
Can someone give me some honest feedback on View My Chain please? What do your clients think? What do you think? My only concern with this sort of stuff is the customer service aspect. Typically it’s the way a sale is progressed, as to whether you receive great feedback, or poor feedback, so I’ve always stayed away from these sorts of companies,
Let me know!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
I agree, some honest feedback is required however in my experience my sales turnover between 75-85 days with minor exceptions either side of these figs but it is also the known personal contact between client and office that is far more important than speaking to a stranger who has no personal knowledge of the client or even one that remembers the client for a “faster sale” however reading this articles figures I would have to ask what I’m paying for! Waiting longer for my money, even with “the cheque is in the post” I’ll get my sale and money quicker.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
We have been using VMC in our branch network for the past few months having been involved in the initial trial stages and it has been a huge help.. it provides us with key information regarding the chain and the information can be seen quickly and can be relied upon. The software also flags certain trigger points or changes in a transaction so that our sales progression team can act upon them swiftly which means they can be more effective and efficient. I would massively recommend this software.
Martin Taylor – Taylor Hill & Bond
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
This headline is so untrue…. don’t believe the hype on the number of users. It is being oversold, and under-delivers …. and the price tag is eye watering.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Thanks for your comments.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
What is the cost?
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
We have been using VMC from the initial trial stages and have found it to be a huge help. In earnest initially I had been sceptical but having embraced it have found that it provides us with key information regarding the progress of chains quickly and easily with the benefit of knowing that information can be relied upon on the basis of where the data comes from.We receive daily email alerts updating of any changes/ developments in the chain allowing us to share information with both our sellers and buyers without the monotony of chasing lawyers and other agents. The customer service team are always on hand to help should you have any queries, we highly recommend using this software.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Excuse me but isn’t this about ” …… now being used by three-quarters of the 30 biggest – by branches – groups of estate agents”. That’s not many agents in the overall picture of the UK and as for the turn around …… LOL we and many agents, including some of the 30, on average turn chains around in that time frame for decades. They haven’t speeded up the process. Where it would prove successful is highlighting some of those 30 agents staff who try to hoodwink the area manager with sales figures that do not exist?
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
The honest feedback i can give having used VMC for the past few months is as follows:
It provides continuous updates within a chain top to bottom on the legal aspects, this information is factual and you are not having to chase third parties for it
It helps you keep your clients updated with information that is trustworthy
If a sale fall through within the chain, you will find out before the agent involved calls you
Its simple to use, saves you time and enables you to focus on more complexed or problematic sales
It helps win business
The cost is realistic in comparison to other services we have to pay for or full/part time sale progressors
Updates can be provided when your own purchaser or others in the chain have submitted a mortgage application
There are many other reasons why i believe VMC will assist all parties involved in the future to make the moving process slightly less stressful
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register