Redbrik, which has offices in Sheffield and Chesterfield, has secured a rather impressive milestone for its SecureMove™ model, with a swift contract exchange.
Through SecureMove™, Redbrik says its was able to secure a transaction from sale agreed to exchange of contracts within just eight days.
The service was introduced as part of Redbrik’s drive to revolutionise the industry and is designed to minimise fall-throughs, speed up the sales process and provide more certainty to both buyers and vendors by legally preparing properties for sale before they go on the market.
Mark Ross, MD at Redbrik, said: “We are absolutely delighted for our Buyers and Sellers who were able to move through this process at record speed.
“SecureMove™ has completely changed how we operate and it is transforming the moving process for everyone we work with. Our Sellers were able to have the searches completed and a full Buyer information pack created before listing, putting them in the best position to move forward once an offer was accepted.
“Just five days after conveyancing was completed, our Buyers were able to move into the property and are looking forward to spending Christmas in their new home.”
According to Redbrik, the majority of sales using SecureMove™ have a completion timeframe of 90 days or less.
Upon signing a reservation agreement and paying the agreement fee, buyers receive the full Buyer Information Pack created prior to marketing, along with searches from the solicitors straight away – a process which can typically take two to four weeks.
Redbrik is encouraging other agents to adopt the “game-changing model” to help improve the buying and selling process for homemovers across the country.
Comments (10)
Tristan and I did a technology test of systems- a first time buyer mortgage arranged in principle buying from a landlord where both buyer and seller gave each to other the opportunity to watch what each of their stakeholders and suppliers did in the process and when they did it. Effectively mapping out every transaction node in the post memorandum process.
We were ready to exchange and complete after 5 days of answering automated questions and lining up all the ducks. At 5 to 5 on the Friday of exchange and completion the buyer’s conveyancer raised a spurious question that wasn’t anything to do with the property being purchased- a question about a conservatory – there was no conservatory.
It was a delaying tactic to cover up they forgot to ask for funds
The problem is not with the technology it is the process and the people that need to adjust to change
? Can it work if the sale is agreed within a very short time frame from the pack being prepared and is insured? Is it a conditional exchange of contract, which has always been around, so not new news?
More back ground is needed because legally this has potential flaws before everyone thinks this can be a common event. What is the small print? Hope the agents have plenty of PI cover. There is a reason why this is not industry normal and if you don’t know the answer to this statement, you shouldn’t be involved in property sales! I suspect there will be along list of conditions for abandonment.
90 Days was the norm …… so again not new news. This story is an advert?
Misleading heading!! It would have been the solicitors who exchanged, not the agents. The agents would have done the leg work but everything still needed checking. Shows what upfront information can achieve but that will never happen as it will put off the speculative sellers.
Great to see this, it does go to show that if you have the right agent, conveyancers, and a willingness to make a meaningful commitment, property transactions do not always need to take so long. Encouraging sellers to become ‘Sale Ready’ and Buyers to commit, then wrapping the deal up in an agreement that removes the uncertainty for all is the way forward. Just what we have been doing at Gazeal for 4 years
Love this and this is a perfect scenario. We operate the same model using Gazeal, but don’t do searches as properties can take longer to sell and buyers sols pref fresh searches. In our area searches take a week anyway.
This system is easier when there is no mortgage, no chain and no enquiries raised.
Seller instructing sol before marketing and a full Buyer Information Pack can stop enquiries. A buyer with mortgage and sol ready before viewing is another way to make things faster.
The timescale sounds great, but gimmicks aren’t needed to move the conveyancing at pace. Nor does it need only apply to some deals. Happy to help.
How?
Great work, Mark and the team at Redbrick! Your innovative approach is essential for driving the market forward, especially since we know that delays can jeopardize deals.
Unfortunately, it seems many solicitors don’t fully grasp this concept. They are compensated with an aborted fee regardless, leaving the seller, buyer, and agent at a disadvantage. It’s perplexing why some are resistant to adopting innovative practices and adapting to the modern world. However, it’s worth mentioning that this isn’t the case with all companies – there are indeed some exemplary ones out there making significant progress.
I am not sure where the gimmick is here- reservation agreements have been around since the dawn of time and everything else is just advanced prep. I’d say this is the least gimmicky way to address the issue.