An industry collaboration is aiming to showcase how working horizontally across key stages of the homebuying and selling journey can positively impact multiple stakeholders and create greater efficiency and transparency.
The collaboration will see LMS partner with Connells Group, Moverly, Peter Alan, and TM Group. The pilot is due to launch on 2 September 2024.
While it harnesses new technology, the core foundations of the trial are embedded in the principles of the Property Data Trust Framework (PDTF) to apply sector-wide policies and processes to multiple stakeholders, LMS said.
The aim of the pilot is to create a digital sale-ready listing that allows for the reuse of data, including ID verification, and in return:
– Reduces duplication (multiple stakeholders have instant access to data via a streamlined platform);
– Provides instant visibility of key documentation (via LMS and Moverly integration, documentation is shared with the law firms via Peter Alan agents instantly);
– Allows searches to be ordered at point of listing with TM Group (removing any potential delays);
– Provides a singular, end-to-end user journey (key stakeholders are uniting to create an interoperable platform to not only speed up transaction times but to enhance the user experience).
The key deliverables of the project are:
– Successful launch of the pilot on 2 September, with live cases processed through the platform;
– To utilise recent initiatives championed by the OPDA, particularly the use of the PDTF to underpin the movement of data;
– To ensure that each individual stakeholder group is monitoring the results of the pilot against their own success criteria;
– To provide real-time updates to the sector.
Ian Fry, group chief executive (estate agency) at Connells Group, said: “Connells Group remains committed to supporting industry initiatives that seek to improve the home-buying and selling experience for all parties.
“The breadth of our operations provides us with a unique insight into some of the challenges that have hindered progress in recent years, and our collaboration with LMS and their partners will provide an ideal opportunity to rapidly test and validate how key stakeholders can really work together to overcome these challenges and deliver a quicker, smoother and less stressful experience for all.”
Nick Chadbourne, CEO at LMS, added: “For years now, there has been an assumption that upfront information, shareable data, and ID verification will speed up the home-buying and selling process. This pilot will look to prove those concepts, either way. Collaboration with like-minded partners has been key.
“LMS are willing to work with any organisation that shares the same commitment to positively impact the home-buying and selling process. We have an open invitation approach to collaboration, so if you are interested in seeing how working with LMS can benefit your customers, please do reach out.”
What will speed up the property transaction process is estate agents and brokers not referring clients to conveyancing businesses that you know are slow just because you get a bribe.
Those slow businesses should employ qualified and experienced staff instead of over relying on technology and pumping out standard Enquiries rather than transaction specific Enquiries.
The adoption of Material Information will make a difference but will not necessarily cure the real issues because the real issues that prolong the process aren’t being addressed eg the over reliance on technology at the expense of employing qualified staff, the time and effort it takes to obtain a Mortgage offer and the remittance of funds through the banking system.
Publishing verified timeframes for the conduct of property transactions on conveyancing businesses’ websites would help inform consumers rather than reading fabricated Reviews.
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How about National Trading Standards actually doing something about these agents and their conditional selling? Not going to make the slightest bit of difference if they are continuing to funnel work to one place rather than spread it out. Also have LMS decided who they are going to blame if the AML/Source of Funds/Source of Wealth is not done properly? (No doubt the lawyers will be blamed because we are the easy targets, how come agents don’t get prosecuted for non-compliance?) . Just because they are using a piece of tech – the information still needs to be interpreted and what have LMS put in place to deal with deep fake AI?
Stop jumping on the OPDA bandwagon – it is full of disappointing promises as there are no safeguards in place. Use your brains people. This is not going to solve the underlying issues causing delays to time scales. Data is no good without proper interpretation. No amount of tech is going to tell the buyer if they are being stitched up.
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I can’t fathom out what exactly is happening here…. and presumably just featuring Peter Alan from the Connells Group?
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