A company launching a new service to track the progress of transactions has raised £850,000 to launch.
Properr makes the claim that Track My Move believes it can cut the standard home purchase transaction time to just two days.
Track My Move aims to bring together customers, estate agents and solicitors on to one platform,
A one-stop-dashboard, Track My Move holds all the relevant information in one place online, and can be accessed by everyone involved at any time from any device.
The start-up, founded by entrepreneur Owen Derbyshire, CEO, and Steve Talbot, CTO, has already signed up independent estate agents across Wales ahead of its national roll-out.
Finance Wales, one of the UK’s largest regional SME investment companies, led the funding round, with additional private investment from UK investors including Ashley Cooper, co-founder of Catalyst Growth Partners.
Derbyshire said: “The current process of buying or selling a house is archaic, inefficient and stressful, with the average transaction taking between 10-12 weeks.
“Despite it being the biggest transaction most people will ever make in their lifetime, buyers and sellers often experience frustration over the lack of transparency in the process. Meanwhile, estate agents’ cashflow is affected as they don’t get paid until the transaction is complete.
“Track My Move is a big leap forward in transparency and accountability for all concerned.
“This round of funding allows us to continue our exponential growth to meet the needs of our rapidly growing client base.
“We’re working with partners and regulatory bodies to ensure the platform works for all parties and meets everyone’s needs from offer through to completion and post-completion. That means our customers are in total control of every element of the transaction and can effectively track their move from day one.”
The Track My Move model is built in such a way that it will be able to integrate with other future start-ups in the property technology market, bringing together the best of British property technology on one platform.
Sarah Smith, portfolio investment executive for Finance Wales’ Technology Venture Investments team, said: “Properr has an enthusiastic, ambitious and proactive management team who are revolutionising the residential property market.
“They’re supported by a team of savvy property technologists and business development experts. Properr’s strong potential for significant growth and profitability made it a perfect fit for our technology-rich portfolio.”
EYE did query the two-day claim and we were told: “That is the ambition.”
Two days!! With all the AML and ID checks etc conveyancers now have to carry out, it can take more than two days to open a file. More detail please (preferably within 48 hours) Track My Move.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Hi, Rob.
Thanks for the question.
Two days is a long-term ambition, and will be achieved by automating administrative tasks, and making the best use of third-party providers and API-level integrations with key partners.
Put simply, we think it’s important that all professionals involved in a transaction are freed up to focus on what is it they do best – providing expert advice.
Owen
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Hi Owen,
What is the price for this service?
Matt
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Two days is a long term ambition…hmm. Mine is to have Sienna Miller waiting to take me home in an Aston Martin convertible, whilst having drinks served by Donald Trump. My ambition is more likely to be achieved!!!!!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
This press release demonstrates total naivety in the whole process, and is doomed to fail, like many others before it (eg; Veyo).
It really gets my goat when entrepreneurs, often from outside the industry, think that Conveyancing is just about administration and “API level integrations”. If only it were that simple.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Sorry guys but like the other case tracking offering, ViewMyChain, this is a great concept but in reality increased transparency does little to actually speed up the process.
Indeed, in our experience, (and we do know what we’re talking about as we’re actually DOING the work) whilst making information about progress available is helpful it can also cause problems.
The fundamental issue is that conveyancing is complicated and every case is unique including the problems.
There will be people out there who appreciate better transparency but it will not impact transaction times and therefore success rates.
Sorry!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
When I stopped laughing I had a look at the Finance Wales’ website and it seems to me they have Welsh Govt funds so it is, in part at least, public funds being invested. I am sure it has all been rigorously looked into but frankly I wouldn’t want my money used for such a naive venture but if there is half a million looking for a home I has this fantastic idea for inflatable houses that you simply take with you when move, cool eh… anyone want to join me??
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
If you filled them with helium they would be even easier to move around. However you would have to be really careful no-one tried to cut corners by using a cheaper alternative.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Oldtimer. When they are contemplating funding the building of Brands Hatch up the backside of the valley when a night out in Blaina for Lewis Hamilton is the best on offer.
Subsidising wind turbines built abroad with foreign steel arriving at Swansea Docks at the same time Carwyn was standing outside Port Talbot when annoucing the closure and protesting about the impact of cheap foreign steel on jobs you would believe anything of the Welsh Gov’t.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
2 days !!!
When do I get to change my for sale board to SSTC ?
You guys never think of us estate agents !!!!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Theres my best Friday morning chuckle for weeks!!!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
The last thing estate agents want is for a sale transaction to take just two days…. even harder to justify the fee !
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
People with innovative ideas and ambition are to be applauded.
The thing that is overlooked in property transactions, is that they only move at the pace of the slowest person involved in the chain. That person may well be an over-worked admin bod at a solicitors office or mortgage company for example.
The fastest route to exchange is auction. Have the contract ready, and do the deal.
The sooner we move on contract turn around times the better. Oooh hang on, that is down to lawyers………..hmmmmmmm
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
“Ambition should be made of sterner stuff” (Credit: W. Shakespeare)
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register