Early trials by estate agents of a new sales progression platform are said to show that its use is speeding up transactions by over two weeks.
The claim is made by View My Chain, which launched last October, inviting 100 agents to take part in free trials.
The platform, which is currently tracking 10,000 property sales, used Land Registry data to identify properties managed through its tool from October and December and which completed in December.
The average time to completion was 79 days when View My Chain was used, and 94 days when it was not used.
Where the agent branch was part of a larger group, the performance of the branch trialling the product was compared with the group’s other branches in the same region.
For a large 100-plus branch group, sales completed 16 days faster; for a 50-plus branch group, 12 sales days faster; and for a group with ten-plus branches, sales completed 17 days faster.
The platform allows agents, buyers and sellers to view automated key milestones in the transaction, such as searches being ordered and mortgages applied for.
CEO Sohail Rashid said: “View My Chain is the only available tool for agents looking to deliver faster completions, less fall-throughs and improved customer service in 2017.
“The key reason for these fantastic early results is simply down to the impact that milestone notifications and lag alerts have on sales progression.
“This empowers good agents to be more proactive and drive the sales process forward with more efficiency.”
There’s the offer of a free trial here
Having looked at how this thing works, it makes a lot of sense. It’s about time sales progression was brought into the 21st century. Now its just about who is willing to change/improve and who is stubborn enough to think the old fashioned way is good enough.
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Great stats…they’ve only been in existence for 101 days and can already make these claims based on 10,000 transaction!!!!! I guess many were well down the track so this is dubious as to whether the platform has done what it claims. Firstly, why are estate agents not employing and training staff to do this to save this outsourcing and they claim the platform updates itself and you don’t need to phone to chase. Who is uploading sensitive information, I can’t believe solicitors/surveyors/mortgagees are doing it. Yes the sale process is getting bogged down, but this is due to everyone in the conveyancing process being worried about being sued, look how many indemnities are flying around these days.The claims are all over the shop, the following is a tweet by View my Chain yesterday
Miles Shipside from @rightmove claims its 82 days between price agreed & exchange. @viewmychain completions are 72 days!
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Is it 82 days to exchange or 72 days to completion ? 2 very different things and if the viewmychain figures are correct then they are speeding up the conveyancing process by much more than 10 days.
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When you have pro-active solicitors on both sides, and a decent high street agent in the middle then the sale progresses, in a timely manner, suitable for all parties.
Unfortunately, having decent solicitors on both sides, and a decent high street agent in the middle these days is like when the sun, moon and stars collide.
When will those involved, start to look at themselves and take some blame, rather than trying to blame ‘the process’ .
If you pay peanuts you get monkeys, is a phrase that springs to mind when people are choosing which solicitors to use.
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Hallelujah!
Finally we’re able to pinpoint who’s not doing what they say they’re doing. Sales progression has needed a radical change for years.
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Is anyone using this ? and what is the cost per sale?
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At the moment there is a 30 day free trial
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