A new sales progression tool is being launched nationally today, after an 18-month trial in Cardiff.
Mio said that in the Welsh capital it has been used in over half of all properties sold during the period.
One user, Rachel Jones, senior sales manager at Peter Alan, said: “Mio has been very useful on a day-to-day basis for progressing property transactions, as we can easily see where information is missing or milestones need to be updated – and pick up the phone immediately to the right person.
“Overall, mio has helped to tighten our business processes and reduce the time it takes for a sale to go through.
“It makes sales progression a lot easier for us.”
Mio claims it has helped to reduce average fall-through rates to 21% compared to the UK average of 33%.
It also claims to have sped up transactions to exchange to 85 days, down from 126, as measured from September 2017 to April 2019 across the Cardiff mio community of agents.
From today, mio – already partnered with software provider Reapit and Relocation Agent Network – is now available across the whole of the UK, with a free first six months.
Where has the figure of 33% come from?
What evidence of these statistics do they have?
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J1 the measures of success were from the Cardiff community of agents using the product from September 2017 through until April 2018. Collectively these agents accounted for 56% of all properties SSTC throughout 2017. Our statistics are compared to UK House Price Index report 2018, where the average time from sale agreed to exchange during 2018 equated to 18 weeks (126 days) and whilst it varies across the country, the national average fall through rate is commonly reported as being circa 33%. mio is a data driven sales progression and communication tool, using available data feeds to automate the process wherever possible whilst providing a single view of the chain for both the agents involved and the consumer if they download the free mio app available for iOS and Android devices.
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I have heard a lot of good things about this new sales progression platform called mio, mainly from agents it must be said, so I take that as a good thing.
If this is a system that can truly speed up the sales process and reduce my sales fall-through rates, then it seems a bit of a no-brainer not to give it a try…!
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It is easy to be a bit cynical about such sales progression tools.. like ViewMyChain who delivered lots of hype and promises that could be said to have turned out to be very hollow .. in contrast, what is quite refreshing about MIO is that they have not rushed a half baked product to market. It has had detailed input from Estate Agents over the past 3 years, and has effectively continued to remain under wraps whilst it had this intensive pilot by Cardiff Estate Agents.
What makes it attractive is that it is designed 100% for use by the Estate Agent and their customers ONLY – there is no dependency upon Lawyers, who quite frankly in my opinion have a vested interest in keeping the whole transaction / chain covered in fog, to often cover up for their own lack of pro-activity, and inefficient processes. Any sales progression tool that relies upon them to provide accurate data is destined to fail.. remember VEYO?
The greater the take up, the greater the amount of chain data will be shared to all MIO users and Peter Alan’s involvement and endorsement is very encouraging. But don’t take my word for it.. take a look for yourself and see what you think!
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