Rightmove is trialling an option on some commercial property listings that allows buyers to submit offers and digitally exchange contracts by using a platform called clicktopurchase.
The six-month trial gives potential buyers the chance to view a number of properties on Rightmove marketed by commercial property agency Singer Vielle, and then go straight to the clicktopurchase platform to submit offers.
Offers may be submitted by private treaty, best offers, or during a real-time auction, depending upon the method of sale chosen by the agent and vendor.
Clicktopurchase, developed by Singer Veille, is a buying and selling platform that facilitates a legally binding exchange of contracts online.
Acceptance of an offer results in an instant legal contract execution and the transaction audit trail and contract are anchored in blockchain.
Property worth £225m has been executed using the platform since it was launched, both in the UK and Ireland.
Although its application can also be used for residential properties, no high street UK estate agents are using clicktopurchase.
Some residential properties have been sold through the platform in Ireland, while in the UK some investment properties have exchanged through clicktopurchase, including a four-bedroom HMO in Manchester last year.
Rightmove says there are no plans to trial the application on residential properties listed on its site.
Alex Solomon, Rightmove’s head of commercial, said: “Trialling a route to this technology through Rightmove will give potential buyers the chance to do everything online, from property search to legal exchange.
“By offering this to the UK’s biggest commercial property audience, we’ll find out how much of an appetite there is for a solution like this.”
Neil Singer, of London-based Singer Vielle, said: “Our aim is to help make commercial building transactions move more quickly and smoothly, and the clicktopurchase® platform is allowing this to happen.
“The option to purchase using this platform is available on a range of our properties on Rightmove, from a £20m-plus office building in Mayfair to a £300,000 retail building in Yorkshire.
“The platform is proven to bring speed, certainty and transparency to the sales process. The uncertainty and exposure of being ‘under offer’ is removed, alleviating risk for both buyer and seller.
“A complete legal package is provided by the vendor’s solicitor, along with ‘Special Conditions’ which complete the industry standard base contract held within each property’s data room which is accessible online.”
The commercial properties for sale are at:
Buyer (All UK Estate/Letting Agents) Beware!
We know we can’t trust Rightmove
This “trial” screams “Danger!”
We currently supply the property, in my view Rightmove is signalling that in future it wants to become an Online Estate Agency
Take note of this “trial”
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Hear no evil, Speak no evil, Think no evil…
In this case looks like all three apply.
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I guess they’ll call this ‘innovation’. What happens if the trial is a resounding success and then becomes prevalent with commercial listings? Trial it with overseas property? Then we know what comes next.
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This is massive and not unexpected. We know RM can’t sustain growth in it’s current form so what’s the next logical step to generate more income? How long before all RM agents become nothing more then the equivalent of the LPE’S of PB. All it takes is for RM to switch from a portal to a transnational site and this looks very much like the start of that journey. It’ll be sold to agents in the same way modern method of auction is. If RM makes the sale they take an additional fee from the agent. Next it’ll be opened up to direct listings from vendors. I’m waiting for Facebook to trial similar. And anyone who thinks ‘Well agents just won’t sign up to Rightmove’ History shows us they will and by the time they decide to think about taking their listings off the site it will already be too late.
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I thought we might get six years before Blockchain hits the residential market, but it could be as little as two.Hmmmmmmm should I sell what is left of my business and buy shares in RM?
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Beware of Greeks bearing gifts.
We can all guess why RM are starting to trail this.
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And we all feed the mouth that bites our hands!
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I can already hear the sales reps pitch ‘yes Mr agent our new instant exchange system will allow a buyer to click a button on your property and buy online! For a small monthly fee you can do all the hard work, find stock, manage vendors, conduct viewings, do all the sales progression, due diligence etc etc etc and have the added benefit of banking at least 50% of your fee! Just sign here…’
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