Zoopla has unveiled a new Progression Portal for estate agents, designed to help when it comes to sales progression, as well as a new way to unlock revenue for their branch.

The Progression Portal provides real-time updates to agents for 15 key milestones during the sales transaction including mortgage offer issued and legal completion. In addition, it provides visibility of all their sales in the pipeline.

The product is entirely tech enabled, and tracking of milestones takes place automatically through integrations into the back office systems of conveyancers.

Agents can refer conveyancers at the point of instruction and provide accurate information upfront, improving the process and empowering agents to take control of the chain.

Zoopla already offers its housebuilder customers a new homes version of the portal which launched 15 months ago and has, the property portal claims, driven a reduction in cancellations of 24% and reduced the time to exchange by 37%.

The Progression Portal also allows agents to diversify their revenue. Zoopla has partnered with Mojo Mortgages to offer referrals of up to £400 to agents who refer a buyer or viewer to the broker – which currently sources deals for 95% of all applicants.

Agents can also earn referral revenue of £100 by referring a buyer or viewer to the Progression Portal’s network of conveyancers.

Andy Marshall, chief commercial officer at Zoopla, said: “With the lack of supply continuing to be an ongoing challenge for estate agents. This new innovation will support our customers by not only freeing up time for them to focus on new business – but also giving them the opportunity to generate more revenue for their business.

“The news homes version of the portal has delivered brilliant results for our housebuilders and we’re looking forward to doing the same for our estate agent customers.”

Peter Ambrose, managing director of The Partnership, comments: “We are delighted to support this initiative from Zoopla. Having worked with their housebuilder clients over the last 18 months, we’ve seen first-hand the benefits that are gained from sharing information.

“From obtaining client details and documentation up-front through to sharing progression milestones automatically, we’ve seen transactions go through more quickly and everyone is kept informed with progress.

“We’re excited to see this technology extend into the resale sector – let no one be in any doubt, this is the future of property transactions and it’s here and working today.”

Agents interested in joining the exclusive beta of Progression Portal can find out more information and sign up by clicking here.