iamproperty has launched a new service aimed at reducing delays in private treaty transactions following the government’s recent commitment to reform the homebuying process.
The proptech firm says its new “Sale Ready” solution enables sellers to prepare key property information, legal documentation and searches before a buyer is found, helping transactions progress more quickly and with greater certainty.
The launch comes just weeks after the government outlined plans to modernise the homebuying process through the introduction of sale packs, greater use of digital technology and more upfront information for buyers.
According to iamproperty, Sale Ready is designed to deliver many of those benefits immediately by ensuring properties are prepared for sale from the point of instruction. The company claims this can reduce transaction times by an average of four weeks while helping to lower the risk of sales falling through.
AI BOOST
The service also incorporates artificial intelligence to analyse title information and local authority search turnaround times, providing agents with forecasts on where time savings may be achieved during a transaction.
iamproperty has spent more than 15 years developing technology aimed at improving transaction speed and certainty. The company pioneered the Modern Method of Auction and produced almost 20,000 upfront information packs for auction transactions last year.
Ben Ridgway (main picture), Co-Founder of iamproperty, says: “The market has already shown what’s possible when transactions are built around speed and security. We pioneered that with Auction, and it’s completely changed expectations for agents and consumers.
“The challenge now is for Private Treaty to catch up a little. Too many transactions are still slowed down by delays, uncertainty and information coming too late in the process.
“Consumers want more, agents want more and the industry has demanded it, so I’m really pleased to see the government finally making a commitment to fixing what’s broken.”
SELLING OPTIONS
Research from iamproperty’s latest Consumer Tracker found that 84% of sellers are more likely to choose an agent offering multiple routes to market, while 61% want greater visibility of their selling options.
Ridgway adds: “Sale Ready closes the expectation gap for consumers by bringing more information upfront. It makes the government’s aims a reality today.
“The Sale Ready Pack ensures key Material Information, legal documents and searches are prepared earlier in the process.
“Sellers are ready from day one, buyers move through the transaction better informed and, most importantly, agents have more opportunities to stand out in their market, better manage their pipeline and get paid faster.”
BETTER OUTCOMES
James Coe, Branch Director at EweMove Chester West, says the service has helped improve transaction outcomes.
He adds: “Auction is the ideal solution for some, but when their circumstances mean it’s not right, Sale Ready helps to close the gap to faster completions.
“We’ve got happy clients and we’re getting paid quicker, plus our fall through rates have come down from 35% to just 20%. I’m also saving loads of time which frees me up to grow the business.”
BIG SHIFT
Beth Rudolf, Consultant to the property industry and director of delivery at The Conveyancing Association reckons that the government’s proposed reforms represented a significant shift towards providing more information earlier in the transaction process.
She says: “The reforms mean that we have more information upfront. That is huge for consumers as it lets them make key decisions based on knowledge, with no surprises in the process.
“The good thing is this is already made possible from the likes of iamproperty, with solutions to do the legwork.
“Now it can happen even earlier in the process with Sale Ready. The sooner the better, so it’s exactly what the industry needs to meet consumer expectations.”
