Reapit has teamed up with a new tool called mio, which is promising “a smarter way to manage the home buying process” aimed at reducing the numbers of fall-throughs - and helping traditional agents compete with online rivals.
Developed specifically to address the challenge of high fall-through rates of property transactions across England and Wales, mio brings data from multiple parties together to create a shared view of progress in a property chain.
Reapit will feed data from property transactions including details of the seller, buyer and solicitors of both parties into mio. “Greater information sharing reduces the time between sold status and the exchange of contracts and payment, helping lessen the chance of a deal falling through from a break or delay in the chain” it claims.
Joe Pepper, CEO at tmgroup, the PropTech firm behind mio, says: “Agents using the platform over the past 12-months have all reported a significantly improved sales progression experience, with fall-through rate averages down by over 30 per cent.
“It will help agents level the playing field in the current climate where online agents get paid in advance of selling the property.”
According to Reapit chief executive Gary Barker, “it’s important that our partners do not feel technologically limited when adapting their business models to suit demand and changing customer expectation. Our platform allows them to explore various models, without having to compromise their existing operations.”