Property portal Rightmove has confirmed that it is trialling an option which allows buyers of commercial properties to submit offers online and digitally exchange contracts.
The six-month trial will see a selection of commercial properties marketed by estate agency Singer Vielle. Prospective buyers will be invited to use the clicktopurchase® platform to submit offers.
They will be able to submit offer via private treaty, best offers or during a real-time online auction.
clicktopurchase® is a buying and selling platform that facilitates a legally binding exchange of contracts online.
The platform recently revealed a £23 million Prime Central London property which would be sold via Singer Vielle using its blockchain technology.
Property in the UK and Ireland worth £225 million has been executed using the platform since it was launched. Acceptance of an offer results in an instant legal contract execution and the transaction audit trail and contract are anchored in blockchain.
"Trialling a route to this technology through Rightmove will give potential buyers the chance to do everything online, from property search to legal exchange," says Alex Solomon, Rightmove's head of commercial.
"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, a senior partner at Singer Vielle and chief executive of clicktopurchase®, adds: "The option to purchase using this platform is available on a range of our properties on Rightmove, from a £20 million 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."
Estate Agent Today has asked Rightmove if it intends to pursue a similar option for residential properties and the portal has confirmed that it currently has no plans to trial this concept for residential listings.
You can see the commercial properties that are currently available as part of the trail here.
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'currently has no plans to trial this concept for residential listings'
'We will never do this with residential listings' would have been more reassuring.
The beginning of the END for Rightmove
With the 'Digital Street' project, Land Registry is working on as we speak, in which they completed a residential transaction a lighten speed using a mobile phone, it will be interesting to see the landscape change when that is rolled out in a couple of years time.
There’s BIG money for Rightmove in taking a share of fees for residential and commercial transactions from buyers for sellers - if agents honestly think this won’t happen in the future then look to Amazon and Expedia for proof that disruption is inevitable - time for agents to CREATE VALUE or die a digital death by Portal - the answer is Social Media and the way is right now - the writing is on the wall - social media is free and it is the most powerful - Rightmove must retaliate or die itself - take your businesses forward and accept change - bring value - be better and then the Click to offer link will be worthless against a pro agent with a tribe of clients.
This is fantastic news. Unless change is mandated or the existing providers have FOMO we won't see any significant improvements in the conveyancing process. Well done Rightmove and clicktopurchase
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