Continuing political uncertainty over Brexit and now a significant chance of an autumn or winter General Election makes the case for faster sales progression even stronger.
That’s the view of PropTech sales sales progression and communication tool mio which says recent research by fast sales company Quick Move Now suggests almost a third of all fall-throughs are caused by chains collapsing.
mio says that recent uncertainty - down to Brexit, the proroguing of Parliament and continued speculation over a possible election date - leads to already-cautious consumers being more likely than ever to pull out of deals.
“Every hour that a sale stalls is another hour the customer has to find another property or agent, or begin questioning their investment. It’s essential that buyers and sellers understand what a realistic transaction timeframe is for their area” says Jon Horton, product director of at the PropTech firm.
He explains that one of the biggest issues for the stability of chains and transactions is property sellers basing their expectations on national averages or experiences of friends and relatives in different parts of the country.
“This can be dangerous as sales progression timeframes can vary wildly from region to region” he says.
Horton says that if consumers know to expect a delay, their expectations can be managed leading to greater trust between parties and consumers believing they have some personal control over the situation”.
When property chains are longer, it can become more difficult to manage communication. And when consumer confidence in the market is already low, poor communication could increase the risk of a chain collapsing and transactions subsequently falling through.
“During the sales process, communicating progress can often become a lengthy and repetitive game of Chinese whispers. This can lead to unhappy consumers and complaints, as well as increasing the risk of problems with long chains. Sometimes all the customer wants to hear is that something is happening even if it’s taking a bit longer” says Horton.
He says that during a trial period in Cardiff, his product reduced completion time from the national average of 126 days to 85 days – equivalent to almost a third.
He is offering mio to agents on a six-month free introductory offer.