PropTech big names Reapit and ViewMyChain are joining up to try to accelerate transactions when the lockdown finally ends and the sales market returns.
They say that 55 per cent of all housing transactions in normal times are in chains, making it more essential than ever that agents know the status of each transaction.
This will be particularly crucial post-lockdown when agents have to rebuild pipelines and cashflow, especially if furloughing staff costs is no longer an option.
Reapit and View My Chain have therefore created a Chain View platform that provides “a dynamic, data-driven view of the entire chain status” against key milestones.
There are no upfront charges but agents pay when individual transactions complete - £25 at the point of each completion.
“The partnership of Reapit and View My Chain will help expedite transactions in the immediate post-COVID-19 market. With £125-billion worth of impending sales commission waiting for agents, linking the Chain View platform with Reapit’s agency software will ease the burden on resource-tight agencies to gently pull chains to completion” explains Gary Barker, chief executive officer of Reapit.
View My Chain’s chairman Ian Lancaster adds: "The View My Chain platform has achieved this through strategic partnerships to become the single eco system that can finally transform the UK residential housing market by significantly reducing transactions times and lowering the atrocious fall through rate we see today”.