A PropTech platform that claims to halve the time a transaction takes has received a huge cash injection from investors for its development.
Pre-vetted buyers can use Offr for a range of activities, including making an offer on a property via the agent's website. When an offer is made this way, the agent is alerted to it on their mobile device or laptop in real time.
Offr also allows the digital uploading of legal documents, the arranging of viewings, uploading of ID and funding proof, and can be used to pay a deposit or sign a contract.
“Behind the scenes, Offr connects real estate agents to solicitors and banks to digitise the entire end-to-end sale and leasing process with speed, transparency and trust” claims the company, which says it weeds out tyre-kickers and reduces fall-throughs in the process.
“Up to 50 per cent of all property sales currently underway will not close until 2021 and 25 to 33 per cent of agreed sales will fall through before exchange, highlighting the lack of consistency, transparency or auditable register of offers in the frustrating, slow process” says Offr.
Agents pay a monthly fee for Offr, which was originally operating in the Republic of Ireland; it currently operates in the UK and Australia, as well as Eire.
It claims to be able to reduce the average length of time to sell a property from listing to completion from seven months to three months for a traditional sale, or to just two months using online auction.
Now Barclays, the Bank of Ireland, European Investment Fund and others have contributed to a new investment of £2.7m in the PropTech platform. This brings total investment to date to £3.6m.