Boomin has launched a new tool - Chainmaker - which it claims cuts fall throughs and introduces agents to ‘hot buyers’.
The software was developed by Boomin’s in-house tech team to address the problem of 32 per cent of transactions which the portal says is the proportion of deals which collapse.
A statement from Boomin says ChainMaker works “by enabling potential hot buyers to register their interest in properties sold subject to contract like they did directly with agents before property portals came into existence.”
Should the chain be put at risk through buyer withdrawal, the agent has “a readymade digital hot box of motivated buyers from which they can quickly draw upon to step in and fix the chain, avoiding the usual delays, disappointments and costs, typically associated with chain collapses.”
ChainMaker is described as also assisting agents create new client relationships with other keen buyers who register their interest in the property and who equally may have a place to sell.
“ChainMaker will also help to reduce the number of properties withdrawn by sellers when the chain breaks and the transaction falls through” states Boomin.
When consumers find a property under offer which they are interested in they register their details on the platform.
The pro-active buyer’s full details and market position are available to the agent straight away; agents also receive a daily email update of new interested buyers.
ChainMaker is free to use for all Boomin agents.
Michael Bruce, chief executive and founder of Boomin, says: “ChainMaker goes to the very heart of what we are trying to achieve as a business; using technology to re-establish the direct connection between local agents and customers, whilst providing support and a boost to housing market activity? levels.
“With over 30 per cent of properties marked as ‘under offer’ collapsing, our unique technology provides agents at just a click of a button with a readymade list of motivated buyers, primed to step in and save the chain.
“Property classified portals have broken the direct link that previously existed between agents and every buyer. We will continue to lead innovation which creates opportunities for agents and supports them and their customers to build long-term relationships that last a lifetime, not just for a transaction.”
Boomin - which launched almost eight months ago and has still to release any significant figures on usage - also quotes two agents who have used the new tool.
Mark Brooks, chief executive of Miles & Barr agency, says: “It is a great idea for agents to have a list of buyers waiting in the wings. As a business owner I really welcome the ability to build backup buyers. ChainMaker should also bolster stickability amongst those buyers who for whatever reason are starting to waiver by creating additional demand that we can leverage off.”
Gareth Overton of agency Henry Adams adds: “ChainMaker will help sellers and agents alike, it’s always a tough call advising a vendor that their sale has fallen through, imagine being able to say you have a long list of potential buyers ready and waiting to get the sale back together.”