A new home buying platform set up by a challenger portal will donate £100 to charity for every transaction it fails to complete within 10 weeks.
OneDome says its new HomeBuying Platform - to be launched shortly - WILL slash average transaction times from 20 weeks to 10 as soon as it starts. It ultimately expects transaction times to be cut to just six weeks.
A letter to agents from OneDome chief executive Babek Ismayil says: “I have always been astounded by how unhappy buyers, sellers, agents, conveyancers and brokers are with the homebuying process and how little it has evolved over the years. At times, it feels like it has become worse.”
More details of his new platform will be released in the coming weeks, but Ismayil says it will “make data easily accessible for all parties and automate certain basic tasks in order to achieve greater efficiencies.”
He continues: “We have built a platform that doesn’t only offer visibility of the transaction to all parties involved, but actively coordinates and manages the transaction based on a specific timeframe.”
Ismayil concedes that a 50 per cent reduction from day one will be difficult but under the hashtag #JoinOurChallenge he has pledged £100 to the charity of an agent’s choice if the transaction takes over 10 weeks after being conducting solely through his platform.
“The design and functionality of our platform provides you with the control you need to streamline processes, increase productivity, and in turn, grow revenue” he says.
Ahead of the launch, he wants agents with “suggestions, ideas or frustrations” to leave a message on the OneDome community page.