Estate agency veteran Robin Paterson has joined new ‘quick buy” service UPSTIX.
Paterson, a former chief executive of Hamptons and managing director of Cluttons, has joined UPSTIX as a partner and will help build partnerships with estate agents.
He is better known nowadays as an activist investor through his own investment firm Catalist Partners, which has in the past put shareholder pressure on Countrywide and Foxtons to change their practices.
Paterson will also work closely with UPSTIX founder Giles Mackay - who created Hometrack almost two decades ago - advising on fundraising and how UPSTIX can harness data and technology to introduce choice and transparency into the house selling market.
The UPSTIX brand uses the US-style “i-Buying” model, which has so far struggled to break into the UK market.
It pledges to give sellers a cash offer within 48 hours after algorithms have determined a price using billions of data points across 30m UK properties.
The final offer typically involves a 11% discount on market valuation but there are no agency fees.
If this offer is accepted by the seller, they will have the money in the bank for the house in under seven days.
UPSTIX then makes money by selling the property on for a profit.
There is no obligation to accept an offer.
Where UPSTIX customers do not accept the valuation, the company introduces them to local estate agents to sell their property traditionally.
Paterson says: “It’s been nearly two decades since the property portals were launched, which helped revolutionise how you search for a property to buy.
“But since then there has been almost nothing done leveraging technology to help anyone who is looking to sell their property.
“One of the most frustrating aspects for any seller is seeing their deal fall through because they are stuck in a chain or having to wait for completion while through a messy divorce or probate and need a quick sale. This is where UPSTIX can come in and offer these sellers a genuine choice in the market.
“Certainly, UPSTIX will not be for everyone, but for those who do need a quick sale it offers choice and, crucially, certainty.”