PropTech company Gazeal has launched a new product to help agents secure a sale at any point.
The new product is called Instant Reservation and it lets a buyer and seller commit to a deal without the agent having to fully integrate with the platform.
Gazeal’s reservation agreements let both parties commit to paying a fee for pulling out once an offer is agreed.
Both parties are committed to paying a minimum of £2,000 if either breaks the contract.
This is pursued by Gazeal and paid to the other side if a transaction collapses.
The agreement can include clauses to identify and resolve problems that may come up during the survey and conveyancing process.
There may still be scenarios where either side can pull out without liability such as if there are survey or mortgage issues.
Previously, an agent would have to be signed up to Gazeal to offer this service but firms can now create an agreement for free without registering.
A buyer will still need to pay a reservation fee for the agreement.
Bryan Mansell, chief executive of Gazeal, said: “This is unique in the fact that agents can use the service any time rather than have an account with us.
“It is there for all agents regardless of whether they have an association with us to help improve the home buying and selling process all round.
“As we know, that is much needed.”
Mansell said efforts to show more material information upfront on listings aren’t enough on their own to reduce the fall-through rate.
He added: “A certain number of sales collapsing is often dismissed as being par for the course, something we should just accept and tolerate, but that is far too much of a defeatist attitude when there are ways and means to bring that number down.
“You are never going to stop sales collapsing completely but you can make it a much more manageable number, and lessen the stress, loss of money and frustration that comes with a house sale that falters or crumbles completely.”
“It’s also important, though, that such tools are open to everyone, which is why we’re offering this to agents without the need to be fully integrated with Gazeal.”