A conveyancing services proptech firm claims to have sped up transactions and reduced fall-throughs in just its first 18 months of operation.
4Corners Property, setup by Phil Priest, lets buyers find conveyancers by fee and also gives them the opportunity to pay for upfront searches at the point of legal instruction.
Agents can also earn referral fees for recommending these services.
Priest highlights that rather than waiting for contracts to be drafted and mortgage offers to come in before ordering searches, doing this upfront can reduce delays and help address and hopefully resolve queries early.
In the first 18 months of offering the upfront search service, Priest said completions are running around three to four weeks faster while the fall-through rate for clients is 2% compared with the typical market standard of 30%.
Priest said he would like to open up the tool to 100 other agents.
He was interviewed in a video with industry veteran and Viewber founder Ed Mead, who gave his backing, describing it as similar to CompareTheMarket “but with the added advancement of speeding everything up and there are referral fees.”
Watch the full video interview below:
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Would be good to get more data on sales arranged over time verses fall through rates. It could be that up front searches leads to less sales being arranged which in turn leads to less fall throughs.
The true message is more likely to be better quality pipelines of a lesser value. There is a productivity gain by not having to progress sales that would never complete.
We have seen far too many sales thrown together that get sellers hopes up when the buyer is not really committed. Asking a buyer to spend some real money at the outset of a transaction weeds out the serious from the players.
The same is said of sellers too. If you ask a seller to spend good money getting better prepared for their sale, instruct a conveyancer, order searches for upfront transparency and complete all of their paperwork (ideally the BASPI and find all supporting paperwork), the market would be transformed in to motivated and committed parties able to transact much more quickly.
4Corners Property have this nailed down.
The industry needs to focus on the quality and not quantity as the quality is bankable whereas quantity is just expensive.
I'd like to see many more agents lead the way in shifting attitudes to benefit home movers.
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