Is click & collect the future for the property market?
24 May 2019 921 Views
In recent years click & collect has become a popular way for retailers, supermarkets and online shopping sites such as Amazon to make the shopping process easier and more convenient than ever.
And now an online auction platform is attempting to bring such a system into the property sphere.
Under the Hammer, a website which works with estate agents across the country, recently launched a new instant property purchase feature as part of its expansion plans.
The 'Secure Now' button has been introduced in an effort to make transactions 'instant, more secure and transparent'.
How does it work?
Agents and private sellers are able to list properties on the site at a fixed price, with buyers then able to go online and purchase the property immediately at any time.
Once a purchase has been made, purchasers are obliged to pay an exclusivity deposit in order to secure the property. At this point, there is then a fixed timescale of 28 days to exchange and a further 28 days to complete.
What's more, Under The Hammer's network of agents are allowed to host an online platform of auction lots and 'Secure Now' properties in their own branding.
The development of an instant purchase function is a 'natural evolution' from everything the company has learnt so far, according to Thomas Gilday, an auction specialist at the platform.
He said, with the 'Secure Now' service, the platform is now able to offer immediate security of the transaction for sellers, whilst also allowing for buyers to 'make an instant decision to purchase a property at any time, day or night'.
Is this the future?
With the modern demand for instant gratification in most parts of life, the ability to secure a home immediately at any time of the day or night is likely to have appeal.
The fact that security is prioritised for sellers and that there is a fixed timescale for both exchange and completion will also be music to the ears of those who have been left frustrated by delays, chain issues or property sales collapsing.
According to the annual HomeOwner Survey from HomeOwners Alliance and PropTech platform IMMO, more than 300,000 property transactions fall through every year due to buyers pulling out of the deal, costing sellers a total of £400 million – so anything that could be done to minimise the chances of this happening will be welcomed by buyers and sellers alike.
It's certainly a modern solution to an age-old problem and could well be embraced by an increasingly tech-savvy population.
Here at Gnomen we appreciate the importance of a modern, tech-led approach to property.
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