Improving collaboration between the parties involved in property transactions is key to delivering faster transactions and reducing fall throughs, but how can collaboration help Agents and how does mio help?
30 June 2020 12191 Views
Collaboration creates a bigger market
Iain White, of the Innovation Collaboration Group “the Estate Agency industry must recognise that collaboration will deliver an improved home purchase process which will create a bigger market with more people willing to move.”
But….. not knowing what is happening makes collaboration hard
Property transactions run in silos. Each party knows what they need to do and knows when their tasks are completed but it’s hard to understand what everyone else is doing. That wouldn’t be a problem if there were only four tasks to complete in a pre-defined order, but property transactions are complicated. There are numerous tasks in a transaction; they run concurrently but some tasks must be completed in a certain order. Visually, this looks like lots of tangled balls of wool.
mio is the simple solution
The mio sales progression platform with an integrated chain view makes it easier for Agents to understand what’s happening, record it and keep everyone in the chain updated. Simply add a property to mio when it reaches sales agreed and build the chain. This only takes 10 minutes and we’re working hard to make it quicker. Then update the simple milestones and hey presto, buyers, sellers and other agents in the chain can see exactly what’s happening.
How do we get updates from conveyancers, surveyors and mortgage brokers?
Agents can spend ages chasing for updates but we’re working hard to ensure you no longer have to. Over 35% of the properties in mio benefit from an automated milestone update from, for example a surveying business, so you know when the mortgage valuation is instructed and completed. The mio chain view is really valuable so it will shortly be available to any business involved in residential property transactions - conveyancers, mortgage brokers, surveyors and even lenders. In return, we will receive their milestone updates, so Agents won’t need to chase for them.
Why is this important?
mio MD, Emma Vigus “effective sales progression is the difference between a property just sitting at sales agreed and getting paid on completion but, it’s time consuming and frustrating and can get overlooked in favour of winning new Listings. mio is dedicated to making sales progression as simple as possible for Agents.”
Iain White, “If every single agent signed up to mio, today, we’d have faster transactions, and fewer fall throughs. The industry will not survive with a 17-week gap between offer and completion. Estate Agents used to turn over their pipeline four times a year but it’s now down to 2.8. You cannot sustain a business on that model. mio requires more collaboration between agents but that collaboration will create a bigger market and that will benefit everyone.”
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