According to recent research by Quick Move Now, more than one in four properties sales fail to successfully reach completion. Of the sales that fall through, it is claimed nearly 30% do so because the sale is progressing too slowly, but there may be hope as emerging PropTech companies strive to tackle the property industries big issues.
Here’s our run down of the big contenders and the issues they’re tackling:
Moovebubble – Frustrations with the property industry begin when you start searching, but Movebubbles property search assistant could remove the stress. For those looking for a property in London, Movebubble will search for suitable properties and even set up the viewings for you.
GetAgent – If you have an existing property to sell but are unsure which estate agent to use, GetAgent compares local estate agents and relevant property they’ve sold in your area, then gets them to compete against each other to win your business, ensuring you pay a competitive rate.
LendInvest – Applying for a mortgage traditionally takes an average of three months. LendInvest’s peer-to-peer platform brings the whole process online, reducing the process from three months to a matter of days.
ClickToPurchase – Speed is of the essence when securing a house sale and ClickToPurchase is keen to tie buyers in quickly. Described as a “platform which enables agents and vendors to sell by online private treaty, ‘best offers’ or real-time auctions”, ClickToPurchase could revolutionise the currently sluggish conveyancing process.
Hoowla – The traditional conveyancing process has been described as ‘inefficient’, ‘slow’ and ‘in need of total redevelopment’, and online case management company Hoowla think they have the answer. Adam Curtis, CEO of Hoowla, says that security and entering duplicate data across multiple systems are two of the big issues facing solicitors today, but he believes online case management solves both of those issues, and reduce human error, by allowing solicitors, developers and agents to access one shared system.
Blockchain – Blockchain, the technology behind bitcoin claims to be able to provide a completely free and decentralised system for the exchange of all sorts of information. It cannot be hacked and provides a secure location for the exchanging of ‘smart contracts’ relating to the purchasing of property and the transfer of property ownership. If all records were held in this decentralised system, information that currently takes weeks to access via the current conveyancing system would be accessible in a matter of minutes.