Speed: the new sales tool in 2021!
Property transactions are set to speed up, with a digital revolution helping buyer, sellers and tenants move in much faster time frames.
The stamp duty holiday’s impending deadline has brought the speed at which property transactions are negotiated and concluded into the spotlight. As a time-limited offer, the Chancellor’s incentive to purchase has placed enormous pressure on everyone involved, with buyers and sellers willing agents, conveyancers and mortgage lenders to do everything in their power to make exchange happen by 31st March 2021.
The often excruciating duration between finding a suitable property and being handed a set of keys has been an age-old problem but thankfully, there are a number of organisations working with the exclusive aim of speeding up the moving process.
The digitalization of transactions is set to really pick up pace in 2021. Leading the way is the Land Registry, who now allows the transfers of ownership of property, leases, mortgages and other property dealings to be signed electronically.
It is not alone in its digital revolution and although what you read below may sound familiar (HIPs anyone?), today’s solutions are far more sophisticated, sensible and, more importantly, accessible.
PIP Home is making great inroads with estate agents, thanks to its unashamedly simple but effective PIP Vault. A ‘vault’ is opened by an estate agent for each property it is marketing, with the seller, agent and conveyancer all able to add crucial documents to the vault early in the process for central, digital storage. It’s auction tech for the private treaty market.
Buyers can view the documents before they make an offer, allowing them to see the full property picture at a much earlier stage. Then, at the point of sale, both the buyer and the buyer’s conveyancer can immediately access all the documents and transfer the data to give the transaction a head start.
Gazeal is another company dedicated to expediting the process, this time by slashing the time between offer and exchange. Its completely digital platform eliminates printing and paperwork – an aspect that often adds unnecessary time and administration to a transaction – with legal information about a property prepared and loaded online up front, so buyers can make informed choices at the start.
In addition, Gazeal’s digital transfer of information between parties reduces duplication and the need to repeatedly fill out forms with the same information. There’s also a digital reservation agreement that, when signed at the ‘offer accepted’ stage, lessens the chance of the deal falling through.
Viewber is also proud to be part of the bigger picture when it comes to adding pace to property transactions. Our accompanied viewings and property visit service can cut the duration of the decision-making stage drastically by providing time-pressed people with an ‘on your behalf’ service. With nationwide coverage and slots available seven days a week, a Viewber can visit an unlimited number of properties anywhere in the UK and file reports, photos, videos and even virtual tours back to buyers, tenants, investors and agents. Travel time is eliminated; our digital reports can be reviewed quickly and a shortlist drawn up in record-time.
If you’d like to make a Viewber booking, get in touch to get your property journey off to a speedy start!