View My Chain Reduces Estate Agents’ Stress
A revolutionary new cloud-based software tool has shown that it can cut estate agents’ workloads and reduce their stress levels.
That’s because View My Chain cuts back on the amount of telephone calls agents have to make chasing up conveyancers and other estate agents. It does this by allowing agents to view their own sales in real-time, as well as other properties in the chain, ensuring their information is accurate. Crucially, it can also alert an agent to a delay in the chain.
“The product empowers good estate agency practice by communicating progress milestones with automated notifications and identifying potential delays and issues with timed lag alerts,” said property lawyer and company co-founder Sohail Rashid. “This gives agents more transparency, control and time through the sales process… it means delays can be picked up and solved”
Meanwhile, a trial showed that properties sold more than two weeks faster when estate agents used the software tool.
Properties selling 15 days quicker with software
More than 100 estate agencies were involved in the trial towards the end of last year. The results revealed that when estate agents used the software they sold a property 15 days faster than when they didn’t (79 compared to 94 days respectively). This was based on an analysis of around 10,000 transactions during the month of December 2016.
The team behind the venture attribute its success to the fact that – unlike previous similar ventures – it doesn’t rely on third party input for its statistics.
Rashid said the platform, which took two years to come to fruition, was a “game changer” by proving that the government’s aim to speed up the sale of residential property was perfectly possible.
“Agents using View My Chain are in a unique position to identify the reasons behind delays, such as connected parties instructing conveyancers, ordering searches and applying for mortgages,” he said. “During trials we have managed to improve the sales progression process.”
North East properties sell fastest
Other data analysed by the company, over a period of three months, showed regional variations in the length of time it took to sell a property. North East was the fastest with an average of around 95 days while East Midlands was the slowest at 152 days. There were also differences when it came to freehold and leasehold properties (99 compared to 117 days respectively).
Depending on their area of interest, estate agents can check certain categories for data. These include such information as the property price agreed, contracts under way, searches ordered, searches back, and mortgage funding.
Meanwhile, there is no hidden selling techniques since the software is independent of any other portal (Rashid did own Property Network, but sold it) and takes details of properties from automated search platforms.
Rashid’s business partner tech-entrepreneur Ian Lancaster announced they had plans to introduce a subscription charge to use the platform within the coming months.
Find out about other new IT and related developments in the property world by checking out our blog and Twitter account. See www.avrillo.co.uk today.
You May Also Enjoy
UK First Time Buyers better off than many other global nations
Building Safety Regulator Reform
New anti-money laundering rules now in effect: what landlords need to know
What landlords need to know about the upcoming Renters Rights Bill
Mortgage approvals bounce back in May
