The property buying and selling process in the UK can be long, laborious, and complex. However, the challenges that the property market face aren’t down to the property professionals within the industry. It’s caused by a structural problem and a lack of connectivity.
The property market is an ecosystem of multiple professions including real estate, law, and finance. These groups all have to work together seamlessly to complete a property transaction and yet they have no infrastructure to help them do that.
Although each party within the process uses technology to significantly improve the way they progress each property transaction, they are digitalised in silos and not connected into anything holistic. The industry is missing a key piece of infrastructure that has been taken for granted in banking for decades.
This lack of connectivity within the property market means that today, the process of buying property typically takes 5 months. Consumers rank it as being one of the top three worst events of their lives, and 30% of all property deals fall through. By improving connectivity and adding in a key piece of national infrastructure to the market, there is a tremendous opportunity to change this process for good and beckon in a new era for the property market.
Solving the property market challenge
There have been previous attempts to try and connect the property market with limited success. Theoretically, you could solve this problem by mandating that all property professionals use the same software and insist on a new workflow that they all have to follow.
This radical approach should work in theory. However, in practice there are thousands of estate agents, conveyancers and mortgage brokers and they don’t all want to use the same software or work in the same way. There is also the question of who would hold, own, operate, and control that database.
It’s not just the property market either, but the buyers and sellers too, who are understandably reluctant to take risks with something as important as a property purchase. They don’t want disruptive technology. They want a trusted professional and a speedy, transparent, and easy process. Sometimes the best innovations that are really transformative, are often simple, straightforward and easy to adopt.
Coadjute, the world’s first, real-time network for the property market, solves this problem by accepting that property transactions involve many parties who all have their own way of running things. Coadjute speeds up the property transaction by connecting estate agents with conveyancers and other parties in a shared property deal through the software they already use today. This enables more effective collaboration and makes it quicker, easier and more secure for property professionals to work together. Using Coadjute’s network is seamless and simple, and does not require a change to your existing process.
A new era for the property market.
Connectivity will help reduce property professionals’ workload, increase their profitability and even enable future innovation within the industry. Here are our top five reasons why connectivity is crucial to bring in a new way of working for the property market.
Estate Agents are demanding connectivity within the property market. 69% of Estate Agents say that they want to change the home buying and selling process; with a lack of communication between parties being the biggest challenge they face (Source: iam property).
Connectivity provides an opportunity for players throughout the market to improve communication and provide a shared view of a property transaction. Property professionals can benefit from a single source of the truth, enabling simpler, faster and more secure collaboration.
Future industry innovation
By improving connectivity within the market and adding a new piece of infrastructure that connects the software used by property professionals, this will act as the rails for innovation that has previously been held up by a lack of connectivity. This future innovation could include digital identity, digital titles, and even digital settlement of funds.
With each party having to conduct their own process but also having to depend on others, this can cause delays in the property transaction. If property transactions are to be sped up, then all these different parties need to be able to work together more smoothly.
Connectivity through Coadjute’s blockchain network provides a complete view of the end-to-end property transaction, helping all property professionals involved in a deal to progress a transaction faster. Along with the reduced timescale comes a reduction in the number of deals falling through and improved transparency and experience for buyers and for sellers.
Save time and money on admin
Research carried out by iam property in February 2021 found that Estate Agents spend an average of 6 hours per week outside of their working time on admin with 86% of Agents carrying out admin and processing tasks manually. By introducing connectivity into the property market, this time spent on admin can be significantly reduced. Each party can see the end to end property deal through their existing software, allowing property professionals to focus on key revenue-generating activities instead.
Introducing consistent connectivity to the UK property market reduces the reliance that property professionals have on emails and phone calls which are susceptible to the risk of fraud. Connectivity on a blockchain network uses bank-grade technology, enabling property data messages, documents, digital identities, digital signatures, and even digital cash to be transmitted securely.
Openview – Powered by VTUK and Coadjute
Openview has partnered with Coadjute to offer agents powerful new features within Openview by combining Coadjute’s revolutionary Network with our data-driven CRM.
With over 70% of estate agents and a significant proportion of conveyancers set to go live on the Coadjute Network, Estate Agents will be able to work with their preferred partners using Coadjute.
To enable a new era for the property market, connectivity needs to become a priority for estate agents looking to take their business to the next level and provide an even better service to their customers.
Find out more and register your interest below
We will be running meetings with the Coadjute team across various dates in November, December 2021, and January 2022, where you can find out more about our new features within Openview.
About Openview – Powered by VTUK: Launched in 2021, Openview – Powered by VTUK, is a complete and holistic solution, for every aspect of the property industry. Incorporating CRM, PropTech, Open banking, consultative and collaborative working and an API that connects the system to the digital world.
About Coadjute: Coadjute is a blockchain network designed to connect the property market through the existing platforms of estate agents, conveyancers, mortgage brokers and lenders to enable effortless collaboration.