In recent months the property industry experienced the levels of growth like never before. According to the official HMRC figures, between January and February, transactions rose by 23% compared to previous years. Still, at the same time, it’s been reported that the time from sale to completion has increased by 12%, and 1 in 4 property transactions fell through. Could this have been prevented?
Can estate agencies decrease the fall through rate of their property transactions?
On the whole, we must acknowledge that on average 1 in 4 property transactions falls through. That’s 25%. A staggering number costing the homebuyers £607m, whilst estate agents may lose earnings of up to £4,123 per transaction. The reasons for deals collapsing vary from survey issues to gazumping, and mortgage offers falling through, but many frustrated homeowners cite conveyancing delays as the main reason for pulling out of the deal.
It’s understandable, however, as moving home is still deemed to be one of the most stressful of life events. Homeowners, sellers and buyers, find the experience overwhelming. Through no fault of their own – as they go through the process only a handful of times during their lives – they may not have sufficient knowledge and experience of the completion process, which often amounts to their frustration, and ultimately leads them to pull out.
As mentioned earlier, 25% of all transactions in the UK fall through, but is it possible to reduce that number by half or even more?
How to avoid conveyancing delays and prevent the deal from falling through?
As the world of estate agency and conveyancing is experiencing digital transformation, the WeCOMPLETE platform reimagines the process for estate agents, sellers and buyers and their respective conveyancers by bringing them all under the same digital roof.
Estate agents who adopted WeCOMPLETE experienced much smoother property transactions and reported achieving the fall through rate closer to 1 in 12 (8.1% specifically) as opposed to 1 in 4. The platform enables estate agents and conveyancers to work together in one central place and provides legal teams with digital tools, such as instant documents uploads and electronic signatures, search orders and returns directly into to the system, payment collection, anti-money laundering checks and real-time communication between the parties to speed up the transaction.
Fail to Plan, Plan to Fail…
A unique conveyancing quotes comparison tool that comes with the WeCOMPLETE platform will give you and your clients access to select, performance-driven conveyancers who are as invested in completing on the property deal as you are, which means that you can help sellers and buyers instruct their conveyancer as soon as they put the property on the market or make an offer on their dream home.
To find out how WeCOMPLETE can help your agency reduce the fall through rate of your property transactions click the button below: