When the property completion time is going up, is it possible that agents can achieve faster completions when the average is 156 days? More and more estate agents ask themselves what can they do to reduce completion times and turn to technology for answers. But can technology really help?
With the progressing and much needed digital transformation of the property industry, estate agents are coming forward to adopt and embrace technological advancements. And – unsurprisingly – the quest for reducing property completion times is one of the reasons why they turn to tech.
The most recent report published by The Negotiator in June 2021 shows that on average, it takes 156 days to complete the property transaction across England and Wales, with the longest delays encountered in the East of England, with cases taking 182 days from sales agreed to completion. That’s 6.5 months! It’s a long wait, especially when the most popular business model for estate agents is to be paid on completion.
It’s a significant increase in comparison to the data reported by Property Industry Eye in April 2021. At the time, we were warned that it might take on average 118 days from sale agreed to completion. Today it’s 156 days. In just three months, the delays increased by 32.2%.
Agents across the country search for new ways to transact quicker, with a staggering average 42% reduction across cases reported by WeCOMPLETE, including the most complex and problematic of cases.
But how is it possible?
WeCOMPLETE makes it possible to coordinate the work of estate agents and conveyancers by providing access to real-time updates, a unique sales progression calendar tracking, which can be viewed by all parties, and the platform for individual and group communication. It means that parties can communicate directly with each other, and every interaction is logged in the system, providing an extra level of transparency. The platform provides legal teams with the tools to significantly speed up onboarding, document uploads, filing and electronic signatures, search ordering and returns, anti-money laundering checks, and much more, whilst notifying estate agents as the case progresses.
Estate agents who adopted the WeCOMPLETE platform report it to be one of the most important tools they currently use, with Mark Townend from Appleby & Townend saying that “joining WeCOMPLETE was genuinely one of the best decisions we’ve made as a business.” A high praise from an extremely experienced estate agent.
To see how WeCOMPLETE helps reducing completion times and increase revenue book a demo by clicking the button below.