Fully digital property sales could revolutionize the real estate brokerage business. Here we explain how and why it could happen.
Selling always has that dreaded paperwork stage, where everyone involved is waiting on someone else – lawyer questions and answers, local authority paperwork, mortgage paperwork, etc. This isn't just frustrating – delays at this stage can completely ruin a property sale.
Over 35% of UK property sales fell through in 2023 (Source: Quick Move Now). This was a fast-changing and challenging market, with buyers seeking pricing in line with the predicted market crash (which never happened), sellers hoping for the price they would have achieved in 2021, and mortgage rates continuing to rise.
At Foxtons, we get it done. This is something we take seriously. So in 2023 we've done our homework, explained the market, answered questions, collected and shared progress updates, followed up, got sellers and buyers to share documents on My Foxtons, made calls on everyone's behalf to lawyers and mortgage brokers and sellers and buyers, and done everything we could to keep these sales going.
Read: Need to sell faster? Act fast.
And it worked: the average time to replace was 25% faster than the industry average.*
But at the same time, we were working behind the scenes to make the entire process much better: we were investing, collaborating, and creating solutions that would make the most difficult stages of selling seamless and fast.
*Source: TwentyCI data, average length of a real estate transaction in 2023
The future of accomplishment
Foxtons partnered with Home and Coadjute to create a system that connected all these moving parts together in one place, ultimately streamlining the paperwork process stage through blockchain technology, a first for the estate agency.
Yes, it's a new and groundbreaking technology, but what is it, really?
Coadjute is a data exchange platform that connects real estate agents, conveyancers, mortgage brokers and lenders all in one secure place to share progress updates, secure messages, property information, digital IDs and all the documentation that normally takes a long time to collect and verify. In the future, it will also enable payments so no more waiting for lenders or lawyers to make the final decision.
The platform sounds simple, like many great inventions, like a secure chat room, but nothing like this has ever been done before – without having to dash across London to a lawyer's office during your lunch break, enduring endless call backs and voicemails, waiting weeks for a piece of paper saying that Parliament has approved an extension or that a flood risk assessment has been carried out.
Coadjute and the Home App can help you sell your property faster, increasing the chances of a successful sale.
The sales method you really want
We also give buyers and sellers alerts when there's work to do, a quick overview, a safe place to discuss with stakeholders, and support every step of the way – and we think that's the most important part of the platform.
Buyers and sellers often find the paperwork stage overwhelming. It requires a ton of paperwork, phone calls, chasing documents, and above all, mental organization. Even something as small as missing a call from your lawyer or forgetting to sign 20 pages can have a huge impact on the timeline. This can lead to stress.
This is an unavoidable fact of completing the most important sale or purchase of your life, but it's also hard to make the decisions you need to make when your head, diary and inbox are full of complexities. Our new platform cuts out all the noise so you can make informed decisions and act with confidence and calm.
Foxtons CEO Guy Gittins said:
“Foxtons has always been at the forefront of digitalisation of the property industry, already leading the way in fully digitising the lettings process and our partnership with Home cements our position as a leading innovator in the UK property sector.
“We've invested heavily in both technology and people in recent years, and this strategy has paid off so far. Our latest partnerships with Home and Coadjute are just the next step in the progression of our technology-focused efforts.
With the help of Home and Coadjute, buyers and sellers can better manage the costs and administrative requirements of moving, reducing the chances of a deal falling through and therefore the stress that comes with a real estate transaction.
But perhaps most importantly, advanced blockchain technology will provide support and transparency at every stage of the home transfer, allowing buyers and sellers to communicate with agents, conveyancers and brokers instantly, securely and confidently from one place.
We already boast a much better sell-through period of 104 days compared to the industry average of 130 days, and we are confident that the use of the Home app and Coadjute via the My Foxtons platform will help us reduce this period even further and also cut deal abandonment rates.”
Whatever type of move you need, we can make it happen.
Foxtons is currently rolling out the Home app and Coadjute on an invite-only basis, but keep an eye on the Foxtons blog for the latest updates on how you can get involved and be one of the first to experience this innovative new way to buy and sell a home in London.
Next steps
As we said, Coadjute is the next piece of the puzzle for Foxtons. Ten years ago we launched My Foxtons as a digital platform where buyers and sellers could receive documents relevant to their purchase. This is still effective today in speeding up and streamlining the property selling paperwork. Get in touch and we'll show you how.
Your secret weapon
Whatever your approach to buying or selling, you can trust us to execute reliably. No matter how advanced our technology becomes, there is no substitute for a trained and experienced Foxtons sales negotiator. Our agents are uncompromising intermediaries and committed advisors who support, update, remind and motivate you.
Start selling by booking a valuation or browse London homes for sale and start buying.
