One of the UK property industry’s leading figures Robin Paterson (main image) has joined the recently-launched iBuyer platform UPSTIX as a Partner.
Paterson is best known as the businessman who bought, turned around and then sold a raft of well-known estate agencies including Hamptons. He is also chair of Sotheby’s International Realty in the UK.
More recently he has become an ‘activist investor’ chastising Countrywide and Foxtons for their lack of vision, particularly when it comes to technology, through his investment firm Catalist.
Paterson’s role at UPSTIX will involve helping build partnerships with local estate agencies and other third parties.
He will also work closely with founder Giles Mackay, advising on fundraising and how UPSTIX can harness data and technology to introduce choice and transparency into the house selling market.
Mackay is well-known in proptech circles as the founder of Hometrack, which is now part of the Zoopla group of companies.
“It’s been nearly two decades since the property portals were launched, which helped revolutionise how you search for a property to buy,” says Paterson.
“But since then there has been almost nothing done leveraging technology to help anyone who is looking to sell their property.
“One of the most frustrating aspects for any seller is seeing their deal fall through because they are stuck in a chain or having to wait for completion while through a messy divorce or probate and need a quick sale.
“This is where UPSTIX can come in and offer these sellers a genuine choice in the market.
“Certainly, UPSTIX will not be for everyone, but for those who do need a quick sale it offers choice and, crucially certainty.”
Launched on 10th March, UPSTIX hopes to repeat the success of iBuyer platforms such as OpenDoor and Zilllow have seen in the US.
But this is not the first time this model has been tried in the UK. In February 2020 the Guild launched the nation’s first iBuyer service in partnership with Offerhive.
UPSTIX uses technology to make a cash offer on a home almost instantly via an algorithm that crunches billions of data points across 30m UK properties, allowing it to quickly assess pricing and establish demand, albeit with an 11% discount on the price in return for speed of sale.