Let’s get to the nub of the problem
Time kills deals, even in a simple chain, but why? The key pieces of information that each party manages is not openly shared, so the only way to establish progress across a property chain is by numerous phone calls and emails.
mio is not a silver bullet, but early adopters have reported several immediate benefits as a result of joining estate agents with a single view of the chain and taking data feeds to automate some of the sales progression.
Faster transaction times
The mio system was trialled by a community of agents in Cardiff who accounted for over 50 per cent of all homes sold subject to contract in 2017. From September 2017 to April 2019, the average time to exchange on a mio transaction was 85 days, down from the national average of 126 days.
Anything that improves efficiency and reduces unnecessary phone calls will help to speed up the transaction.
Helen Ogden, Managing Director at Haus Properties, found the system made an instant difference. “mio has helped to cut so much time out of our sales progression by linking information with other estate agents and keeping everything in one place, as well as making it quicker and easier to check up on progress. We’ve already found we’re completing on properties faster.”
Reduced fall-through rates
Providing a single, shared view of the chain results in better relationships between the parties. In the mio trial, the fall-through rate dropped to 21 per cent, down from the national average of 33 per cent.
Jon Horton, mio Product Director, explains. “Anything that improves efficiency and reduces unnecessary emails and phone calls will help to speed up the transaction. This means less likelihood of elongated sales that increase the risk of a chain collapsing.”
Winning more business
mio provides the agent with the tools to deliver an outstanding customer experience. The app keeps customers informed and connected to their home move, which creates reassurance and a greater level of satisfaction. Agents are more likely to benefit from recommendations and referrals through the ‘friends and family’ network, as well as the wider community via online consumer reviews.
mio integrates with some existing CRM systems and it also takes data feeds from conveyancers, financial advisors and surveyors to automatically populate milestones. Matt Nicholson, Sales Progressor at Edwards & Co in Rhiwbina, Cardiff, has found the system easy to use, with everything clearly set out in one place. “mio definitely makes my job easier. It’s also great if someone is on holiday or off sick, as another member of the team can easily pick up and see where everything is and what needs to happen next.”
Jon Horton, mio Product Director, adds, “We consult with the property market and continue to work closely with our customers to deliver an effective solution which is simple to use and implement in an agent’s business.”
If you’re interested in booking your demo and taking advantage of the free introductory offer then visit our website: https://mio.co.uk/contact-us/