A 13-branch London estate agent says it has claimed a sales fall through rate that’s half the national average of 30.5%.
LiFE Residential, which specialises in the sales, purchase, renting and management of new-build developments across the capital, says only 15.9% of its sales failed to make it to completion.
The company says the astonishing figure has been achieved in just six months. The company’s fall-through rate in 2016 was 33% and 30% in 2017.
LiFE Residential says the reduction in fall-through has been achieved by employing an in-house and dedicated sales progression team, establishing direct relationships with selected solicitors and accurately collating and qualifying both property and purchaser information prior to offer.
“Fall throughs often happen due to there not being enough clarity at the listing stage, a lack of ownership over progressing the sale or agents having inefficient relationships with both clients and solicitors,” says Josh Larn (left) the company’s East London Area Sales Manager.
“We’ve worked hard to reduce the impact of each of these and are thrilled with the results.”
The company’s claims may raise eyebrows among some of its competitors; the national sales fall-through rate has been stuck at between 25% and 35% for over a decade, despite the best efforts of proptech and lawtech firms to try and improve the sales progression and conveyancing processes.
The most recent to attempt this is property transaction services firm tmgroup’s online MIO tool, which stands for ‘move it on’. It claims to reduce sales fall throughs to 20% and has been piloted by Connells at a branch in Cardiff.