Yesterday it was announced that SME house builder MBU Capital Ltd had become the first developer in the UK to successfully complete property sales using an end-to-end digital property sales process.
These pioneering transactions took place at its Park Place development in Stevenage using a digital new-homes platform called Yourkeys, which plans to launch a version for estate agents later this year.
The Negotiator spoke to MBU Capital’s spokesman Peter Beard (pictured, below), to find out what it’s like to sell a home without the need for physical paperwork.
“I’ve seen many proptech launches and funding rounds that promote platforms that sometimes offer solutions to problems that don’t readily exist,” he says. “But I believe that Yourkeys can solve a problem which is that consumers are frustrated that it takes so long to exchange on a property and developers and agents dislike the way it takes so long for a sale to turn into cashflow.
“When I first arrived at MBU Capital in May 2018 I was aware that our processes were more manual than digital, so it became apparent that we should look for and review different digital sales progression platforms,” he says.
Peter says he came across Yourkeys on LinkedIn and liked the way it joined all the dots in the sales progression process, but in particular the way it pre-screens buyers at reservation including completing identity checks as well placing on-going transparency for the buyer and professional service providers into one digital platform.
“I agree with the assertion from the CEO of Yourkeys in that newbuild sales shouldn’t take so long to get to exchange and that something needs to be done to prevent the process disappearing into a black hole,” he says.
Beard says the system will also enable MBU Capital to sell emerging schemes directly into overseas territories in the mid-term. Peter normally sources these leads via agents, and he says that his buyers like the fact that they can choose their own conveyancing provider via Yourkeys.