A leading sales progression platform has revealed that 15% of all Help to Buy applications are rejected because there are discrepancies in the information supplied by the players involved including estate agents.
YourKeys, which is currently working with developers but expects to launch its conveyancing platform into the resales sector in late September, says its system automatically corrects property information forms before they are submitted to the lenders and prevents deals falling through or being delayed.
Its CEO Riccardo Iannucci-Dawson says his platform is being piloted with three of the five big estate agency brands and is already being used by a plethora of builders including Bovis and Galliford Fry and soon, Berkeley Homes.
As well as improving the Help to Buy process, Yourkeys claims to reduce the number of hours spent chasing the players within a chain from an average of 55 hours to approximately 26, significantly reducing the cost of achieving a sale.
“Our platform enables agents to get a property ready for sale within 30 minutes and our experience within the new homes sector shows an average time-to-exchange of 19 days,” says Iannucci-Dawson (left).
“We looked at 500 transactions completed using our platform and concluded that it helped prevent 25% of sale fall-throughs.”
The company claims it is able to achieve such astonishing increases in efficiency within the property sales market because its system automates both the on-boarding of new instructions and the entire sales progression process.