A ‘property passport’ company has officially launched after over a year of tech testing and development.
Founded by a former Shropshire land agent Tim Main (main pic), PIP says it now has over 50 estate agencies using its service.
PIP, which stands for Property Information Pack, says its ‘vault’ platform is now live and ready for more estate agents to use for free until March 31st, after which they will be charged per successful sale.
“Properties that are on the site that day will be free for their duration of the sale. Properties added in April and afterwards will be charged at £25 plus VAT on a successful sale,” says Main.
The platform has been under development for some time and uses technology developed by online auctions giant EIG to create ‘property passports’ or ‘logbooks’ for properties within which vendors, agents and solicitors can deposit and retrieve key property information about a home from EPC certificates to conveyancing forms.
As The Negotiator reported last year, Main and co-founder David Sandeman of EIG have been working hard to persuade the key property portals to include links to property information services like theirs on listings.
Main now says he expects these buttons to be added ‘very soon’ and that many agents are already adding links to their portal listings by using buttons designed for other purposes such as virtual tours and videos.
Sandeman (pictured) says having official ‘property info’ buttons on portal listings would be a major step forward for sales market transparency.
“If vendors can make the information about their home available at the beginning of the process then buyers will be better informed, the conveyancing process will be faster and simpler and sales will be much less likely to fall through,” he says.
Main says the first property to be sold using PIP saw its conveyancing process complete in two weeks, although he admits the transaction was relatively simple because it was a cash buyer.