At the start of the month real estate DLT startup Coadjute announced a funding round led by Lloyds Bank, including two other major banks Natwest and Nationwide, and the largest UK property website Rightmove. Since then things have snowballed with two major estate agencies, Foxtons and The Property Franchise Group (TPFG) announcing they will use the platform to digitize the paperwork and communications involved in house sales.
Coadjute is a workflow solution that enables data sharing about a sale between estate agents, conveyancers (lawyers), mortgage brokers and banks. Several UK real estate software suppliers have integrated with the platform.
Meanwhile, TPFG spent five months piloting the solution at 12 branches and found it saved 25 minutes per transaction on average. It is the largest franchised estate agency in the UK, with 930 locations and 16 brands.
Additionally, a large proportion of UK transactions fall through after a sale is agreed. Some estimate the figure at more than 30%. A strong sign is if the transaction stalls with a system like Coadjute’s making it easier for the seller to identify the bottleneck.
“We know that in today’s market, consumers are increasingly anxious about the whole process and by offering access to the Coadjute network, we can help to ease these concerns and offer a level of transparency around the process, whilst speeding up transaction times,” said Adam Noonan, Group Commercial Director TPFG.
“Coadjute’s technology enables everyone in the property transaction a clear view of what is happening and when, thanks to the real-time connection.”
Foxtons also joins
Last week the Negotiator reported that upmarket realtor Foxtons has signed up and is also using the consumer app Home.
“With the help of Home and Coadjute, our buyers and sellers will be able to better manage the cost and admin requirements of moving, while also benefiting from the reduced chance of a fall through,” said Foxtons CEO Guy Gittins.
“Thanks to advanced blockchain technology buyers and sellers can immediately, securely and confidently communicate with their agent, conveyancer or broker, all from one place.”
Last year Coadjute participated in the Bank of England’s Project Meridian to synchronize the change of ownership of a house at HM Land Registry with the payment. Coadjute uses R3’s Corda enterprise blockchain.
