Foxtons claims to have become the first estate agent to completely digitise the home selling process after it launched a collaboration with consumer app Home and Coadjute which has digitised both the sales and lettings journeys for its customers.
The partnership with Home and Coadjute is being viewed as the final piece that completes a puzzle started a decade ago with the launch of My Foxtons – its digital platform that allowed buyers and sellers to receive documents related to their purchase.
CONSOLIDATING PROCESS
Home consolidates every aspect of the home buying and selling process in one place and is designed to allow buyers and sellers to track their move every step of the way.
Buyers and sellers can also access a comprehensive list of home services with Home providing everything from removals; insurance; utilities; council tax; storage; packing supplies; white goods; interior design and smart home technology.
Coadjute is a data exchange platform built on blockchain technology that links estate agents, conveyancers, mortgage brokers and lenders together allowing approved parties to synchronise and share progress updates securely.
Foxtons customers are able to directly contact each party involved, without, for example, their agent being able to view communications with their mortgage broker.
INVESTED IN TECHNOLOGY
Guy Gittins, Foxtons Chief Executive, says: “We’ve invested heavily in both technology and people in recent years. 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.
“Thanks to advanced blockchain technology buyers and sellers can immediately, securely and confidently communicate with their agent, conveyancer or broker, all from one place.
“We already boast a far superior selling timeline at 104 days versus the industry average of 130 days to exchange and we truly believe that we can reduce this even further while also reducing fall through rates.”
TRULY NOVEL SOLUTION
Matt Spence, Founder and Chief Executive of Home, says: “Home exists to transform the way we move and manage our homes.
“Buying or selling a home is a major life event that, I believe, supported by good technology will be as intuitive and enjoyable as other industries that have embraced digitisation, such as travel and banking.”
And Dan Salmons, Chief Executive of Coadjute, adds: “Coadjute’s unique digital network brings together all the parties in the property transaction – estate agents, conveyancers, brokers, buyers and sellers – and enables them to share data, documents, even identity, seamlessly and securely.
“By bringing Coadjute and the Home app together, Foxtons have created a truly novel and exciting technology solution for their customers.”
Earlier this month The Neg revealed how Lloyds Banking Group, Nationwide, NatWest and Rightmove have made a £10 million investment into Coadjute to help the blockchain network revolutionise the homebuying process.
