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PropTech start-up aims to cut housing transaction time down to two days

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  • 28/06/2017
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PropTech start-up aims to cut housing transaction time down to two days
An online platform which brings together all the information associated with a property transaction has claimed it can help cut move times down to just two days.

Proptech firm Properr has launched Track My Move, a single application which can be used by most people involved in the move, from the buyer and seller to the estate agents and conveyancers. It argues that by bringing together all of the key information in just one place, it will cut down the time spent chasing up documents over the phone or by email, and eliminate delays caused by misunderstandings and missed correspondence.

Track My Move is cloud-based software, and protects documents by using “military grade encryption”. Contracts can be drafted, generated and signed online, while buyers benefit from instant notifications when certain moving milestones are met.

Properr has raised £850,000 in a funding round led by Finance Wales to support the roll out, and has already signed up a number of Welsh estate agents ahead of a full launch across the UK. It will make its money by charging estate agents a subscription fee, and claims it will have at least 1,000 estate agents on board within 12 months.

Owen Derbyshire, the firm’s CEO, said that the current housebuying process is “archaic, inefficient and stressful”, and said Track My Move will help cut the time taken to complete a transaction down from the current average of 12 weeks to simply a matter of days.

He told Wales Online: ““Despite it being the biggest transaction most people will ever make in their lifetime, buyers and sellers often experience frustration over the lack of transparency in the process. Meanwhile, estate agents’ cashflow is affected as they don’t get paid until the transaction is complete. Track My Move is a big leap forward in transparency and accountability for all concerned.”

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