A Barclays-backed startup has launched a game-changing platform for UK estate agents, promising to slash transaction times and boost transparency in the property market. Offr's new offering, called Transact, allows agents to manage the entire sale process online, from initial enquiry to completion, within their own branded websites.
The move comes as the government consults on reforms to streamline the home buying process, which is currently plagued by delays and failed sales. Ministers have pinpointed 170-day transaction times as a major issue, with around one in three sales falling through. Transact aims to tackle these inefficiencies head-on by integrating key stages of the sale online.
The platform boasts a range of features, including lead capture, buyer qualification, offer management, and automated communications. Secure online dashboards will provide real-time updates for buyers, sellers, landlords, and tenants throughout the process. Transact also supports tenancy management, new homes sales, and property auctions, seamlessly integrating with existing customer relationship management systems.
Offr's founder and CEO, Robert Hoban, highlighted the platform's focus on transparency, allowing registered buyers to access crucial information before submitting an offer. This pre-listing digital sale pack creation and publication aligns with the government's reform objectives, providing certainty for all parties involved.
The launch of Transact marks a significant shift towards digitisation in the UK property sector, which is under pressure to adopt new technologies. The government has identified upfront information provision and digital identity verification as key measures to reduce lengthy transaction times and decrease failed sales. PropertyStream's founding partner, Robin Arnold, noted that traditional estate agency websites have focused on lead generation, leaving the actual transaction process offline. Transact represents a major step forward in standardising digital practices across various property dealings.