Embracing new technology is the only way the property industry can begin to cope with soaring demand, according to an entrepreneur who has transformed the new homes sales process.
Riccardo Iannucci-Dawson set up Yourkeys to speed up the time taken to exchange contracts and reduce cancellation rates in the new homes industry.
As conveyancers issue warnings that delays will cause buyers to miss out on the stamp duty holiday, Yourkeys has continued to accelerate transactions and achieve exchanges within 28 days.
Riccardo said: “The traditional home-buying process has barely changed in decades. Yet transforming this does not require radical changes – just simpler processes and the right technology to do the heavy lifting.
“There have been repeated warnings about the length of time transactions are taking to progress. Sales will be lost if buyers cannot meet the deadline for stamp duty savings. Yet most sales are still progressed manually, with multiple phone calls and emails at every stage.
“Faster progression is the most effective way to preserve sales. We have achieved this by automating all the documentation and checks required and then passing that data between conveyancers, their clients and the sellers seamlessly and quickly via integrations. It’s really easy to use and to get started.”
In a recent joint statement, The Society of Licensed Conveyancers, the Bold Legal Group and the Conveyancing Association reportedly called on buyers and agents to be patient, highlighting how chasing updates can ultimately lead to further delays.
With Yourkeys, updates are available at a glance, in real time, to the buyer, seller and every stakeholder. The platform guides the sale from reservation to exchange through a fully digitised end-to-end process.
In September, 395 transactions were processed through Yourkeys and 72 per cent of these progressed to exchange in 28 days or fewer. Sixty-one per cent of the reservations were recorded remotely, without the buyer present.
Riccardo said: “Technology solutions are constantly evolving. Only by engaging with them can the industry meet the challenge of rising demand.
“More transactions should equate to more revenue and therefore good news for the industry, but delays are keeping opportunity at bay.”
Riccardo began his career as an architect and later became a new homes sales director. He left his role on a mission to solve the industry’s long-standing problems of slow progression and high cancellation rates.
Yourkeys went live at the beginning of 2020 and the remote reservation function was introduced during lockdown. More than 40 new homes developers and sales agents have signed up to the platform and they are regularly achieving exchanges within 28 days.