PropTech helps proactively manage the risk of chain collapse

As anyone involved in the home buying and selling process knows, a lot can go wrong as the chain progresses towards completion – and the picture only gets worse, the longer the chain gets. 

When some chains inevitably do collapse, visibility and lack of communication are often blamed. This shouldn’t come as a surprise. The majority of movers enter the home buying and selling process with high expectations of a quick turnaround – often with the hope of getting into their new home before Christmas, or before the new term starts at school. 

Whatever the reason, there normally is one, and homemovers can quickly get “cold feet” when things don’t look like they are progressing. Or suddenly find out they are part of a chain of eight, instead of a chain of three. Even not hearing from their solicitor or estate agent for several days can be enough to push a homemover “over the edge”

As if that wasn’t enough to contend with, most buyers typically register with several agents, so even once a sale is agreed, they are still being enticed by other agents with new listings. The longer the transaction takes, the more risk there is of the buyer finding another “dream home” and jeopardising their original decision.

But what if homemovers could see what was happening across the chain? Knew what was supposed to be happening next? Or could see the latest progress without having to pester their estate agent? What if transactions were completed faster, so there was simply less opportunity for people to change their minds? 

How different could everything be?

By harnessing the power of technology to improve visibility and communication across the length of the property chain, homemovers could be empowered with a better understanding of the process – significantly reducing the risk of them “getting cold feet” and triggering the collapse of the chain. 

Prop tech company tmgroup are already working on making this a reality with mio – a new sales progression and communication tool that helps Estate Agents speed transactions forward, reduce fall-through rates, and help win more business.

Created by property experts for property experts, mio brings convenience to the buying and selling process, including chat messaging and milestone reminders that result in fewer calls for all parties involved – without compromising on information. 

With improved visibility, alongside free educational content about the home buying and selling process, mio can also help to better manage homemovers’ expectations – and reduce confusion and create clarity about roles and responsibilities in completing the transaction.

Jon Horton, Product Director – mio comments:

“Our consumer research reported that 49% of homebuyers would like to receive a daily update on their transaction. Communication and transparency are key, and complaints around this area are the most common type escalated to The Property Ombudsman. 

We recognise that there will always be uncontrollable variables in a property chain, such as a buyer withdrawing from a transaction because their situation changes and they are no longer able to raise the finance. Yet the majority of homemovers connected in the property chain are willing and financially able to move. 

By harnessing the power of PropTech, estate agents and conveyancers can increase visibility across the property chain and proactively manage the more controllable risks associated with the home buying and selling process – and significantly reduce the chance of people pulling out and collapsing the chain.”

For more information about mio, visit www.mio.co.uk