Reapit has joined a consortium attempting to make the long-anticipated end-to-end digital home buying process a reality.
It’s joined the IPN Consortium, which consists of platforms that claim provide access to 3,000 estate agents, 1,000 conveyancers, 80 per cent of surveyors and 11 per cent of the mortgage market.
Reapit’s involvement will mean that from now on some 40 per cent of the agency market will have access to the Coadjutor Blockchain Network.
Other platforms involved in the network include Dezrez Estate Agency Software, Redbrick Solutions Conveyancing Software, eTech Surveyor Software, Search Acumen Property Data, Conveyancing Data Services Property Data, LMS Panel Management Software and NatWest Bank.
Reapit’s chief executive Gary Barker says: “We’re committed to providing market-leading property software that helps agents grow their businesses across sales, lettings, and property management. We've recently introduced our cloud Foundations PaaS Developer Portal and App Marketplace … Joining the IPN Consortium and integrating our platform with the Coadjute network will enable our agents to connect, interact and collaborate with the other businesses involved in their customer home buying and selling journey, openly and transparently.
Meanwhile Coadjute’s founder and chief executive John Reynolds adds: “The reality is that consumers don’t want estate agent services, broker services, lending services, legal services - what they want is to purchase a new home. The problem is this single transaction that the consumer is trying to complete consists of brokerage, estate agency, lending, conveyancing, and surveying, all of which are provided by different businesses. As these sub-services, processes and systems are disconnected, the customer has the heavy and stressful burden of stitching them together into a single transaction.”
Coadjute says the addition of Reapit and its 10,000 agent customer based provides “a game-changing experience”.
The consortium says it’s preparing for a live pilot of its service which will see a beta version of the service launch by the end of 2020.
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The race is very much on with Coadjute the early favourite, with its overarching blockchain strategy to increase transparency and speed of property deals. I know that at it's heart it wants to, as many solvers of problems do, find and affect inefficiencies in the present dis-jointed system and remove barriers. And it has some pretty big backers, Barclays, RBS, etc.
Coadjute's head John Reynolds, (founder) is also looking at the solutions in the construction industry a topic that I follow closely, looking to minimise the cost base due to duplication and weaknesses in the system.
So the alignment of a number of companies including Gary Barker's Reapit to the Coadjute cause will see a power shift regarding the direction of travel in the proptech sector. Not unlike the perhaps the Beta-max/Video war that was fought some decades ago.
Certainly there is a need for a 'simpler' unified system - as I totally agree that those millennials and Gen-z don't want to know about the tech detail, they just want an omni-channel seamless property experience, who powers it is not their concern.
Spot on, Andrew. Thank you for your insight.
Enabling customers to get a mortgage and buy a home in one simple, fast and secure digital journey requires industry collaboration and it's true that the consumer just wants a seamless experience.
Consortium members are working with partners and competitors because we know that collectively we can create a seamless digital home-buying transaction, individually we have a fragmented, slow and expensive process.
The distributed ledger, peer-to-peer network enables software providers and indeed lenders to connect, interact and transact in a highly secure manner where they retain control of their data only sharing on a need to know basis in a point to point, safe, secure and confidential way.
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