Smoove agency platform 'exceeds expectations'

Conveyancing software provider Smoove has revealed that 30 branches across 18 firms have so far signed up to its new flagship estate agency product.

Smoove Start was piloted in April, providing a platform for agents to sign up clients, conduct due diligence checks and for buyers to complete property information.

The product was rolled out fully in August.

Smoove announced in its half-year results yesterday that the product was “exceeding management expectations.”

A stockmarket update from Smoove said: “ Smoove Start is also beginning to act as an Introducer channel to eConveyancer for conveyancing services with estate agents being ideally placed to recommend a conveyancer to consumers and consumers seeing estate agents as a trusted source for that referral.”

It comes as the company, which has also launched a Smoove Complete platform aimed at self-employed surveyors, posted a loss of £3 million for the period, attributed to investment in the business and new products.

Jesper With-Fogstrup, chief executive of Smoove, acknowledged signs of a slowdown in the market due to banks taking a more cautious approach to lending and buyers delaying decisions amid higher borrowing costs and inflation challenges.

He said: "The economic climate has made trading conditions difficult, but we have been able to mitigate some of the impacts with our strong position in the remortgage sector.  

“Confidence in our products and services was reinforced as we secured the re-contracting with Lloyds Banking Group for the provision of conveyancing services for a further two years.

 "The progress we have made both in eConveyancer and the new businesses of Smoove Start and Smoove Complete shows that we are creating touchpoints across all aspects of homeownership while diversifying our revenue streams. I am confident that we have the right strategy and plan in place to build on the successes of the first six months of this financial year."