Secure share product aims to boost agency referrals and speed up sales

Client compliance platform Thirdfort has launched its updated Secure share product to help estate agents boost referrals through the secure sharing of ID and anti-money laundering (AML) reports. 

It comes as research by Thirdfort suggests 36% of home movers are more likely to use a solicitor recommended by an estate agent if both parties have processes in place to communicate and share information with each other. 
 
During a property transaction, both the estate agent and the conveyancer will ask the buyer and seller to complete the same know your client (KYC), AML and source of funds (SoF) verification.Thirdfort said this “needless repetition” slows down property transactions, delivers a poor experience for home movers and creates unnecessary friction between the agent and lawyer. 

To overcome these issues, property professionals can now offer simple and secure report sharing for their clients and the other professional advisors involved in the process. Buyers and sellers are more likely to go with the conveyancer an agent recommends if they do not need to repeat the same verification process, Thirdfort said.

Once the buyer or seller has completed their KYC, AML and SoF verification using Thirdfort’s app, their report can be securely shared with other professionals such as a conveyancer or mortgage broker.

Secure share differs from a reliance agreement as all parties will do their due diligence on the completed report. 

As a result, agents can boost referral fees and conveyancers can win more business if they enable the secure sharing of KYC, AML and SoF reports.

Olly Thornton-Berry, co-founder and managing director at Thirdfort, said: “In a competitive marketplace agents and conveyancers should explore the benefits of securely sharing ID and AML reports. By tackling such needless repetition, Secure share significantly cuts transaction times, helps agents easily refer clients, and provides a great client experience. All while meeting all regulatory requirements. In short, Secure share helps agents and conveyancers fight fraud, not each other.”