PropTech Today: Industry collaboration to speed up home sales

A cross-industry collaboration aims to showcase how working horizontally across key stages of the home-buying and selling journey can positively impact multiple stakeholders involved in the process. 

Whilst the pilot harnesses new technology, the core foundations of the trial are embedded in the principles of the Property Data Trust Framework (PDTF) to apply sector-wide policies and processes to multiple stakeholders – the first UK pilot of its kind.

LMS is collaborating with Connells Group, Moverly, Peter Alan and TM Group in the initiative which launches on 2nd September.
Spicketts Battrick, Conveyancing Direct Property Lawyers and Howells will be leveraging the LMS ecosystem.

The aim of the pilot is to create a Digital Sale-Ready listing that allows for the reuse of data, including ID verification, and in return:
•    Reduces duplication – multiple stakeholders have instant access to data via a streamlined platform.
•    Provides instant visibility of key documentation – via an LMS and Moverly integration documentation is shared with the law firms via 

Peter Alan agents instantly.
•    Allows searches to be ordered at point of listing with TM Group – removing any potential delays.
•    Provides a singular, end-to-end user journey – key stakeholders are uniting to create an interoperable platform to not only speed up transaction times, but to enhance the user experience.

Key deliverables
•    Successfully launch the pilot on Monday 2nd September with live cases being processed through the platform.
•    Utilise recent initiatives championed by the OPDA, particularly the use of the Property Data Trust Framework (PDTF) to underpin the movement of data.
•    Ensure that each individual stakeholder group is monitoring the results of the pilot against their own success criteria.
•    Provide real-time updates to the sector. There will be an opportunity for stakeholders involved in the trial to showcase the results and share an honest and open review.

Measuring the pilot’s success

In addition to each stakeholder group defining their own success criteria, the following lists the key deliverables highlighted throughout the product ideation period:
•    Measuring the adoption and appetite of a seller to create a Digital Sale-Ready listing.
•    Reducing the average time it takes to receive an offer on a listing.
•    Creating greater efficiencies for the law firm community, particularly client onboarding.
•    Reviewing the benefits of new initiatives, such as reusing data and accessing upfront information.
•    Identifying results related to case lifecycle and cancellation rates.
•    Gauging feedback from buyers and sellers. Is the adoption of new tech and industry initiatives positively impacting their experience?

Ian Fry, Group Chief Executive (Estate Agency) at Connells Group, said:“Connells Group remains committed to supporting industry initiatives that seek to improve the home- buying and selling experience for all parties.

Ian Fry, Group Chief Executive (Estate Agency) at Connells Group

“The breadth of our operations provides us with a unique insight into some of the challenges that have hindered progress in recent years, and our collaboration with LMS and their partners will provide an ideal opportunity to rapidly test and validate how key stakeholders can really work together to overcome these challenges and deliver a quicker, smoother and less stressful experience for all.”

Nick Chadbourne, CEO at LMS, added: “For years now, there has been an assumption that upfront information, sharable data and ID verification will speed up the home-buying and selling process. This pilot will look to prove those concepts, either way.

“Collaboration with like-minded partners has been key. LMS are willing to work with any organisation that shares the same commitment to positively impact the home-buying and selling process. We have an open invitation approach to collaboration, so if you are interested in seeing how working with LMS can benefit your customers, please do reach out.”

Nick Chadbourne, CEO at LMS