New PropTech platform slashing property completion times by average of 42%
- Completions via WeCOMPLETE taking as little as 13 days even amid backlog
A new PropTech platform has been dramatically cutting completion times, with sales and purchases taking as little as 13 days.
Conveyancing times have long been a problem, with 12 weeks the widely accepted average and completions often taking as many as 18 weeks. Since the pandemic the problem has significantly worsened, with the latest figures suggesting that the average property completion is taking around 22 weeks.
However, while many aspects of the property industry have been revolutionised by technology to the benefit of all involved, previous attempts to disrupt the conveyancing process, including by the Law Society, have consistently failed.
By fundamentally altering the way that those involved in conveyancing work, rather than simply using technology to accommodate archaic approaches, WeCOMPLETE has successfully proven that change is possible, and that agents and conveyancers can offer their clients a more positive experience while increasing their own revenue and cash flow in the process.
David Brayton (59) was able to complete quickly thanks to WeCOMPLETE when moving from the Lake District to Yorkshire this summer, looking for a new start after his wife of 34 years sadly passed away.
Needing to move urgently when his landlord decided to sell the rental property he was living in at the time, his estate agent Paul Lund of Davis & Lund recommended the platform, through which David instructed his solicitor Helen Lambe of Walker Wise Solicitors, with the process ultimately taking just 13 working days.
Paul said: “Although I thought the platform sounded fantastic if it really worked, I was definitely sceptical before we started our trial. However, having been using the platform for a while now, I would recommend any agents interested in the idea of faster completions to just give it a go, as you do have to try it to believe it.
“It’s incredibly easy to use, and thanks to WeCOMPLETE we’ve found our cases are going through much quicker, we’ve developed a great working relationship with Helen and her team at Walker Wise, and we’ve been able to make a real difference to clients like David, who was over the moon with how quickly his sale progressed.”
Speaking of the experience, David said: “My solicitor was aware that I needed to move as quickly as possible, but I was absolutely amazed that it only took 13 days to complete.
“This meant that not only did my sale go through before I needed to move out of my rented property, but I had time to arrange decorators and other work before I moved into my new home, making the whole process so much less stressful.
“Without WeCOMPLETE, I may well have needed to find another rental property, and there would have been a risk of my purchase falling through. Instead, I’m now able just to look forward to new adventures in this new chapter of my life.”
WeCOMPLETE is the first platform of its kind to co-ordinate the work of both estate agents and legal teams, and the only product capable of streamlining the completion process on any property transaction, for all sellers and buyers.
Unlike other tools, WeCOMPLETE is a truly end-to-end solution, with the whole of the completion process managed digitally through the unique software. This includes new business generation, quoting, client onboarding, anti-money laundering checks, proof of funds, lender integration, property searches, queries, certificates, forms, document filing, e-signature, payment collection, invoicing and all communications between all parties.
As a result, the innovative SaaS platform makes it possible for sales to be completed faster and more efficiently, enabling estate agents to increase revenue and improve cash flow.
WeCOMPLETE showcases estate agencies’ work in completions and encourages agents to continue to play an active part of the property completion, by uploading the property details, EPCs and aiding in communication throughout the case. The platform rewards agents financially for their services, crucially removing the need for any referral fee and enabling agents to compete nationally for completions outside their client database.
Amy Simmons, CEO of WeCOMPLETE, commented: “The completion process can be one of the longest and most stressful periods when buying or selling a property. A lack of available information about how a case is progessing can be extremely frustrating, and lengthy completion times can have huge knock on effects in people’s lives, making them detrimental to our finances and wellbeing, as well as negatively impacting the economy.
“These delays and the lack of transparency have been widely accepted as unavoidable, as the completion process is inherently complex, particularly when long chains are involved.
“However, when thinking how technology has transformed so many aspects of our lives – even down to being able to see when our Dominos is in the oven – it is ridiculous that one of the largest purchases of our lives is largely shuttered off from us.
“By taking a more radical approach, we have been able to prove that change really is possible, and can work in the favour of not only buyers and sellers, but also their legal teams and estate agents, making it in everyone’s best interest.”
WeCOMPLETE is a new software service which provides an end-to-end digital conveyancing solution for property deals.
The proprietary software has been designed to offer a new level of transparency to the home buying and selling process and remove structural bottlenecks which hamper progress on deals.
WeCOMPLETE securely moves the majority of the residential purchase or sale process online resulting in significantly quicker transactions and fewer cash-flow issues for advisors.
The white-label software integrates with existing solicitors’ and agents’ websites and will all but eliminate unnecessary delays to property deals.