Can digital auction legal packs revolutionise estate agency

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A service has launched that claims to bring the ease of buying at auction to the world of estate agency, co-founded by one of the best-known names in the gavel bashing business.

David Sandeman of EIG Property Auctions, along with former estate agent Tim Main and solicitor Steven Foden are behind PIP Vault, a service that was first mooted in September last year but has now fully launched.

It enables buyers, vendors, agents and solicitors to gather property information on each address into one ‘vault’ in the same way information packs are assembled for properties prior to auction.

“For many years auction companies have enabled buyers and their conveyancers to see legal property packs online and exchange on the fall of the gavel,” says Sandeman.

“It’s worked for millions of bits of data there – now it’s time for the same tech to change the face of the private treaty world.

“Agents will also be able to see who’s looking and capture data earlier in the customer journey.”

Sandeman says initial trials with several estate agency partners have proved successful and says the service will be free for agents to use until 1st April next year, and then cost £25 per sale, payable only when the transaction reaches the point of exchange.

Ed Mead, who is a keen promoter of the service, says: “Think of it as a ‘bucket’ into which sellers, agents and their solicitors can place all their property information, allowing applicants to view these documents and make a more informed decision.

“Agents will also be able to see who’s looking and capture data earlier in the customer journey.”

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Go to Publisher: Proptech – The Negotiator
Author: Nigel Lewis