Following an 18 month trial in Cardiff, Wales, a new sales progression tool has just launched across the UK.
Developed by proptech mio has already helped over 50% of residential property sales to complete successfully.
From this week, mio, already partnered with software provider Reapit and Relocation Agent Network, is offering a free six month trial across the UK.
The aim of the new software application is to continue to reduce the number of transactions that fall through and to reduce the total time a property sale takes to complete.
On average the UK’s fall through rate stands at 33%, but the implementation of mio by agents in Cardiff claims this figures has been reduced to 21%.
Mio also reports that across the Cardiff agent community evaluated between September 2017 and April 2019, the average time for a property to sell has speeded up by over a month. On average, mio property sales are taking 85 days compared to 126 days respectively.
Senior sales manager and mio user, Rachel Jones from estate agent Peter Alan, said: “Mio has been very useful on a day-to-day basis for progressing property transactions, as we can easily see where information is missing or milestones need to be updated – and pick up the phone immediately to the right person.”
“Overall, mio has helped to tighten our business processes and reduce the time it takes for a sale to go through. It makes sales progression a lot easier for us,” Rachel Jones added.
The most consistent customer complaint listed in the Property Ombudsman’s 2018 is estate agents failing to communicate and contributes largely to why buyers withdraw from a purchase.
Mio advocate that: “Our communication platform brings transparency to the buying process and is an inclusive system that allows everyone involved in the property chain to follow every stage of the property transaction. Homebuyers can access the app at any time and track updates as they happen, helping them to feel relaxed, confident and in control.”
The average first time buyer is aged around 35, but recent data research confirms that 49% of 18-34 age group have more advanced expectations. This generation of new movers would like daily notifications to their smartphone.