The property market is falling. Buyers will try and take advantage, leaving sellers with uncertainty, abortive costs and delays. Traditional methods of sale leave banks and administrators exposed to unscrupulous behaviour.
The “Proptech Boom” appears to be reassessing. Much hype from companies having raised Seed A, B, C etc has often been followed by silence. Many “Blockchain Businesses” with great promises in the world of fractional ownership and ease of asset transfer have disappeared.
Yet there is clear support for technical solutions at a general business level. The UK Ministry of Justice published in March 2023 “Electronic Execution of Documents – Industry Working Group Final Report”. The Report includes the following statement:
“The Covid-19 pandemic demonstrated that as well as the natural evolution and gradual adoption of technology, which occurs naturally over time, driven by technological advancements, entrepreneurship and business need, there are occasions when there is adoption of technology due to sudden increased societal need.”
“It is clear that the demand for electronic execution facilities continues to increase.”
Bank and Administrators are recognising this need.
The current market downturn is hi-lighting the need for a modern approach. The exposure of a seller to an agent “whispering a deal to buyer” fails to enable the best buyer to emerge; the exposure of going “under offer” provides a buyer with a free opportunity to finalise their offer or intention.
As banks seek to minimise potential financial exposure and administrators seek proof of process, a failure to adopt modern technical solutions is a very high-risk strategy.
Every vendor requires speed, certainty, transparency and accountability. It is encouraging that banks and administrators are recognising the power, security and trust which certain Proptech approaches can deliver. One such Proptech solution, with a long track record, is the SV marketing and online execution platform of clicktopurchase.
- The SV International Network’s marketing platform guarantees an international reach with an associated audit trail. A highly technical solution.
- Clicktopurchase remains unique in guaranteeing a purchaser commits by online legal execution as part of the sales process. A unique technical solution.
- Marketing and execution actions are recorded in the Clicktopurchase Blockchain. A level of audit and trust provided by a technical solution.
In May 2023, Singer Vielle marketed a property in Manchester for Administrators Quantuma and Redwood Bank. An investor purchased the property online legally using clicktopurchase just one day from inspecting.
In May 2023, a large and complicated asset in Reading was sold by Singer Vielle on behalf of Administrators and a bank, with a clicktopurchase “Best Offers” resulting in a binding commitment from a purchaser which when accepted resulted in an instant contract. A unique Proptech solution.
Just two recent examples of many cases where banks and administrators are turning to technology to solve issues in these uncertain times, with the additional protection afforded by blockchain.
“Traditional” marketing and execution will exposure sellers in this environment. The property industry is being forced to a technical solution by those benefitting most by a move to a modern approach.