London estate agent, Foxtons, has unveiled a new proptech platform, backed by blockchain technology, created in partnership with consumer app Home and Coadjute.
According to the firm, this enables Foxtons to completely digitise both sales and lettings processes.
Foxtons CEO, Guy Gittins, commented: 'Foxtons has always been at the forefront where the digital disruption of the property industry is concerned and, having already pioneered the full digitisation of the lettings journey, our partnership with Home solidifies us as the leading innovator within the UK property sector.
'We’ve invested heavily in both technology and people in recent years, a strategy which has so far paid dividends. Our latest partnership with Home and Coadjute is simply the next step in the progression of our technology focussed endeavours.
'With the help of Home and Coadjute, our buyers and sellers will be able to better manage the cost and admin requirements of moving, while also benefiting from the reduced chance of a fall through, helping to alleviate the stress associated with a property transaction.'
Coadjute is a data exchange platform built on blockchain technology that enables estate agents, conveyancers, mortgage brokers and lenders to become interoperable. That enables the approved parties involved in a property transaction to synchronise and share progress updates, secure messages, property information, digital identities and in the future, payments.
Added Gittins: 'We already boast a far superior selling timeline at 104 days versus the industry average of 130 days to exchange and we truly believe that, with the Home app and Coadjute via our My Foxtons platform, we can reduce this even further while also reducing fall through rates.'
Founder and CEO of Home, Matt Spence, commented: 'Home exists to transform the way we move and manage our homes. Buying or selling a home is a major life event that, I believe, supported by good technology will be as intuitive and enjoyable as other industries that have embraced digitisation, such as travel and banking.
'Home puts the mover in control, and continues to support them well past move in day. Foxtons are a great first partner as they recognise the role technology plays in achieving an excellent customer experience and unlocking growth.'
CEO of Coadjute, Dan Salmons, added: 'We are thrilled to be working with Foxtons to enable this new digital home buying and selling experience for their customers.
'Coadjute's unique digital network brings together all the parties in the property transaction - estate agents, conveyancers, brokers, buyers and sellers - and enables them to share data, documents, even identity, seamlessly and securely. By bringing Coadjute and the Home app together, Foxtons have created a truly novel and exciting technology solution for their customers.
'We are confident the new solution will prove to be a real boon for users in the business, and a hit with buyers and sellers alike.'
Foxtons has launched its initial roll out of the Home app and Coadjute via its My Foxtons platform to buyers and sellers on an invite only basis, however, it plans to shortly expand this offering across the capital.
