Chain tracking service now used by three-quarters of UK’s biggest agents

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A new chain-tracking service is now being used by three-quarters of the 30 biggest – by branches – groups of estate agents.

The number includes corporates.

View My Chain, founded by entrepreneur Sohail Rashid, also claims that its users are completing on average in 79 days, against an average of 100 days.

The firm says it is now tracking, analysing and reporting on 500,000 transactions – from the point at which a property has an offer accepted on it, to actual completion.

Surprisingly, it has found that properties in chains of nine sell the fastest, averaging 75 days – however, with the average chain size being between three and four properties, it says this can be “considered an outlier”.

Chains of two take 88 days, of three take 102 days, chains of four take 95 days, and chains of five take 114 days – with regional differences.

Rashid said: “We are on a rapid learning curve of how understanding and tracking each stage of the sale progression process at the level we do can dramatically influence the financial performance of an estate agency.

“We are working incredibly hard with our agents to make sure that not only does our system help to reduce the time it takes for property chains to complete, and as a result reduces the chance of fall-throughs, but we are also better understanding how to utilise resources at key bottlenecks in the buying and selling process.

“We have robust evidence that early adopters are now being able to give a much better sales progression service to their buyers and sellers and, because the system allows us to predict and prevent problems rather than merely react, our agents are able to provide more reassurance that the purchase/sale will go through. This is proving an invaluable tool when securing instructions.”

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Written by: Houseladder

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