OneDome’s new homebuying platform is to cut average transaction time of 20 weeks in half once it is launched.
The homebuying platform set up by a challenger portal, OneDome, expects transaction times to be cut to just six weeks and has said they will donate £100 to charity for every transaction it fails to complete within 10 weeks.
A letter to agents from OneDome chief executive Babek Ismayil says:
“I have always been astounded by how unhappy buyers, sellers, agents, conveyancers and brokers are with the homebuying process and how little it has evolved over the years. At times, it feels like it has become worse.”
More details of his new platform will be released in the coming weeks, but Ismayil says it will “make data easily accessible for all parties and automate certain basic tasks in order to achieve greater efficiencies.”
He continues: “We have built a platform that doesn’t only offer visibility of the transaction to all parties involved, but actively coordinates and manages the transaction based on a specific timeframe.”
“The design and functionality of our platform provides you with the control you need to streamline processes, increase productivity, and in turn, grow revenue” he says.
Ahead of the launch, he has asked agents with “suggestions, ideas or frustrations” to leave a message on the OneDome community page.
3 Responses
Re OneDome, what Babek doesn’t realise is that making info/detail more easily accessible won’t reduce the volume of it and won’t affect mortgage lenders’ heavy and differing demands on solicitors and conveyancers. The simple fact is that for about 30 years conveyancing fees have been increasingly far too low to cover the vast amount of work that is necessary in the conveyancing process.
Gill Mather “what Babek doesn’t realise” … Please don’t patronise those who seek to improve things for clients
While the volume of available information can rarely be reduced – once discovered it is out there – technology is the best hope for extracting knowledge from it and presenting it to consumers – particularly artificial intelligence. Conveyancers who fail to see the need to embrace this will not survive
Fine Mr Harvey. The whole conveyancing procedure needs to be turned on its head, unleashed from mortgage lenders, solicitors’/conveyancers’ liability massively cut back and all the add-ons that have been pasted into the process in the last 30/40 years removed, i.e. the whole process needs to be streamlined, or re-written altogether. Things like OneDome won’t make any difference. Come back to me in 3 years’ time and tell me I’m wrong.