Property portal pledges to cut transaction times by 50% with new homebuying platform

The founder of a challenger portal has written an open letter to the property industry, pledging to cut transaction times by 50% with its new ‘Homebuying Platform’.

OneDome’s Babek Ismayil says that to make his firm accountable, it pledges to donate £100 to the charity of an estate agent’s choice for every transaction completed via its platform which takes longer than 10 weeks.

You can see the letter in full here:

Dear agent,

The property market has displayed great resilience and enjoyed resounding success over the last year. There is, however, one major problem which continues to restrain its productivity. This is, of course, the speed at which property transactions complete.

Staggering sums of money are lost each year due to various inefficiencies in the homebuying process. During the last twelve months, we’ve seen the Stamp Duty holiday create an increase in demand, and a renewed pressure on supply chains. This has slowed property transactions even further and cast a brighter spotlight on the biggest issue facing our industry.

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.

Join Our Challenge

After what we have seen over the past year, it’s time things changed once and for all. That’s why we are launching ‘#JoinOurChallenge’ – a campaign focused on driving down property transaction times by 50% – from a current talked-about average time of 20 weeks to just 10.

To make this possible, we will soon be launching our new ‘HomeBuying Platform’. It is the culmination of five years of research, technical innovation and gathering industry insights – from estate agents, conveyancers and mortgage brokers alike.

We aim to streamline all the processes in the transaction, make data easily accessible for all parties and automate certain basic tasks in order to achieve greater efficiencies. 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.

Can we succeed?

Two years ago, we challenged ourselves to successfully launch a free listing portal to drive value for agents. We’ve done so successfully, with positive feedback from thousands of estate agents. Now we want to up the stakes and improve the efficiency of every homebuying transaction.

I am writing to invite you, along with our existing customers, to join us on this challenge. We know that reaching a 50% reduction from day one will be difficult. This is not an impossible dream though and a growing number of firms are joining us in our mission. We are determined to make this happen – but we need to do it together. When we look to the future, our end goal is to reduce transaction times even further – down to just 6 weeks – but for now, let’s get the ball rolling.

To make us accountable, we pledge to donate £100 to the charity of your choice for every transaction done via our platform that takes longer than 10 weeks.

Simply click here to register your interest.

What’s next?

In the coming weeks, we will release more information about some of the platform’s special features. The design and functionality of our platform provides you with the control you need to streamline processes, increase productivity, and in turn, grow revenue.

I hope you will ‘#JoinOurChallenge’ and I look forward to hearing any feedback you may have.

Please post your suggestions, your ideas or frustrations with property transactions on our community page using #JoinOurChallenge.

Yours faithfully,

Babek Ismayil
CEO OneDome Group