Foxtons has announced that it is to completely digitise its home selling process, after agreeing a partnership with consumer app Home and Coadjute.
The estate agency, which has hired merger and acquisition bankers from Rothschild amid growing pressure from its shareholders to sell itself for £160m, is hoping to increase its appeal by implementing the comprehensive digitisation of the property transaction process.
Foxtons says that Home’s mission is to transform how we move and manage our properties by consolidating every aspect of the buying and selling process in one place, enabling buyers and sellers to track their move every step of the way, alerting them when action is needed on their side.
Home also provides additional information that some consumers will find useful relating to removals, insurance, utilities, council tax, storage, packing supplies, white goods, interior design, smart home technology, home office and more.
Meanwhile, Coadjute, a data exchange platform built on blockchain technology that enables estate agents, conveyancers, mortgage brokers and lenders to become interoperable, enabling the approved parties involved in a property transaction to synchronise and share progress updates, secure messages, property information, digital identities and in the future even payments.
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.
“However, perhaps the most important aspect is the support and transparency provided at every step of the home moving journey thanks to advanced blockchain technology, enabling buyers and sellers to immediately, securely and confidently communicate with their agent, conveyancer or broker, all from one place.
“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.”
Matt Spence, the founder and CEO of Home, 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.”
The CEO of Coadjute, Dan Salmons, added: “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 appoints Rothschild as pressure to sell itself grows
