In our latest newsletter we look at how game changing blockchain technology is speeding up property transactions by record times.
Background and challenge
The Paul Stripp Estate Agency is owned and directed by Paul Stripp, an independent estate agent with over a decade of experience in the property market.
After working for most of his career in traditional estate agencies, Paul saw a need for a modern approach. One that better reflected his core values of communication, accountability and integrity, while also taking advantage of all the latest digital advancements. In the past few years, Paul's agency has grown rapidly, from zero instructions to becoming the go to local agent.
Despite Paul’s success rating being above the national average, he was acutely aware that more needed to be done to speed up the transaction process and make it a more enjoyable experience for both buyers and sellers. As a result, he began exploring solutions on the market to help:
Paul was first introduced to Coadjute by his CRM provider, Rex Software. After seeing the network in action through a demo, he was blown away by its potential to transform transactions and increase transparency across the whole process. A win-win on all fronts.
A day after viewing the demo, Paul collaborated with conveyancing leaders Thomas Flavell & Sons and the Z Group, already on the network, to launch his first live transaction on the Coadjute network.
“I was amazed at how quick and easy it was to get up and running on the network; it took just five days from meeting the Coadjute team and watching a demo to onboarding and going live with the transaction,” says Paul.
Since Paul had already invested heavily in a number of tools to support the transaction process, finding a solution that didn't add to the complexity was essential. Coadjute's ability to connect all of Paul's existing software systems without requiring him to purchase any additional software was a major plus for a fast-growing agency like his.
For example, the fact Paul's CRM solution, Rex, is fully integrated with Coadjute enabled him to view real-time updates on the transaction without having to change his software or chase other parties in the chain. “This is the first time in my property career that I haven't had to chase anyone for updates, which to me speaks volumes about Coadjute. Instead, I’ve been able to focus my energy on other aspects of the transaction, knowing everything is being updated automatically,” says Paul.
“It’s also been very cool to watch the solicitors complete tasks in the background in super quick time. The fact that one client was based in France and the other in London made no difference at all,” adds Paul.
Before using Coadjute, a typical transaction for Paul and his team could take anything from 2 to 5 months+ to reach completion. In addition, a lack of transparency throughout the process meant anything could go wrong at any time, and there was little they could do to prevent this.
In contrast, their first transaction on the Coadjute network has been smooth, fast, and transparent at all stages of the process. The experience of using Coadjute has exceeded everyone's expectations, from the buyer to the seller to the conveyancers on both sides of the chain. “To be able to go live with our first transaction within 5 days from joining the network in early December 2022 and complete within 2 months is extraordinary.” says Paul.
“To be able to see exactly what's happening at every stage without having to leave voicemails or trawl through emails to check if a solicitor has replied or not has been a complete game changer for our clients and us.”
For Paul and his team, one of the best parts of the experience was feeling more in control of the process and being able to collaborate with all the other parties easily. Whenever issues arose, they were able to discuss and resolve them quickly and keep everything moving forward.
Also, having all the information right there in one place meant Paul and his team could keep the client informed at every step of the process, reducing any unnecessary stress or frustration along the way. “To be able to see exactly what's happening at every stage without having to leave voicemails or trawl through emails to check if a solicitor has replied or not has been a complete game changer for our clients and us,” says Paul. He added “Speeding up the sales progression process is something I am extremely passionate about. With a faster process, there will be fewer fall-throughs and a better client experience, and that’s exactly what Coadjute can help us achieve.”
To find out how Coadjute can speed up your transactions contact: [email protected]
ESTAS Key Date Update
Every Friday in May we’ll be revealing which agents, conveyancers, brokers and suppliers have made it onto the prestigious ESTAS shortlist for 2023.
Making it onto the shortlist is the first step to winning a famous ESTAS trophy. It’s the culmination of 12 months of hard work by property teams striving to deliver exceptional service to their clients.
So get your team together and get ready to celebrate!
Here is the order of play…
Friday 5th May
Agent shortlists for East Midlands, East of England, London, North East, Northern Ireland, Scotland and Wales
Friday 12th May
Agent shortlists for North West and South East
Friday 19th May
Agent shortlists for South West, Southern, West Midlands, Yorkshire
Friday 26th May
Shortlists for Conveyancers, Mortgage Brokers, Agent Groups, The People Awards and Supplier Awards.*All ESTAS subscribers up to 28th February are eligible to be shortlisted for the 2023 ESTAS Awards.