A company launching a new service to track the progress of transactions has raised £850,000 to launch.
Properr makes the claim that Track My Move believes it can cut the standard home purchase transaction time to just two days.
Track My Move aims to bring together customers, estate agents and solicitors on to one platform,
A one-stop-dashboard, Track My Move holds all the relevant information in one place online, and can be accessed by everyone involved at any time from any device.
The start-up, founded by entrepreneur Owen Derbyshire, CEO, and Steve Talbot, CTO, has already signed up independent estate agents across Wales ahead of its national roll-out.
Finance Wales, one of the UK’s largest regional SME investment companies, led the funding round, with additional private investment from UK investors including Ashley Cooper, co-founder of Catalyst Growth Partners.
Derbyshire said: “The current process of buying or selling a house is archaic, inefficient and stressful, with the average transaction taking between 10-12 weeks.
“Despite it being the biggest transaction most people will ever make in their lifetime, buyers and sellers often experience frustration over the lack of transparency in the process. Meanwhile, estate agents’ cashflow is affected as they don’t get paid until the transaction is complete.
“Track My Move is a big leap forward in transparency and accountability for all concerned.
“This round of funding allows us to continue our exponential growth to meet the needs of our rapidly growing client base.
“We’re working with partners and regulatory bodies to ensure the platform works for all parties and meets everyone’s needs from offer through to completion and post-completion. That means our customers are in total control of every element of the transaction and can effectively track their move from day one.”
The Track My Move model is built in such a way that it will be able to integrate with other future start-ups in the property technology market, bringing together the best of British property technology on one platform.
Sarah Smith, portfolio investment executive for Finance Wales’ Technology Venture Investments team, said: “Properr has an enthusiastic, ambitious and proactive management team who are revolutionising the residential property market.
“They’re supported by a team of savvy property technologists and business development experts. Properr’s strong potential for significant growth and profitability made it a perfect fit for our technology-rich portfolio.”
EYE did query the two-day claim and we were told: “That is the ambition.”