A new app will allow agents to closely monitor settlements and reduce the chances of deals collapsing.
Australian startup Conveyance Genius is beta-testing a patented app that turns the entire conveyance process into a simple, visual timeline.
The app allows agents to see the status of all their properties on a single dashboard.
In a separate window, they can see how many of their properties are at the building and pest stage, how many at finance, how many are unconditional and how many need their attention.
Colour-coding is used to show agents – as well as buyers, sellers and conveyancers – what has been done, what is in progress and what will need attention.
Push notifications warn them immediately if something needs addressing, which is intended to stop problems escalating.
Conveyance Genius founder Shaneal Sharma told Real Estate Business that 500 agents, conveyancers and other parties are testing the app, which is due to go live in six weeks.
The company has signed agreements with independent agencies as well as individual offices from RE/MAX, Ray White, LJ Hooker and Harcourts, according to Mr Sharma.
He said the idea for the app came to him after he bought a property and became frustrated at not having a transparent and simple way to follow the settlement process.
Property sales can fall through when deal-breaking issues aren’t brought to somebody’s attention – often due to something as trivial as a missed call or lost email, Mr Sharma said.
The new app is designed to keep everyone in the loop and reduce the amount of calling and emailing that needs to be done.
“With just a few taps, the conveyancer updates the status whenever it changes and buyers, sellers and agents can all see the change immediately.
“If the conveyancer flags a problem, everyone is sent a push notification instantly. They can also tap through for more info. They can also upload important documents and give access to certain users.”
The 2015 REinnovate conference will show principals and agents how to apply the latest technology to their business. Click here for details.