Savills is aiming to speed-up commercial and residential property transactions with the introduction of 'Click to Purchase' - an agent-operated transactional platform for buying and selling property online. The model, which originated in the UK, enables buyers and sellers to engage in private treaty, best bids and real-time auctions from their desktops or on the go.
Traditionally, following the submission of an offer on a property, both buying and selling parties enter a 'sale agreed' period, which can last anywhere between four and six weeks - or even longer, with no guaranteed commitments. The Click to Purchase platform removes this uncertainty, allowing contracts to be exchanged immediately by an acceptance by the agent of a Click to Purchase offer submitted by a buyer; legally binding electronic signatures are attached to electronic contract notes. The platform, which has been widely used in the UK has, in many cases, seen deals executed in as little as two days. Click to Purchase also addresses accountability and due diligence concerns, with buyers having to pass an online verification process before they are able to submit an offer.
In addition, all actions, from the verification of a purchaser, offers and online exchanges are all recorded electronically, so both buyer and seller have full transparency and history of all exchanges.
Savills' Click to Purchase will see it come into direct competition against BidX1, the online property sales platform established by Allsop director, Robert Hoban earlier this year.