Software supplier Reapit has joined a consortium aimed at digitalising the complete home buying process.
The IPN consortium, enabled by the Coadjute Network, integrates a number of estate agency, surveying and conveyancing platforms together with Natwest Bank.
A trial of the system, which uses blockchain technology, showed that the entire conveyancing process could be cut from three months to three weeks.
The consortium is now preparing for a live pilot, with a beta version of the service to be launched by the end of this year.
Among the platforms already signed up to the consortium is Dezrez with some 3,000 agents. Reapit has some 30% of the market, with around 7,000 to 8,000 agents.
Reapit now extends the potential adoption of the network to a total of some 10,000 branches – thought to be just under 50% of the whole estate agency market.
Coadjute was launched in 2018 after beating off competition from 22 others to win a contract with the Land Registry to build blockchain-based solutions.
On its way – ‘Game changer for industry will speed up home buying and selling’, claim
Comments (4)
Hi reapit. Any news on your dev api/plugin store?
@Bless You The pre-release (alpha) will be available in a couple of weeks to a selection of customers and partners in return for product feedback ahead of general availability. Feel free to drop me an email if I can help dscott @ reapit
Dawson (CTO/CPO @ Reapit)
The whole credibility of this piece is shot to bits by Reapit claiming that share of the market 7-8000 agents , it’s absolutely nowhere near that. Thing is there’s no need to lie as it’s still the market leader but it just itterly makes you doubt everything they say
these companies especially ones as big as Reapit need to start being honest
One of the most common things we see as conveyancers, is how frequently other conveyancers miss things. They plough on to exchnage, leaving us horrified that they did not spot a legal issue.
Now make them even faster conveyancers, with all flying IT software and …….errors will just get worse.
Instead, focus on the quality of the actual human being offering the legal service in the first place – problem is, no software company can make a profit form that, so it is just ignored.
Hence why conveyancing standards are at an all time low.