The agency brand, SecureMove, has reduced its fall-through rate by “legally preparing properties for sale before they go on the market”, as reported by Estate Agent Today.
Redbrik Estate Agents new service, SecureMove, – which has been offered by Redbrik for the past six months – is designed to minimise fall-throughs and speed up the process.
The reservation agreements through SecureMove come at a fee of £595 to the buyer and they will receive the full buyer information pack as well as searches from solicitors straight away.
SecureMove has been known to complete sales in four weeks – “with the current national average standing at eight and a half months”.
More research around reducing fall-through rates from June suggested that upfront information at the point of listing a property could see as many as one in seven fall-throughs avoided.
David Cooper, director at Redbrik said:
“From when the property market reopened post-pandemic in 2020, to October 2022, fall-through rates were up to 50%.
We owed it to our sellers to create a model which ensures security in their sale, to reduce disappointment and through the introduction of SecureMove we have been able to achieve this.
Our fall-through rate is now at just 8%, which really demonstrates the confidence both buyers and sellers have in our new service. With national fall-through rates remaining high, we want to share our method with other agents and encourage them to help us make positive changes industry-wide.”
5 responses
Interesting but what number of transactions was this over? 6 months isn’t long enough to see a large number of transactions complete?!?!
The guys at 4Corners property have done this for over 12 months, average 79 day’s completion with zero fall throughs over hundreds of transactions
No mention of how many transactions this was over, 6 months isn’t long enough to get a full picture
That’s all well and good but you are only as quick and as good as your slowest link. It probably does work where there is a seller and a buyer and no one else in the chain. If you have a chain of 6 for example then you are probably back to the average. All parties need to work together but it is incredibly rare to see that at present.
A sale is only completing in four weeks if you have a buyer and seller without a chain. And I have to wonder if the stakeholders who are invested in these transactions being speedy made a concerted effort to deal with matters promptly and prioritised them over other people’s transactions. Amazing what can be done when lawyers pull their finger out.
@SalesAgent I am finding that the more work drops off, the more delays we get. I have a lot of chains at the moment where the chain is not complete (i.e. someone has not found a property to buy yet). Why agents are allowing offers to be accepted on those terms I do not know. I have several chains awaiting probate. I have a lot of conveyancers clearly taking their time over transactions for whatever reason despite being ‘less busy’. I have cases where conveyancers admit that annual leave is being taken but there is no locum or cover in place. The conveyancing world is rather strange.