LMS pilots cross-industry collaboration to provide digital ‘sale-ready’ property listings
Conveyancing services provider LMS has teamed up with Connells Group, Moverly, Peter Alan, and TM Group to pilot what it describes as an “industry-leading” initiative to show how collaboration can improve the home buying and selling process.
The pilot will use new technology to create a “digital sale-ready” property listing that allows the reuse of data, including ID verification.
This will launch on 2 September to create greater efficiency and transparency for all stakeholders.
LMS said the purpose of the pilot was embedded in the principles of the Property Data Trust Framework (PDTF) created by the Open Property Data Association (OPDA) to apply policies and processes across the sector.
The pilot is also expected to reduce duplication by giving stakeholders instant access to data on a streamlined platform and visibility of key documentation. This will be accessed through LMS via its integration with property information firm Moverly, which will then be instantly shared with law firms through estate agent Peter Alan.
It will also enable searches to be ordered at the point of listing with property search firm TM Group, to remove potential delays.
This is expected to provide a singular end-to-end user journey to speed up transaction times.
Conveyancing firms Spicketts Battrick, Conveyancing Direct Property Lawyers and Howells will also make use of the information available through LMS.
How successful is upfront property data?
After launching on 2 September, live cases will be processed through the platform, and each stakeholder will monitor the pilot’s results.
Real-time updates will also be issued to the sector and stakeholders will be able to give honest reviews about the initiative.
The pilot’s success will be measured by the adoption and appetite for a seller to create a digital sale-ready listing and any reductions in the average time it takes for a listing to receive an offer.
Stakeholders will also assess the efficiencies it creates for law firms as well as the benefits of reusing data and accessing upfront information.
The success of the scheme will also be judged on the case lifecycle, cancellation rates and the feedback received from buyers and sellers.
Ian Fry, group chief executive of estate agency at Connells Group, said: “Connells Group remains committed to supporting industry initiatives that seek to improve the home buying and selling experience for all parties.
“The breadth of our operations provides us with a unique insight into some of the challenges that have hindered progress in recent years, and our collaboration with LMS and their partners will provide an ideal opportunity to rapidly test and validate how key stakeholders can really work together to overcome these challenges and deliver a quicker, smoother and less stressful experience for all.”
Nick Chadbourne (pictured), CEO at LMS, added: “For years now, there has been an assumption that upfront information, shareable data and ID verification will speed up the home buying and selling process. This pilot will look to prove those concepts, either way.
“Collaboration with like-minded partners has been key. LMS are willing to work with any organisation that shares the same commitment to positively impact the home buying and selling process. We have an open invitation approach to collaboration, so if you are interested in seeing how working with LMS can benefit your customers, please do reach out.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
