Disconnected property technology is creating new data silos instead of delivering faster mortgage and homebuying transactions, Houzecheck has warned.
Writing today in Property Soup Richard Sexton (main picture), commercial director at Houzecheck, argued that the industry must shift its attention from digitising individual processes to connecting the systems used by brokers, surveyors, conveyancers, lenders and other professionals.
While mortgage applications, identity checks, surveys and transaction management have increasingly moved online, buyers can still be asked repeatedly for information already held elsewhere in the transaction.
Sexton said the next phase of PropTech development should concentrate on eliminating duplication, improving visibility for brokers and enabling data to be transferred securely between different participants.
CONSUMERS FACE REPEATED REQUESTS
Research from the Open Property Data Association found that 64% of consumers had been asked to provide the same information more than once during a property transaction.
Nearly a third identified the time taken to exchange contracts as the most challenging part of buying a home, while 58% reported experiencing a transaction falling through after an offer had been accepted.
Sexton said consumers experienced the mortgage and homebuying journey as a single transaction, regardless of how many different platforms and professionals were involved behind the scenes.
He argued that digitising another isolated task would have limited value if its data could not be accessed by the next professional involved.
AI SUPPORTING SURVEYORS
Houzecheck is using artificial intelligence as an additional quality-assurance layer within its surveying process.
The technology assesses reports for consistency and completeness and prompts surveyors where wording or other elements may require further attention. The final professional judgement remains with the surveyor.
Structured reporting and digital workflows are also intended to reduce repetitive administration and give brokers and customers greater visibility over instructions.
Sexton said: “The technology isn’t the problem. The way we connect it is.
“Consumers do not need more technology. They need the technology available to work better together.”
He added: “A system that removes an hour of repetitive administration is useful. A system that helps a professional identify an omission is valuable. A system that removes accountability from a decision requiring expertise is something else entirely.”
Sexton said progress should be judged by whether buyers entered information once, received surveys promptly and experienced fewer errors, and whether brokers could monitor cases without repeatedly chasing for updates.
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