London, UK; 20th January 2020: Today, Reapit officially announced that it is joining the IPN Consortium and integrating its platform with other consortium members via the Coadjute Blockchain Network.
The UK-based IPN Consortium announced in December 2019 aims to provide a seamless end-to-end digital home buying and mortgage journey to customers by integrating the leading platforms across each stage of the home buying process. The consortium already encompasses platforms that provide access to 3000 estate agents, 1000 conveyancers, 80% of property surveyors and over 11% of total mortgages market; Reapit extends the adoption of the network to over 40% of UK Estate Agents.
Reapit joins existing consortium members from every stage of the home buying process, including Dezrez Estate Agency Software, Redbrick Solutions Conveyancing Software, eTech Surveyor Software, Search Acumen Property Data, Conveyancing Data Services Property Data, LMS Panel Management Software and NatWest Bank.
Gary Barker, Chief Executive Officer, Reapit said: “At Reapit we are committed to providing market-leading property software that helps agents grow their businesses across sales, lettings, and property management. We focus on assisting agents in getting the most out of their investments, accelerate sales progression, and dramatically improve productivity across their business. We have recently introduced our cloud Foundations PaaS Developer Portal and App Marketplace which enables our customers and developers to extend the power of Reapit’s market-leading Agency Cloud and Property Cloud solutions. Joining the IPN Consortium and integrating our platform with the Coadjute network will enable our agents to connect, interact and collaborate with the other businesses involved in their customer home buying and selling journey, openly and transparently.
John Reynolds, CEO and Founder of Coadjute, said: “I am delighted to welcome Reapit to the consortium, only through industry collaboration can we give consumers the seamless digital home buying and mortgage experience they desire. The reality is that consumers don’t want estate agent services, broker services, lending services, legal services – what they want is to purchase a new home. The problem is this single transaction that the consumer is trying to complete consists of five core subprocesses (brokerage, estate agency, lending, conveyancing, and surveying), all of which are provided by different businesses. As these sub-services, processes and systems are disconnected, the customer has the heavy and stressful burden of stitching them together into a single transaction.
This lack of service and process integration is not only painful for the customer but also causes high additional costs, risks and lost revenue for the businesses involved.
The IPN Consortium enabled by the Coadjute Network is solving this and Reapit’s participation will mean a further 20,000 Estate Agents can connect directly with other stakeholders in the home moving process, reducing their costs, completing more sales and providing a game-changing customer experience”.
Dan Salmons, Director for Mortgage Innovation at RBS, said: “As we are taking leading software providers from the property market on this journey with us, mass adoption luckily won’t be something we need to try and impose, but rather be welcomed. This is another reason why this project needs to be consortium led. The success of this project will rely on the wider industry being supportive and sharing the vision, which gladly, they do! We hope that the whole property market will benefit from the improvements in efficiency and stronger customer relationships due to their enhanced customer journey”.
David E. Rutter, CEO of R3, said: “The promise of blockchain technology is gathering pace day by day, and it is use cases such as this one that are testament to its potential to transform industry status quos. The property sector is one which has benefitted – and will continue to benefit – immensely from digital transformation, overhauling processes that historically have been lengthy and cumbersome. We are proud that Corda is the platform to support this initiative and look forward to helping more consumers to move home seamlessly and successfully”.
The consortium has finished the minimal viable product and is now preparing for a live pilot which will see a beta version of the service launch by the end of 2020.
Notes to Editors
Founded in 1997, The Reapit Group is a CRM and Client Accounting software provider specialising in the residential real estate sector. Bringing 20 years of innovation to the property market, their award-winning software provides everything estate agents need to run and grow their businesses, from sales to lettings, front office to back office, and everything in between. Reapit’s Agency Cloud and Property Cloud software products include the Sales and Lettings CRM, Property Management and Client Accounts; supported with powerful Analytics and Online solutions. The driving force behind Reapit’s ethos is a commitment to bring all an agency’s data together for a single customer view, and together with its powerful service and training model, the company has helped to grow leading brands. The Reapit open platform partner program is at the hub of a PropTech ecosystem delivering tested solutions and increasing choice of tools for agents. Together, the group provides software solutions to over 48,000 users worldwide, managing nearly 100,000 tenancies across more than 4,500 offices across the UK and Australia. For more information, please visit www.reapit.com.
National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom. It was established in 1968 by the merger of National Provincial Bank (established 1833 as National Provincial Bank of England) and Westminster Bank (established 1834 as London County and Westminster Bank)
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 participants across multiple industries from both the private and public sectors to develop on Corda, its open source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
Coadjute is a cloud-based software company headquartered in London. Our platform is the world’s first decentralised workflow platform and hosts a set of enterprise applications that have been designed to create more efficient digital workflows for businesses and consumers involved in building and buying property. Coadjute was launched in 2018 after beating competition from 22 companies to win a prestigious contract with the UK Government’s HM Land Registry to build blockchain-based Proof of Concept solutions.