British challenger portal Boomin has today announced the launch of a new tool. Named 'ChainMaker' the new tech is designed to help agents quickly source another buyer when one buyer in a chain pulls out, a situation which the company claims affects 32% of property sales in the UK.
ChainMaker has been developed by Boomin's in-house tech team and works by letting potential buyers register interest in properties that are already sold subject to contract, the agent would then have a list of potential buyers ready to step in should the original buyer drop out.
According to a Boomin press release, the new tool mirrors potential homebuyer behaviour from before property portals were around when potential hot buyers registered their interest in properties sold subject to contract directly with agents.
“ChainMaker goes to the very heart of what we are trying to achieve as a business; using technology to re-establish the direct connection between local agents and customers, whilst providing support and a boost to housing market activity levels. With over 30% of properties marked as ‘under offer’ collapsing, our unique technology provides agents at just a click of a button with a readymade list of motivated buyers, primed to step in and save the chain.
Property classified portals have broken the direct link that previously existed between agents and every buyer. We will continue to lead innovation which creates opportunities for agents and supports them and their customers to build long-term relationships that last a lifetime not just for a transaction.” said Boomin CEO and founder, Michael Bruce.
The tool is already live on the portal and all agents listing with Boomin are able to enjoy the ChainMaker and receive daily email updates on new buyers registered to step up and link a chain.