What is sales progression?
Sales progression is the process of monitoring and ensuring the timely progress of property transactions which takes place from the time an offer is accepted on a property right through to completion. Typically, sales progression will be dealt with by the estate agency dealing with the sale of the property with an estate agent picking up the responsibility or a dedicated sales progressor.
The role of a sales progressor
The role of a sales progressor is to manage the property transaction to ensure that things progress as quickly as they can. They typically act as the point of contact between vendors, buyers, conveyancers, and other estate agencies. Their goal is to reduce the time it takes from offer accepted to completion and to reduce fall-throughs.
Sales progression software
Outsourced sales progression for estate agents
Today, some companies that offer outsourced sales progression such as ASAP agency. Their role is similar to an in-house sales progressor, but it is a good option for estate agents who prefer the flexibility of an agency.
In addition to outsourcing the sales progression role, there are Proptech companies that can help speed up sales progression through their smart technologies. Mio provides a management tool with clearly defined milestones, centralised communications and a view of the whole chain. Sales progression software can speed up sales progression time through the automation of tasks and increased visibility to all stakeholders. It reduces the risk of things being forgotten and provides one place where everything can be tracked and monitored.
Property sales progression checklist
A property sales progression checklist includes but is not limited to:
- Getting an Agreement in Principle.
- Ensuring you have Proof of Funds.
- Conducting AML checks to verify identities.
- Confirm that the buyer has a mortgage decision in principle and ensure the buyer submits mortgage application.
- Help arrange surveys (ideally early on to avoid delays) and check back later to see if they have been completed.
- Check conveyancer has ordered searches and then check to see if they have been returned.
- Ensure the buyer has instructed a conveyancer.
- Check if the mortgage valuation has been completed.
- Keep track of any enquiries and ensure they get responded to by the seller’s conveyancer.
- Ensure the buyer has organised for the release of funds.
- Ensure contracts are signed.
- Agree on a date for exchange and completion.
How long does it take between offer accepted and completion?
On average, it takes 11 weeks (about two and a half months) between having an offer accepted on a property and completion but can take as long as six months with problematic properties and chains. Areas that impact this time include the quality of solicitors, quality of estate agents, the buyer’s position, length of chain and problems with the title, search, or survey.
The title deeds hold a wealth of information on the property, but they’re often not looked at until the conveyancing process. Estate agents can avoid a lot of issues by reviewing title deeds early on. Check out our estate agent’s guide to title deeds here.
How often do properties fall through?
A shocking number of one in three properties fall through. Therefore, the role of a sales progressor is so important, as they can help avoid issues that result in fall-throughs by having effective communication with all parties involved and by having a clear understanding of the chain.
A significant £998m was lost in estate agent fees in 2021 alone due to fall-throughs.
It is clear to see the value of technologies that can speed up sales progression and reduce fall-throughs to aid a shift-change in the way property transactions occur in the UK.
The government has announced their strategy to improve the home selling process stating that: “The UK Government and the industry will work together to ensure the critical material information buyers need to know – like tenure type, lease length and any service charges – are available digitally wherever possible from trusted and authenticated sources, and provided only once.”
Sales progression software is a type of technology that helps streamline the sales progression process for estate agents.
The platform will enable you to track the progress and automate actions when certain criteria are met such as sending an email to the seller to alert them of an update or to request a form to be completed.
Typically, sales progression software will allow all stakeholders access to the platform so that there is full visibility of the property’s progress for estate agents, sellers, and solicitors.
Using upfront title information to speed up sales progression and reduce fall throughs
Veya is a title deed analysis tool that helps speed up sales progression by providing estate agents with upfront insights about the properties they’re selling and provides a list of actions that can be Implemented to avoid delays.
Veya can help by providing upfront title information that otherwise surfaces during the conveyancing process which can then cause fall-throughs.
Agent Veya analyses the title deeds of a property and provides a cohesive report highlighting potential risks and issues that can be resolved early on get the property as ready as possible for conveyancing. Weeks can be shaved off the sales progression time by resolving these issues early on and avoid unnecessary delays much later in the process.
Download our latest free e-guide for estate agents
Understand how to review title deeds in detail to uncover important details about properties.
- Learn what information to look out for on a title deed.
- See examples of different deeds with issues highlighted.
- Understand why you should be reviewing title deeds every single time you win an instruction.