Reapit, the UK's largest estate agency platform, has joined the IPN Consortium, a gaggle of industry players developing a distributed ledger technology-based system that lets customers go through the entire home buying process through their mobile phones.
Launched late last year, the consortium is made up of firms specialising in different parts of the home buying process. Reapit joins NatWest, Dezrez Estate Agency Software, Redbrick Solutions Conveyancing Software, eTech Surveyor Software, Search Acumen Property Data, Conveyancing Data Services Property Data, and LMS Panel Management Software.
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.
Each member provides technology related to different parts of the home buying process, with their platforms connected by software firm Coadjute to create a decentralised network. DLT will be used to seamlessly share all of the information required to secure mortgages and finalise offers.
Gary Barker, CEO, Reapit, says: "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."