PM Property Lawyers based in Sheffield is providing its clients with property logbooks through supplier Chimni. As technology advances, the hope is that more innovative solutions will emerge, offering additional support to streamline property transactions further. The property market's digitisation opens doors to explore new possibilities, such as blockchain-based platforms for secure and instant verifications or artificial intelligence-driven systems for smart contract generation.
With completions down by 39% on pre-pandemic levels and the time it takes to complete a transaction taking forever longer, the industry needs something. In this era of change, embracing innovative tools like property logbooks signifies a collective aspiration to reshape the property market. But what will work best to ensure that the data contains full property ID and all the BASPI?
Karen Marsh, Sales and Marketing Director for RG Law, said, "How can we fully embrace this technology when there is so much choice and with the adoption of new software there is yet another monthly fee either per transaction or per user which just increases overheads! How do you get it right?"
While property logbooks show promise, there needs to be a collective joined-up movement for all to adopt. It is, after all, the customer experience that counts and whatever can be done to make it easier, seamless and transparent for all conveyancers, the quicker and easier it will be to share information with clients benefiting everyone involved in the process.