Disruption for the UK Housing Industry
When selling a property in the UK, the usual process is to go through estate agents who list your property on property portals such as RightMove and Zoopla. Most of the time, estate agents don’t handle the whole process of selling your property very well, with many property sellers having to arrange their own viewings and having to constantly chase up their agents.
RightMove and Zoopla only allow estate agents to list properties on their property portals, but a new company by the name of Agent Not Needed is launching to disrupt the usual process, cut out the estate agents and allow individual to buy and sell property on their property portal directly.
The Agent Not Needed property portal is set to release December this year with their new concept which has not only estate agents worried, but also the legal sector. The marketplace works similarly to eBay but specialises in the property market.
Whilst the concept is new, and debatably a welcomed revolution to bring the property market to the modern world, what makes it truly revolutionary is that the property platform makes use of block chain technology and smart contracts which is well known within the crypto currency community.
The beauty of the blockchain is that the digital ledger can chronologically record transactions and are made public, meaning that transactions cannot be manipulated or faked, protecting both buyers and sellers who are transacting both currency and property (assets). Agent Not Needed will be using this technology alongside smart contracts, which can complete all the legalities such as land registry updates, the usual work solicitors carry out and all security checks automatically through the platform. This will save not only a lot of time, but also a lot of money for both buyers and sellers.
The UK government have already begun talks to switch the way land registry works and to make the process digital, naming the project ‘Digital Street’, and Agent Not Needed will be in a position to be the first property portal to implement this in the UK once it has been.
Founder Anthony Pentland and co-founder Petros Georgiou who are creating the property portal, are raising the money by selling their platform token ‘ANN Token’ to the community which will be used on the property portal once released.
Agent Not Needed is backed up by the Co-Operative banks senior mortgage fraud advisor and ex Fraud Prevention Strategist of the MET Police (New Scotland Yard) David Knowles along with a team of individuals that have worked alongside big brand companies such as Active Mortgage Services, Orange, Zoopla, Oculus, Jet2 and EE.
For more information regarding Agent Not Needed and the ANN Token sale, visit their token sale website at tokensale.agentnotneeded.com