Consumer willingness to pay for faster transactions presents revenue opportunity for agents – London Wallet

Consumer willingness to pay to speed up transaction timeframes is increasing, new research suggests.

A survey by iamproperty has found 88% of consumers would be willing to pay for a smoother process supported by digital technology.

The PropTech company highlights that just 38% of its partner agents use its movebutler solution that would enable clients to pay for services such as upfront information and anti-money laundering (AML) checks.

An average fee for AML client charging is around £20 per transaction. With an average of four checks per transaction, agents have the potential to benefit from an additional £80 per instruction from AML checks alone, iamproperty said.

Ben Ridgway, co-founder at iamproperty, commented: “We understand that a lot goes into compliance and agents are increasingly under time pressure.”

“With tech available to manage the admin load, as well as more consumers willing to pay for checks, it helps to take away the cost and time implications some agents may see as barriers when it comes to ensuring compliance,” he added. “In more challenging market conditions like these, the opportunity for agents to generate additional revenue and have more time to spend on winning new instructions and marketing is invaluable.”