Two ENTREPRENEURS have launched a new company in a bid to revolutionise the conveyancing market for commercial and residential property transactions.
Big Property Data provides conveyancing and property reports to industry professionals and buyers through its cloud-based technology which automates the process in seconds.
Its new ‘proptech’ tool uses analytics technology, in partnership with over 15 institutions including the National Land Information Service (NLIS), the British Geological Survey, The Land Registry and Ordnance Survey, to generate property reports quickly.
The service has been co-founded by former Apple employee Lorenzo Tejada-Orrell and Nick Miller, a solicitor and entrepreneur who established the James Legal business law firm in Hull.
Mr Tejada-Orrell said: “We’re aiming to create the next generation of property search technology, in response to the evolving demands from consumers for ever quicker and more reliable services.”
BPD has created over 150 different datasets, containing more than 300 million points of information which are accessible in 60 seconds on average, dropping the resulting reports directly into the client’s account or email inbox. Traditionally, such searches have taken a day or, often, several days to complete.
Mr Tejada-Orrell said: “Until now, information about property has been stored electronically by different organisations across the UK. In some cases, it had to be compiled manually. None of the systems had the consistent ability to talk to each other.
“Through BPD, we have been able to create a solution that not only stores all of that information securely, but can compile it from a variety of different sources instantly, based on a simple postcode search, significantly reducing the overall time it takes to obtain property searches for a conveyancing transaction.”
Mr Miller added: “For too long, the conveyancing industry has been crying out for the kind of technology that can simplify some of the clunky processes involved in the process of buying and selling property.
“Today’s online generation simply won’t tolerate waiting weeks for something that can take a matter of seconds – they want their property transactions to be as straightforward as every other aspect of their lives.”