Property technology company Openmoove has announced it will provide material information services at no cost to estate agents and property sellers, responding to upcoming government reforms to the homebuying process.
The company stated that every vendor joining its platform will receive the material information without charge to either party. The service is integrated into existing agent workflows, with sellers onboarded at the valuation stage and buyers at the viewing stage, positioning compliance data collection as part of standard operations rather than a separate administrative task.
Revenue model and integrations
Openmoove generates revenue through a share model when consumers opt for services through its platform, with payments directed to the professional who onboarded them. The material information service is delivered through CRM integrations that launched across Rex, Street, Loop and Apex27 last month. The company confirmed that Alto and Reapit integrations are planned for future rollout.
The service launch follows government reforms aimed at first-time buyer support, announced last month, which aim to reduce transaction times by four weeks and save first-time buyers an average of £650. The reforms include new sales packs, earlier binding agreements, and digital tools intended to reduce the current fall-through rate by half.
Industry response to reforms
Ross McKenzie, Co-Founder of Openmoove, commented on the industry’s response to the government reforms: “The government reforms are asking the industry to front-load the transaction and give movers information earlier, and the response from parts of the market has been to work out how to charge for it.”
He added: “Material information is a compliance obligation. It is a given, not a product. Too many people are trying to commercialise something that should simply be part of doing the job properly, and every pound taken out of the consumer at that stage makes the transaction harder, not easier.”
McKenzie stated the company would “rather remove the cost entirely and earn our revenue by providing a product, our communication app, that deserves it.”
Future developments
The company also confirmed it will announce a development relating to property searches in the near future, though specific details were not disclosed. The move comes as estate agencies continue to adapt their operations in response to regulatory changes and market conditions.
The decision to offer free material information positions Openmoove’s approach in contrast to other market participants who have sought to monetise compliance requirements introduced by the government reforms.
