SearchWorks, the country’s leading data aggregation platform has announced its partnership with property sale-based bridging finance group, BridgeWorks in a new advance and incentive scheme for property practitioners.
The partnership enables receipt of up to 80% advance on sale proceeds for property practitioners and property sellers, eliminating waiting times for registration, via the SearchWorks platform.
“There are many reasons for property owners to want to release funds in advance of the registration of a sale, including settling outstanding municipal accounts, booking removals and covering other expenses associated with moving home or offices,” said Sameer Kumandan, Managing Director at SearchWorks. “Already a leading provider of property bridging solutions, BridgeWorks is now able, with access to our vetting and authentication platform, to clear up to 80% of seller’s anticipated proceeds to estate agents in one quick and secure process.”
Property Practitioners that recommend and facilitate bridging finance through the SearchWorks/BridgeWorks partnership can also receive incentives on a sliding scale, based on the amount of the customer’s loan. The SearchWorks web-based interface performs all the required checks on both the borrower and the applicable property, to ensure the validity of the assets. Loans are processed by BridgeWorks within 24 hours of receipt of signed completed documentation.
“The partnership between SearchWorks and BridgeWorks makes business sense for each of our companies at the same time as benefitting borrowers and practitioners who can release funds from their property sale upfront. The additional Property Practitioner incentive is our way of thanking property practitioners for their patronage and acknowledging the work they do in the property sector,” says Kumandan.
Incentives are paid at the beginning of each month to the SearchWorks user, based on transactions that are completed during the preceding month. There is also the option to have the amount paid into the attorney’s business account if agents prefer.
“Property Owners and Estate Agents can access up to 80% of the proceeds from a property sale but are only charged for the amount they take. In addition, we are providing dedicated consultants to help property practitioners navigate the process, making it simpler as well as safe and secure,” added Kumandan.
Property practitioners can earn R100 on each transaction valued between R5 000 – R10 000, R200 for loans between R10 000 – R 20 000, R300 on bridging finance from R20 000-R50 000 and R350 for all advances over R50 000.
In addition to the incentives keep an eye out for some exciting competitions that will be published in the near future.
“By taking advantage of the SearchWorks-BridgeWorks partnership, property practitioners can provide an additional service to their clients and accelerate their own success in the process,” concluded Kumandan.