The cancellations of pilots at LMS fell by 43%, down 35% from the sale to the exchange’s completion time.
The pilot, launched in September 2024, tests how cross-industry collaboration and real-time data exchange can eliminate inefficiencies and speed up real estate transactions without disrupting stakeholders’ existing workflows.
It is led by a group of industry players from Cornells Group, Peter Allen, TM Group, Movelly and Select Law Firms.
The pilot case is 17% faster from guidance to completion, while the agency guidance rate for companies involving pilots is 21%.
Since the pilot, LMS has launched the National Real Estate Transaction Network (NPTN).
The network is an open, agnostic and secure digital platform that connects every stakeholder in the property transaction process.
Pilots have a Digital Sales (DSR) list that combines upfront material information, reusable KYC/AML inspections and smart data.
The transfer service provider said the pilot “verified a clear industry-level digital integration demand (HDI), a connected ecosystem where data can flow firmly and universally among suppliers, agents, lenders and transporters”.
Now it expands NPTN to the entire market solutions and is working with new stakeholders to adapt to the network to meet the different needs and challenges of the entire industry.
“We tested industry theory in a field environment, overcome challenges and proved that the whole process becomes easier and more transparent when stakeholders can access the right information at the right time. It is crucial that stakeholders can always work with minimal disruption.”
