In this instalment of ‘Ask the Expert’ series, Cormac Henderson, Spring Co-Founder and Executive Chairman, answers the question:
What are the benefits of Part-Exchange for homeowners and developers?
What is Part-Exchange?
PX is where a customer who is seeking to move to a newbuild, trades in their existing property to a developer (which will be working with a company like Spring), allowing them to make a seamless onward move into their dream new home. This provides speed, certainty, and peace of mind, which is a mutually beneficial solution for the customer and the developer.
For homeowners
PX offers homeowners a guaranteed sale on a choice of completion date, freeing them from market delays, chains collapsing, and conveyancing challenges. Working with the housebuilder, companies like Spring take full responsibility for the existing property, even those who have suffered a chain break and their sale has fallen through, allowing customers to freely make their onward move. This process provides transparency, personalised guidance, and reduces overall stress for the homeowner, ensuring a fast, frictionless transaction, all on a timescale to suit.
For housebuilders
PX offers a multitude of benefits for housebuilders, improving sales conversions and development timescales whilst simultaneously transforming the customer experience by avoiding the open market. By guaranteeing a purchase for interested parties, developers can quickly connect with proceedable buyers. Many developers are revealing that Part-Exchange is now a vital part of their sales toolkit, more sales means more security, which means they can focus on building more much-needed new homes.
What types of developers offer Part-Exchange?
Ultimately it is about working with those customers who value convenience and certainty. This can apply to a variety of demographics in different stages of the property cycle. As a result, the proportion of housebuilders using Part-Exchange has increased exponentially over the past few years. Spring’s Part-Exchange and chain repair solutions, supports a diverse range of developers across the country, helping them to unlock sales and keep pipelines moving. Regardless of the developer, location, size, or types of home they sell, the benefits remain the same; speed, certainty, and overall customer satisfaction.
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Meet the Buyer: Cormac Henderson
