LMS Case Study
Virtual Earth Helps LMS Deliver Innovative Home Information Pack Solution
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READING, UK — 10 May 2007 — “The Virtual Earth platform has enabled us to create Home Navigator, which provides a new way for people to view properties for sale, access local information, and download a Home Information Pack from the comfort of their own PC,” Dominic Toller, director of marketing and new business for LMS.
Legal Marketing Services (LMS) is one of the UK’s largest providers of conveyancing, remortgaging, surveying and home valuation services. Each year, the company helps manage more than 300,000 transactions for lenders, brokers and estate agents, enabling more than £26 billion in loans to Britain’s homeowners. In response to the imminent requirement for Home Information Packs (HIPs), LMS is developing a solution based on Virtual Earth.
Business Needs
Two of the biggest obstacles in the UK residential property market are the cost and complexity associated with gathering information about a specific property for sale. Potential home buyers often don’t have the complete picture – about the physical structure, surrounding area or previous ownership – until after they have made an offer on a property. This arrangement has led to what can be described as a home-buying process that is slow, complicated and rife with the potential for wasted money.
The government has enacted a new program to help address this problem: as of June 1, 2007, every property seller will need to compile a Home Information Pack (HIP) prior to advertising the property to would-be buyers. The HIP will include a wide range of information, including evidence of title, searches and an energy performance certificate. The end result is that potential buyers will be able to make a more informed buying decision before going to the expense of conducting document searches and various surveys to assess the condition of the property.
Enacting the HIP is one of the most significant changes to the UK property market in several decades, and it’s estimated that 1.5 to 2 million HIPs will be required each year in England and Wales in order to meet the demand.
Solution
In response to the requirement for HIPs, LMS is delivering Home Navigator, a solution based on the Virtual Earth platform. The aim was to build upon LMS’ expertise in producing HIPs – which the company can generate in as little as five working days – and extend this into a more satisfying property search experience for home buyers. LMS worked in partnership with software developers, Shoothill, to integrate Virtual Earth with its existing IT infrastructure.
Dominic Toller, director of marketing and new business for LMS, notes that along with the standard information contained within these packs, the advantage of Home Navigator is its ability to provide detailed, ‘bird’s eye’ views of the property and surroundings, coupled with value-added information about the local area. This could include information on population density, crime rates, school catchment areas, broadband coverage and other information that is equally meaningful for home buyers.
Benefits
Solutions like Home Navigator have the potential to significantly reduce the legwork required for prospective home buyers and their agents. Estate agents who choose LMS as their HIP provider will be able to link to the Home Navigator database directly from their Website. So when a consumer clicks on a listed property, they’ll be sent directly to the Home Navigator site where they can view detailed property information, as well as download the required HIP.
Toller is confident that Home Navigator will help LMS secure 30 per cent of the 1.5 to 2 million HIPs that are generated each year. “Our job is to provide the information buyers, sellers, lenders and estate agents need in quick, accurate and economical fashion,” says Toller. "Home Navigator goes a step further, by integrating the HIP with information that acquaints the home buyer with the local area and its amenities."
Customer Profile
Customer: LMS (Legal Marketing Services)
Website: www.lms.com
Country or Region: UK
Industry: Property
LMS is one of the UK’s largest providers of conveyancing, remortgaging, surveying and home valuation services. Today, LMS is positioned to become the largest provider of Home Information Packs (HIPs) in the UK, having invested more than £12 million in dedicated systems to facilitate property information-gathering for its customers.
