The problem
Estate agents must run customer due diligence on buyers and sellers under the Money Laundering Regulations, and chasing ID and proof of funds by email is slow. If you agree 20 sales a month, check a buyer and a seller on each (40 checks), and each takes 30 minutes, that's 1,200 minutes, 20 hours a month.
What the AI does
Thirdfort is a checking service that people complete in its app. Its estate agent plans cover ID, anti-money-laundering and source of funds checks for buyers, sellers and tenants, and the firm is only charged for completed checks. Your team sends the request and reviews the result. The agency stays responsible for its customer due diligence under the Money Laundering Regulations, so your money laundering reporting officer or a named senior person decides whether the checks are satisfactory.
A worked example
A three-negotiator agency in Stockport agrees about 20 sales a month, so about 40 buyer and seller checks. The sales progressor sends the Thirdfort request, and the office manager, who is the agency's nominated officer, reviews anything unusual.
Before
30 minutes to chase and file ID and funds evidence for each of 40 checks: 1,200 minutes, 20 hours a month
After
About 10 minutes to send each request and review the result: 400 minutes, about 6.7 hours a month
What it's worth
About 13.3 hours a month saved (20 minutes x 40 checks = 800 minutes), worth around £293 if staff time is worth £22 an hour. Essentials for estate agents is from £83 a month plus VAT, about £100, which leaves roughly £193 for credits, about £4.80 on each of 40 checks. Thirdfort doesn't publish credit prices, so ask first; if credits cost more than that at your volume, it won't pay back.
How to set it up
- Ask Thirdfort for credit prices for the checks you'd run and the contract terms; Essentials is a 12-month contract.
- Check the agency is registered with HMRC for anti-money-laundering supervision and has a written risk assessment before changing the process.
- Decide in writing who reviews results, and who decides when a check is unsatisfactory.
- Tell vendors and buyers in your terms that they will receive a Thirdfort request and why.
- Run five live sales alongside your usual process before switching over.
What goes wrong
- A completed check is not a decision. A person at the agency still has to judge it and record why.
- Credit prices aren't published and the contract runs 12 months. At low volumes the platform fee can cost more than the time saved.
- Some clients won't manage an app. Keep a manual route, so the sale isn't delayed.
- Source of funds results are personal financial data. Limit who can see them and apply your retention policy.