The Seamless Speedy Process That’s Now Available When Buying a Property

It’s never been straightforward buying property, or at least, that’s all we hear.

You can buy a car or book a holiday online. Banking can be done online. In Ireland, you couldn’t buy a house online pre 2019. But over the last few years, a number of businesses - some small and Irish owned, are changing the way when it comes to purchasing property. From a completely pedestrian and physical market, we’re now seeing a digital revolution. Now, Onate and Offr, two Irish-founded businesses and leaders in their respective fields and are bringing new creative thinking to the market, speeding up the process and adding transparency.

At Onate, we work with borrowers who are purchasing residential investment properties that may be in need of some refurbishment prior to being rented out or placed on the market.

These borrowers see opportunities in buying and refurbishing properties, and by implementing their value-add strategies, they provide essential accommodation for the market. We can look at proposals that traditional banks shy away from. Borrowers want loans at speed and we’re able to give a quick yes or no within 24 hours. Decision making happens in-house and we have completed deals in under five days for residential, mixed use and commercial properties. We deliver fast and flexible finance from €250k up to €4 million.

That is on our side of the deal. Now, through partnering with Offr, the next step of the process is simplified too. Since they entered the market, Offr has shaken up the buying and selling of property, removing months of hassle at just a single tap. The technology platform which helps estate agents reduce the amount of time it takes to buy or sell a property, automates 90% of the process and communications. Buyers can now use their phone to quickly register, see offers, make offers, sign contracts and pay deposits. Partnering with Onate means buyers can access a mortgage at the tap of button a while registering.

The process is faster than it was previously while is also more transparent for everyone involved. The online platform allows for all documents to be uploaded within a matter of seconds, giving precious time back to agents, solicitors, buyers and sellers, and allowing more time for productivity. Interestingly, 42% of the last 25,000 offers made through Offr have been in the evenings and at weekends, outside office hours, making the service accessible 24 hours a day. 

Previously, before buying and selling property became digitised, it took approximately seven months from listing to completion. Now it’s roughly three months. Securing a mortgage and property digitally has sped up the process and now you can go to sale agreed in a matter of minutes. The platform is a new, fresh, fast and transparent way of doing things. Even contracts are signed online.

Onate and Offr work fully remote meaning you can avail of their services if you’re based anywhere in Ireland. So if you’re looking for a speedy, seamless process when purchasing a property using the Offr platform and are in need of a loan, Onate is here to help. 

The demand for housing is higher than ever before. A recent report from Daft.ie has shown that house prices rose by 3.8% on average during the second quarter of 2022, with the average listed price increasing to €311,874. This is up almost 10% on the same period in 2021. 

Updated figures from the Residential Tenancies Board (RTB) have shown an increase of 1,068 landlords serving notices to quit the rental market, bringing the number to almost 3,000 notices to quit issued between January and the end of June this year. Most landlords are exiting the market because they want to sell their properties. 

This is down to various reasons such as the level of taxation, their properties needing upgrades, issues with problem tenants or being vacant with no rent coming in or they’re simply tired.  

With demand for housing increasing, it has never been more important to be able to act quickly and efficiently in securing a property. Let the cumbersome, lengthy processes be a thing of the past and let Onate and Offr help you every step of the way.

This article has been written in collaboration with Robert Hoban, CEO of Offr.

If you have any further queries or to see how our lending process works, visit www.onate.com