Search Acumen launches Search Basket Optimisation to harness growing property datasets

Search Acumen, the property technology and data provider, has launched Search Basket Optimisation, a new platform addition designed to help legal professionals identify the most efficient combination of property data and reports to complete due diligence on property transactions.

Conveyancers and commercial property lawyers continue to face a growing influx of data from HM Land Registry and other property data sources. Attempting to manage and decipher relevant information and deliver better outcomes for clients, is becoming much more complex within both residential and commercial transactions.

Integrated within the Search Acumen platform, Search Basket Optimisation solves this problem by automatically analysing a property’s address and recommending the most efficient combination of reports: eliminating the possibility of ordering the same data twice for the same property risk while also ensuring all necessary risks are covered.

Offering more by giving lawyers less of what they don’t need

Proptech has long promised conveyancers and commercial property lawyers concise and efficient means of incorporating property data into their workflows. But most property search providers still leave users to manually select and assess risk reports from an exhaustive list of options, often encouraging users to buy multiple reports that duplicate data.

While this method of sourcing and buying off-the-shelf reports is the current norm for conveyancers, unlocking property data en masse means this practice is now being challenged. Thanks to schemes such as Government’s Open Data initiatives and the new Geospatial Commission, off-the-shelf reports could soon be replaced with tailored packages of data for legal professionals to explore.

Search Acumen has engineered a new way of providing fewer report options without reducing the quality of the search results. When the property address is entered, its algorithm uses all the available datasets to identify the geo-spatial risks relevant to the transaction.

This immediate assessment eliminates duplication, preventing conveyancers from ordering the same set of data twice to support a single transaction. From this, conveyancers and commercial property lawyers can become more efficient in managing each transaction, as the risks are clearly highlighted under each chosen report.

Search Acumen’s enhanced platform has the added benefit of acting as an additional layer of due diligence for conveyancers, ensuring the recommended reports have all associated risks covered. It also minimises the chance of human error and likelihood of ordering incorrect reports.

Andrew Lloyd, Managing Director, Search Acumen comments on the launch of Search Basket Optimisation:

“In our industry, there’s been an emerging trend in recent years to find new risks to encourage clients to purchase additional products. We very much want to buck this trend, and aim to improve efficiency and reduce duplication.

“Search Basket Optimisation gives our clients more, by offering them less. Users will be sure that the risk reports we offer them are just what they need – not more.

“The way the property industry will access property data is changing. In the near future, significant amounts of data will be at the lawyer’s fingertips. Our mission today, with this future in mind, is to make the way we access data as efficient and intelligent as possible as we move towards this new reality.”

Kindly shared by Search Acumen