When we launched Orbital Witness in Autumn 2018 our initial plan was simple. We wanted to use technology so that those at the coalface of property diligence, primarily lawyers, could deliver results for clients in less time. A little over two years on, and we can proudly say that we are already helping hundreds of property lawyers do just that at many of the leading law firms in the world, and in-house.
We’re not stopping there though. Removing tedious processes and low-value tasks from hard-working lawyers is a great start, but that still leaves us with a fundamentally broken system. If every property transaction means lawyers need to request, check and unpack lengthy documents and write reports for clients then we haven't solved for the bigger systemic issues:
- Cost, complexity and delays will inevitably remain;
- Risk will continue to be passed onto law firms and their insurance despite the mounting pressure to deliver diligence services at lower cost;
- Companies and individuals will continue to operate without full transparency, investing their time, money and energy setting up property transactions without knowing the risks until lawyers have checked everything over.
Looking ahead, our goal is to make property radically more transparent, quick and easy to transact. We aim to achieve this by replacing manual diligence with an automated solution – an instant, reliable risk rating for property, supported by data analysis and backed up by insurance.
Our starting point this year is going to be UK commercial property transactions where legacy diligence processes are stretched to their limits and not fit for purpose. Our vision extends to all types of transaction and property in the UK and beyond.
We don’t kid ourselves that this will be easy. To have a huge impact we need a new way of thinking about property transactions, and a new way of working for those involved in making them happen. That is why we’re joining forces with some of the most forward-looking and influential businesses in the property sector – those who share our vision and want to help by joining our Advisory Council.
We are ready to seize an opportunity that no one else is truly taking on, and bring property transactions into the 21st century.