Veco software firm advises estate agencies on due diligence risks

Property software provider Veco has advised estate agencies that robust operational systems are essential for successful growth and eventual sale. The company noted that during due diligence, buyers scrutinize more than just financial performance, focusing heavily on compliance records, data consistency, and the degree of reliance on specific individual employees.

To address these risks, Veco offers the Veco Plus platform, which integrates sales, lettings, property management, and client accounting into a single system. The software includes features such as double-entry bookkeeping and automated compliance workflows to track inspections and deadlines. Veco CEO Richard Murray stated that ensuring compliance is properly maintained and reducing dependency on single individuals are critical factors that can impact an agency's ability to sell.

The emphasis on standardized processes comes amid increased regulatory scrutiny in the sector, including government mandates for property agent licensing and the regulation of leasehold managing agents.