Here’s why a busy period is the time to reassess processes in conveyancing
With the property market still busy, and potentially staying that way for some time, now may be the time to re-assess the merits of digital conveyancing, says Emma Hatto, head of product management at Advanced.
The UK property market continues to boom this year. Property website Zoopla estimates that around 1.52m UK house sales are expected across 2021, up by 45% compared with last year. Conveyancers may no longer be chasing Stamp Duty Land Tax (SDLT) holiday completions, but the stats show there’s still going to be a solid flow of house-buying activity.
So, if the busy period is to continue, firms should now reflect on their activity over the last year. Those firms equipped with the right technology tools were able to flourish and keep up with the demands brought by the SDLT break. Those that failed to review their processes and implement tech to improve efficiencies, however, struggled to make the most of the opportunities.
There are products on the market, such as ours, that provide technology specifically designed to allow conveyancers to handle all aspects of sale, purchase, and the transfer of equity of residential property, in a highly automated environment. The benefits of automating your processes are critical: quick production of documents ensures fee earners spend their time earning and not on administration. The streamlining of procedures leads to a faster turnaround of cases, resulting in increased case handling and profitability. This increased turnaround means firms can be more competitive with their pricing.
Equipped with a 24/7 online quoting tool, firms can increase their conversion rates by providing prospective clients with quotes, exactly when they’re looking for them. Once the business is secured, it’s worth looking into ongoing communication with your clients. Using a client portal provides clients with a self-service platform that’s accessible outside of traditional office hours, which can help firms meet expectations and generate higher levels of repeat business through their satisfied clients.
Nevertheless, there’s a myth, now dying off, that providing a digital conveyancing service means you can’t give your clients a personable experience. On the contrary: modern, digitally aware consumers automatically expect to choose the goods and services they need online at any time, and this extends to conveyancing. They are looking for a quick response, transparent pricing and clear scheduling.
The conveyancing tools out there have been designed to give firms the best chance of competing and prospering in this price-sensitive market.
More and more, we’re seeing prospective clients consider digital capabilities when selecting a conveyancing provider and, as a result, firms are now marketing their digital services as a key benefit of selecting their firm.
