Are estate agents and conveyancers at risk of closing?
The property industry’s self-destructive, point-scoring way of working just isn’t working. When low stock means low cash flow low, agents and lawyers, mostly small businesses, are at real risk of closing. Don’t be one of the 25% of small businesses the BBC has reporting plan to shut or scale back due to falling profits.
Agents and conveyancers will close forever unless they stop having a go at each other. No more in fighting, please. We’re not kids. Estate agents and conveyancers know their common cause; to move the client, so get on with each other and get on with it.
We all know what to do; talk more, collaborate more, and be more proactive. It’s so common sense; that it should be a no-brainer. But do we all do it? On the whole, sadly, not! Now has to end hidden jealousy and resentment between conveyancers and estate agents and between conveyancer and conveyancer. The start of passion, motivation, and engagement in getting the client moved faster and getting paid faster.
Speed, focus, and collaboration will make the job easier and reduce delays. It’s a fact that the longer a case goes on, the more chance of it going abortive. One-third fall-through. That’s one-third of clients that don’t get to move and one-third of the estate agents’ potential profit they lose out on.
Keep it simple.
Conveyancers and estate agents both have a difficult job when it comes to property transactions. Conveyancing is an important part of the process but it can be time consuming, especially when lawyers don’t communicate or keep clients in the dark.
Despite this, it’s important to remember that estate agents will often try their best to help out with deadlines, so it’s best for both sides to remain positive and work together for the common goal of completing the transaction without too much confusion or stress. All parties should take into account what the other is experiencing and recognise that they are likely under pressure from clients in some capacity, so a little patience goes a long way!
Believe you can
Conveyancing is an essential part of the property transaction process, and with the economy facing a recession in 2023, it will be more important than ever for businesses to ensure that the process not only runs smoothly but can generate more value.
This is where believing you can be the difference comes into play; by understanding what needs to happen to complete transactions quickly, efficiently and cost-effectively, we can create an environment for success. By making small changes such as reducing supply times or improving customer communications, businesses can maintain a competitive advantage over their peers and increase profits during a time when many are facing losses. So while we may not have the ability to turn around the economic impact of a recession singlehandedly, we can influence how our own business performs – and that’s something each of us should believe we can make a difference on.
Ask yourselves a few why’s
Conveyancing is more than just paperwork, it’s a journey that requires collaboration, communication and speed to deliver the desired result; a successful move. Successful conveyancing requires everyone involved to work efficiently and effectively together – from lawyers and estate agents to landlords and of course clients. As such, it’s important to ensure that all parties are fully engaged in the process.
From initial instruction through to completion. When this happens, not only can you unlock profit for your business but you’ll also be better placed to help your clients meet their goal of moving house with minimal fuss.
Take the challenge. Pop quiz! Ask yourselves:
Why should the client have to wait five months (almost half s year!) for the conveyancing (and upwards of a year if you consider the months of finding the right buyer for the right property at the right price)? It’s unacceptable, even more so, why a third end up being aborted, with less profits and more risk of closure.
Why don’t you talk more to agents?
Why not issue the contract pack on day one, not week two?
Why not sort out AML early on, not before the exchange?
Why let additional enquires drag on for weeks, sometimes months?
Why don’t more lawyers pick up the phone to sort out issues in minutes when emails can take weeks?
Why not allow clients to use virtual signatures to speed things up?
Why not report on your portal?
Why not order your office copies on a purchase? It pennies against the weeks of delay lost in waiting for office copies to arrive from the seller’s lawyers. Will your buyer client really thank you when they have hundreds of thousands riding in the deal or losing their ideal move?
Why not take payment for searches on day one and order on the same day rather than waiting days or weeks? Why argue over additional enquiries for months, knowing often it comes down to sorting it out legally or with indemnity?
Why wait weeks to order the management pack? Why not chase them?
Why not chase green chain?
Why not embrace technology more? Why not let the mundane stuff be done by systems leaving you to get on the phone more and sort out solutions more?
Why not spend more time and money supporting your team? Why not give them lower file numbers to give them more time to get involved more, push more, complete more cases, make a profit and give you more chance of coming out of this recession in one piece?
Want to discuss more?
Contact Angelo Piccirillo, Co-founder, Solicitor, ex-estate agent and joint CEO of AVRillo Conveyancing