Smart Technology Key to Competing in an Unpredictable Conveyancing Market in 2017
Post by Thomas Pearsall |
Recent industry research shows that conveyancers must brace themselves for an uncertain market in the face of Brexit and industry consolidation. It’s expected that housing transactions will decrease as people rent more, due to rising prices and the stamp duty land tax (SDLT) increase on buy-to-let properties. This is despite last year seeing the highest number of conveyancing volumes since 2007.
To survive and thrive, smaller conveyancers must compete with the larger firms both on price and service or risk being hoovered up. However, achieving competitive pricing – without slashing profits - requires streamlined and automated processes. With wafer-thin profit margins, the use of smart technology to automate the repetitive and repeatable processes can greatly reduce the administrative burden. Better technology-driven processes minimise cost leakages and improve overall business efficiency.
Our Visualfiles Conveyancing Accelerators are a great example of smart technology. Conveyancers of any size can get rapid access to the Visualfiles next generation workflow system that is used by the majority of the top 20 conveyancing firms (based on Land Registry data). These Accelerators provide out-of-the-box processes that are needed to deliver an efficient and profitable conveyancing service – from quotation and instruction through to linked sale and purchase.
By using workflow technology to ensure a consistent user experience, firms not only greatly improve the chance of getting repeat and new business, but also mitigate risk. Failure to meet schedules and ensure quality of documentation are commonly cited customer complaints to the Legal Ombudsman. Using Visualfiles to set up controls and automatic reminders in the case management system schedules can be easily adhered to and supervisory checks executed to guarantee that searches and surveys are suitably carried out. Similarly, the controls can help ensure that funds and offers of lending are correctly received and processed and that the right advice is delivered to clients on title and contract.
Crucially, in today’s cybercrime environment, conveyancing firms can leverage workflow and automation technology to institute robust identity management due diligence processes to reduce exposure to fraud by ensuring correct validation and recording of client’s identity. The Visualfiles Risk & Compliance Accelerator is one such tool.
To cope with the anticipated volatility, smart technology must become a business priority within the conveyancing sector, in order to withstand the ups and downs in this industry, especially in the foreseeable future. Please get in touch with us if you are interested in exploring how automation for your firm will benefit you and your clients.