Property Professional - Can the property sector afford to continue ignoring blockchain?
Today, an average property transaction takes 135 days, slower than six years ago. The process is 20% more expensive than it was at that time. Complaints are on the increase, with ‘length of time’ or ‘poor communication’ being at the top of the list. Dropout rates remain constant at 22%, which means almost a quarter of those involved in the conveyancing process are met with disappointment. Given the skills and capability of the providers in market, this is not the headline you would hope for.
What’s the state of the conveyancing market?
Today, an average property transaction takes 135 days, slower than six years ago. The process is 20% more expensive than it was at that time. Complaints are on the increase, with ‘length of time’ or ‘poor communication’ being at the top of the list. Dropout rates remain constant at 22%, which means almost a quarter of those involved in the conveyancing process are met with disappointment. Given the skills and capability of the providers in market, this is not the headline you would hope for.
Brilliance in isolation
This said, some innovators stand out in their business performance through clever adoption of automation. They’ve enhanced service, improved delivery speed, increased income despite low margins, stripped away waste by reducing operational costs, and taking away unnecessary administration and distraction has enabled lawyers to take on more cases per head, but with less risk and as importantly, maintaining service levels.
This though may be ‘brilliance in isolation’ – such firms small in number, and the benefits of automation diminishes when other parties involved in the overall conveyancing process are at varying stages of digitisation and digitalisation. Introducing inefficiency in the overall conveyancing process.
Read the full article 'Can the property sector afford to continue ignoring blockchain?' by Simon Farthing, Commercial and Marketing Director, LexisNexis Enterprise Solutions here.
