CA Affiliate member, Redbrick Solutions, the conveyancing case management provider, has released the second edition of its new ‘Insights’ service, designed to help conveyancing firms compete and succeed in a post-lockdown world.
‘Redbrick Insights’ is a data-driven intelligence service which provides analytics and reports on a range of key success-based factors. The service is exclusively available to Redbrick clients. With over 10% of all conveyancing transactions going through its system, Redbrick Solutions analyses the market and provides clients with pertinent statistics and success strategies.
Redbrick’s managing director Martin MacDuff, says: “We’re seeing the market really picking up now, with transaction levels back to 80-90% of their pre-lockdown level. Our client firms have benefitted throughout this period from our pay per transaction model which has protected them from large overheads at a time when their income was very low. We’ve been working hard throughout lockdown to ensure our clients are in the best possible position to come out of this extraordinary period stronger than ever and it seems to be paying off.”
The second Redbrick Insights was released last week and focused on Speed of Transactions, highlighting the importance of firms picking the right mix of work types and also in having the right person doing the work. The top 20 quickest completing firms, across all job types from listing to completion, took an average of 64.45 days, whereas the bottom 20 firms took an average of 231.95 days from listing to completion, across all job types. The strategies employed by the quickest firms are shared within the report.
One such client, DP Conveyancing and Property Law Ltd, commented: “The support from Redbrick before and during Covid-19 has been outstanding. When the lockdown was first announced and all our staff needed to start working from home within 24 hours, we needed to quickly adapt our processes and Redbrick responded instantly to help us make the changes required. Their support has made a massive difference over the last two months.” Whilst the property sector is beginning to re-open, reduced transactions numbers should be expected for the remainder of this year, with reports suggesting anywhere from 25%-50% below normal levels. With fewer transactions around, those firms that have survived the pandemic will need to work harder to win anywhere near their pre-lockdown levels.