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Latest research suggests that clients will pay more to get the service they want
Data released by iamproperty indicates a surprising fact about homebuyers, given the current status of the market, interest rates and the cost of living – most would be happy to pay more for their conveyancing.
Before you break out the champagne though, there is a small caveat – the majority of buyers said that they would be happy to pay higher fees if it meant that the process of buying was ‘smoother, faster and more digital.’
It’s no surprise to note that the average time taken for a purchase has risen, from 82 days in 2007 to around 132 days in the last 12 months. Property Transactions in the last decade have more than doubled in volume and it’s worth noting that in that same period, the number of conveyancing firms in the U.K. has fallen, and the process of conveyancing has arguably become more complex.
Factor in also the ‘race to the bottom’ in terms of fees in an age of dedicated online consumerism and ‘factory’ firms competing for re-mortgage business from lenders, and it’s inevitable that the service provided to clients will suffer. To paraphrase the old adage, you can have it done cheaply or well, but seldom both.
So what does this mean for the average firm? The obvious answer would seem to be investment in digital infrastructure, the expense of which can be passed on to the client, but is it really as simple as that? In a time where thousands of firms can be accessed with a simple google search on your PC or phone, it’s not enough to be a firm which merely has the latest gadgets – you need to innovate, bringing something to the table which sets your firm apart from the crowd.
As Ben Ridgeway, co-founder of iamproperty puts it: “There is still work to do when it comes to the adoption of tech, among agents and supporting parties like conveyancers, which would help the sector take much-needed steps forward to delivering an improved experience that consumers have been calling out for.
“But we could go further and make more improvements to the process – things could still be faster, and vendors are willing to pay for it, because in today’s world, for the majority, speed and convenience outweigh costs.”
Compass is just one of the many digital solutions that can improve quality of life for both your staff and your clients, delivering quick, accurate SDLT calculations with zero hassle. At a negligible cost per case, it’s the sort of thing a client would clearly be happy to pay for to make things go more smoothly. Other innovations to how your firm works, what processes it follows and how these can be improved could be the difference between winning more business, and staying anonymous in the online crowd. Clients are willing to pay more for this – are you willing to take the leap?