Time to grow your conveyancing business?

Many smaller firms are currently deciding whether or not to gear up for an increased volume of work and, if so, how to do so.

Earlier this year the biggest conveyancer in the country outlined its plans to triple in size by 2016. The evidence of the last few years is that the largest conveyancers are taking an increased share of the market, and at a time when that market has been shrinking, even some of the most well-established high street firms have struggled.

But the recent property boom, which has materialised in some parts of the country and certainly in the South East, has meant a welcome return to conveyancing levels not seen since 2007.

Good conveyancers are suddenly in short supply and even where they are available firms are nervous as to whether the boom is no more than a bubble which might burst if the economy stutters once again.

One great advantage that the largest conveyancers have over the rest is their investment in IT makes their business models more scalable.

The proposed Conveyancing Portal unveiled by the Law Society at the National Property Law Conference on Friday 11 October potentially offers firms of all sizes the opportunity of using state of the art technology. It goes a long way towards levelling the playing field through the opportunity of making significant savings in the actual costs of carrying out the transaction.

Bulk conveyancers typically rely heavily on referrals from intermediaries, notably estate agents. Having found the property of their dreams, people seem to be easily persuaded to follow the agent's advice when it comes to choosing a conveyancer.

The challenge for regional firms is to develop such a reputation for quality work in your own area that you become the conveyancer of choice despite any 'impartial' advice given by the estate agent.

You have the great advantage of being local. If your offices are welcoming and friendly; you are readily available by telephone, email or personal visit; communicate with the client regularly by their preferred medium (including social media); make use of IT to streamline work flows; give clear and complete estimates of costs - you'll stand out from the vast majority who fail in one or more of these areas.

To win business and expand, you need to clearly demonstrate how you offer more. Get this right and clients will be confident that you are the best choice and the decision to develop the business will become much simpler. SJ

 

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Peter Rodd is senior partner at Boys & Maughan Solicitors www.boysandmaughan.co.uk