BREAKING PROPERTY NEWS – 22/02/2023
Daily bite-sized proptech and property news in partnership with Proptech-X.
Struggling to Meet Client Expectations in the Property Transaction Process
In the world of property transactions, conveyancing solicitors play a critical role in facilitating the legal transfer of ownership between buyers and sellers. However, according to an industry expert, the whole process is falling short when it comes to meeting client expectations.
Phil Priest, director of 4Corners Property and an industry commentator, recently highlighted a few reasons behind the shortcomings.
Priest argues that the traditional approach of conveyancing, which involves a paper-based process and limited use of technology, is hindering the ability of solicitors to deliver a timely and efficient service. So too is the lack of communication throughout the process.
With so many players in the property transaction chain struggling to match client expectations, Priest believes that communication is one of the biggest hurdles to overcome when it comes to misunderstandings and delays in the industry.
Priest comments: “Since the mid-1990s the role of a conveyancing solicitor has been devalued, de-professionalised and commoditised to a service you can buy online along with your towels from John Lewis.
“But the risk is so much higher and going cheap can cost you. This has led to even higher case volumes managed by fee earners leaving them less time to service their clients’ needs whilst trying to complete their work – the result is things taking longer and more stress for all parties involved.”
Buyers and sellers often experience frustration and stress during the transaction process, and delays can lead to increased costs and even lost sales. This has led to a growing demand for a more modern and holistic approach that unifies the process from start to finish.
“With searches taking up to eight weeks in some councils, and surveyors taking up to three weeks for their part, knowing these dates and that the process is in hand is comforting to the client but also for the solicitor to show that they can’t progress the file further until those are returned.
“Our partnerships with excellent conveyancing firms means we can receive these updates from them directly, leading to less chasing calls from clients, mortgage advisors and estate agents, allowing our solicitors to progress the files quicker leading to an average of between 79 – 120 days.”
Property Deals Insight: How to ensure estate agents get a constant flow of new instructions
Right now estate agents and lettings agents have their backs to the wall, with increasing overheads and reduced inventory to let and sell meaning less revenue.
Nitin Aggarwal, founder and CEO of Property Deals Insight explains how he is on a mission to save agents.
“We help estate agents get a constant flow of new instructions, knowing that to sell or let a property agents first have to win that instruction. Getting fresh inventory is a huge problem for agents, and after many years of refinement, we have a trusted solution, ensuring PDI agents get more.”
Aggarwal explains that the solution consists of four parts, as follows:
1: Property stock when prospecting
2: Market appraisal leads
3: Instructions by winning more business at the market appraisal stage
4: Sales by closing potential buyers with reliable data about a property’s worth
Lowering the cost to agents
PDI overcomes the problem of having multiple costs of different systems that only do part of the work, a comprehensive service that helps them get instructions, helps people who are buying property to know what they are buying and closes more deals.
Their agents gain more market share as it is a data and insights company that powers the property data and analysis that Nitin Aggarwal explains they can’t find anywhere else.
“Numerous companies claim they can help you win instructions, and when you really scratch the surface under the flashy marketing which they do, you realise that they leave you wanting more.
“So basically, what you find usually is bits and bobs here and there, but nothing goes all the way. What we’ve done is we’ve knitted it all together. Replacing the problem of having to train yourself and your staff with all these siloed tools that can’t even work together.
“With estate agents being squeezed on what they can spend to keep ahead, PDI addresses a number of problems, with one single licence fee.”
Joining all the dots
Estate agency is a proactive service industry, where time is at a premium, and there is a finite amount of property stock so competition to win and find new listings is fierce. Add in the ever-demanding tech-savvy property consumers world and with new technology springing up all the time, things are just getting harder for property professionals.
“Twenty years ago before cloud computing, it used to be agents versus agents looking to gain and maintain market share, with Rightmove pie charts showing the winners,” said Aggarwal.
“Now it is tech-enabled agents versus agents, taking their market share. So PDI gives its agents an unfair advantage by equipping them with the best digital hand tools to grow their businesses. It enhances the sales team making them smarter, quicker and more efficient.”
Get more stock when prospecting using on & off-market intelligence data
PDI states that it is their on and off-market data intelligence which allows agents to fully prospect potential new stock, with development beginning years ago when Nitin was building his personal property portfolio.
“Back then I was amazed that I could not just get instant useful data on property that was on or off the market that might be suitable, so I began to build it. Thousands of hours and hundreds of thousands of pounds later we have the best in class.
“The outcome for agents is unparalleled on and off-market data and market intelligence helping them be pinpoint accurate in their prospecting. With our service agents have access to over 28 million UK homes. Anecdotally, one agent says it generates on average two more appraisals a week.”
One massive value, said Nitin, is the ability to mine the not-yet-on-the-market properties, which all agents crave.
“Our system, with advanced filters and detailed filtering, means you have a greater likelihood of being able to connect to these potential vendors and landlords. A tangible, outstanding return on investment when you need to target and nurture prospects with razor-sharp precision.”
PDI agents get more market appraisal leads using our lead magnet to power their website
Sitting at the heart of PDI’s four-part solution to drive more front-end business to agents is a system that automates estate agents’ most under-used asset – their website.
Statistically, 68% of potential vendors and landlords look at an agent’s website up to three months before selecting an agent, just to get a feel of that agent. Sadly, thousands of agents have no idea that they were there.
“Knowing this PDI built a sophisticated customised branded lead magnet widget, to sit on agents’ websites that convert golden opportunity visitors into solid leads. A never-ending way to get fresh business with zero human input, whilst re-enforcing your brand.
“The no-code and white-labelled Instant Valuation Widget offers visitors accurate instant valuation information in return for signing up, so agencies can instantly follow up on warm leads. The critical thing is that, unlike others, PDI valuations are highly accurate, helping to win the hearts and minds of potential new customers.”
Property Deals Insight agents stand out from their competitors by giving their prospects reliable statistics on any property, whether they are buying or selling, giving them the due diligence in a single report, saving them time and effort – and without using their team’s valuable resources.
Comprehensive information at the tips of your fingers means decisions are made quicker and you gain a significant edge over your competition. Quicker decisions = quicker sales.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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