Priming the Conveyancing Pump
When the property market reopens, every residential conveyancer, whatever their shape or size, is going to be achingly hungry for new instructions.
Rebuilding expired pipelines will probably be the most vital part of the planning that firms will be undertaking now in preparation for a speedy recovery. After all, the finest tuned or most powerful of engines can’t run without fuel.
So, what options do firms have to make a success of this and are there any new tools that could help?
As a starting point firms will obviously want to maintain relationships with their existing providers of work and are well-advised to keep those channels open whilst the market is closed. The tone and nature of these communications will be important as the whole market focusses on these interactions. Differentiation through substance is a great maxim and firms will do well to concentrate on delivering tangible benefit and building genuine empathy with providers.
Firms with the sharpest elbows or the strongest instinct to grow will want to do more than this, however. While other firms will wait passively for home movers to find them or be referred by others to them, these firms, with a Darwinian sense of competition, will be taking the initiative.
The well-established chronology of a move has determined the referral pecking order. Conveyancers are some way down this food chain and have become overly reliant on others to supply new instructions.
It doesn’t have to be this way. Access to data has created new opportunities for firms to reach up and through this morass to pitch to potential clients early – and on their terms.
Introducing Conveyancing Alerts
For the last two years, leading firms have been using our Conveyancing Alerts solution to contact their former purchase clients at the point they list their properties for sale and typically ahead of any third-party referral.
Using authoritative data and without any need for firms to share their own client data, thousands of these Alerts are sent to firms each month. Firms retrieve their purchase file, make contact with their former clients and typically enjoy a warm conversation – “we noticed you’re back on the market, we hope all’s well? We’ve still got your purchase file and we’d be delighted to act for you again and we can make sure you have everything in line when that all-important buyer arrives”.
Firms using the solution are reporting conversion rates at the 40% – 50% level and of course roughly half of all sales will have a related purchase as well.
This solution is allowing firms to make the most of their most precious asset after their reputation and their staff – their existing client base. For firms lacking the ability and/or budget to stay in touch with their clients across the protracted home owning cycle, this is proving an excellent means of circumventing that task by effectively outsourcing the flag that a former client is active again.
When as now, a firm is about to be tasked with not just growing its ongoing business but in effect jump starting it from a cold start, then this tool has the potential to play a key role. Firms looking for early instructions from a trusted source would do well to consider it.
PS – For non-SRA firms, there is the additional option of extending the model to work at scale. These firms can mail out to all new residential properties newly listed for sale in any postcode(s) with a compelling marketing message.