Estate agents are missing around half of the conveyancing referral opportunities they could take, according to a new report.
PropTech firm OneDome contacted 2,000 home owners, asking them how they chose a conveyancer and - if they received a recommendation from their estate agent - why they did or did not use the referral.
Some 25 per cent had not received any conveyancing referral at all from their estate agent while 24 per cent said they only accepted the estate agent’s referral because it was easy; nearly one in 10 home buyers believed that they were obliged to use a conveyancer referred by their agent.
OneDome says: “While the results did not show any unexpected consumer behaviour, they did show that referral opportunities are being left on the table by estate agents every day. Nearly half of homebuyers did not use a conveyancer from their estate agent because they either never received a recommendation or wanted more transparency and more choice.”
The company said there is a need for greater digitisation of the property industry, suggesting that technology can streamline the homebuying process and provide consumers with the choice and transparency they desire.
Babek Ismayil, founder and chief executive of OneDome, says: “An automated referral process will not only make life easier for agents, it can also ensure that the best conveyancers are rewarded with a healthy stream of business.”