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TODAY'S OTHER NEWS

Agents missing vast referral fees for conveyancing, says PropTech firm

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.”  

  • Rob Hailstone

    "It can also ensure that the best conveyancers are rewarded with a healthy stream of business.” Fake news?

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    Not trying to 'Trump' your comment Rob, but we were both at the same conference this week where there is a call for improved technology, communication, transparency and security for everyone involved in the transaction. The platform connects agents and their customers to existing or new conveyancing relationships and yes provide a healthy stream of business. Fees are disclosed and controlled by the Conveyancer. Vastly improved customer experience and agents with more control and understanding of their sales pipeline can only be a step in the right direction? Without expecting ‘supreme service’ with conveyancers being paid fresh air and belly button fluff for each case.

     
  • Peter Ambrose

    Curious to understand the connection between "automation" and "transparency" because I'm struggling to see this.
    For example, if you use an automated quoting system (or lazy selling tool, as sales professionals would call it) does this mean that the consumer is told of this referral fee?
    Not sure that this story clarified that knotty little problem.

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    Yes fees are disclosed

     
  • Rob Hailstone

    Yes we were Tim, and you are right about improved technology, communication, transparency, but a high percentage of the audience were anti referral fees. However, I admit that they are probably here to stay and if you pay them, best to work with a fair referer and if conveyancers aren't being paid fresh air and belly button fluff for each case maybe OneDome is that referrer?

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