7 Key Topics in Conveyancing for 2022
As we start to move into the second half of the year it’s worth considering the state of the conveyancing sector, what firms can do to maximise their profitability in a rapidly evolving marketplace and how Compass can help with this.
Here are the 7 key topics in Conveyancing for 2022:
As the property market slows down in the wake of the flurry of activity experienced during the Stamp Duty Holiday and after, it pays more than ever to ensure that you retain the clients you have, not only so you can look forward to their business when they next look to move but so that they are more likely to refer friends and family members to your services.
Compass will ensure that your clients pay absolutely the correct SDLT first time, every time, and help to avoid embarrassing reclaims or demands for balance payment from HMRC down the line which could harm your client relationship.
Keeping existing clients is one half of the equation, but generating new business is the other half. In a competitive marketplace, any unique factor you can offer will help your firm stand out. While it’s tempting to go with lower fees than the competition, there are more innovative ways of making yourself unique in the marketplace.
By using Compass you can reassure your clients that they will receive the best, most up to date advice from experts in the field on their Stamp Duty where required, and can rest assured that they will have taken full advantage of any relevant reliefs, exemptions or exceptions.
As above, it can be tempting to try to be the ‘cheapest game in town’ in order to attract business. This is misguided for several reasons – firstly, conveyancing fees on average remain lower than they should be and lower fees mean tighter overheads which can hold a firm back from providing the quality of service clients deserve.
Secondly, it can paint a poor picture to clients if your major selling point is that you’re the cheapest!
Make sure your fees reflect the effort you put into your casework, and the quality of service your clients can expect.
Using Compass ensures that they will feel that premium service is worth the extra pounds over the cheaper firm down the road.
A recent government white paper on this subject mentions, among other things, the need to give buyers more information up front, as the old Home Information Packs were supposed to, so that they can make better informed decisions earlier in the process.
It should be obvious that Compass would assist with this, giving the client an accurate view of the exact SDLT liability on their purchase and enabling them to make a fully informed financial decision with that information from the outset.
With the promise of more transparency in the way the referrals process works between e.g. estate agents and solicitors, it makes absolute sense to get ahead of this process and instigate your own improved transparency procedures now.
The modern consumer is unlikely to be unaware of the fact that a referral from an Estate Agent likely involves some payment from your firm to that agent, but they’re less likely for this to be a concern if you are upfront about it.
If you’re using Compass, it’s an opportunity to offer full transparency on their final bill as well, with the fee for each case chargeable to them in the same way as search fees and so on.
In the 21st Century, technology rarely stands still in any industry or sector, and the property market is no different.
The potential introduction of Property Logbooks could revolutionise the way information is stored and obtained about property, and represents just one innovation among many that could alter the property market for the better.
That being the case, it will pay dividends to make sure your firm has its finger on the pulse of such changes, and is among the first to offer them to new clients. Compass is on such innovation you could deliver to them right now.
As the market slows down, the importance of successful networking with other relevant disciplines only increases. It’s always obviously useful to have a good relationship with Estate Agents in your area.
But what about financial advisers? Mortgage Brokers? Accountants? Tax advisers?
All these and more are professionals who not only often deal with clients who may be in the process of buying and/or selling property but also who may themselves need the benefit of your expertise for their clients. For example, if their client is looking at a new purchase and needs a quick check on the Stamp Duty liability.
In the post Advance Mortgage Lending world, firms may understandably be reluctant to offer that particular type of advice.
With Compass, you can be assured that you can offer them exactly this sort of assistance with no risk of blowback for you or them.
So there we have it – seven key points to consider to keep your firm at the top of its game, and one key step you can take to get the process started!
Sign up for Compass today and let us help you navigate your way to the front of the pack.
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