In-deed seeing “encouraging” signs from modified business model

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By Legal Futures

4 October 2011

Hill: In-deed is well placed to grow market share

Online conveyancing business In-deed has seen “encouraging” signs from the introduction of telesales staff to help convert quotes into instructions for its panel law firms, it has told the Stock Exchange.

As first reported on Legal Futures, the company – which is listed on AIM – has had to alter its plan to operate online without any “voice intervention” because of low conversion rates.

In its pre-close statement for the half year ended 30 September, released yesterday, In-deed said it is “heavily focused on initiatives to improve conversion of website traffic to live instructions. This includes, but is not limited to, development of a telesales capability, with initial indications being encouraging”.

The statement said website traffic has met expectations, with over 50,000 unique users visiting the site since launch, with the current run rate at over 3,000 per week.

It added: “In addition, the board is exploring various B2B opportunities that it believes may exist to work with estate agents, new home developers, mortgage brokers and providers. Such distribution would, of course, involve sharing our margin with the third party, but does have the potential, we believe, to contribute to our volume ambitions and expectations.

“With or without a recovery in market transaction volumes in the short to medium term, the company is well positioned to substantially grow market share through its leading technology and IT integration with members of the panel.”

Chairman Harry Hill, the founder of Rightmove and Countrywide, said: “The board is satisfied with the group’s performance since launch in June. From our strong financial position we are well placed to grow market share and build the brand’s reputation in an established sector where the overwhelming majority of our competitors are grossly undercapitalised.”

In-deed generated significant press coverage last month by introducing the term “gazanging”, describing the phenomenon of sellers pulling out of a transaction at the last minute.

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