Half of estate agents only recommend conveyancing firms to their clients that are from within the same town or county as themselves, new research has revealed.
The findings were revealed within a survey of 50 estate agents across the UK, conducted by property data provider TM Group, which uncovers the relationship between estate agents and conveyancers.
The report offers insights for conveyancers who are looking to make their firms more attractive to estate agents and subsequently win new instructions this way.
Amongst the other findings within the survey, was the fact that ‘service’ was identified by estate agents as the most important attribute for conveyancers to display when demonstrating their suitability for recommendation to home movers – ahead of ‘speed’, ‘expertise’ and ‘personal relationship’.
“The results of this unique study offer insight into the mind-sets of estate agents, particularly the qualities that agents look for in the law firms that they recommend to clients,” Ben Harris, Sales & Marketing Director at TM Group, explained.
Not all of the feedback was glowing, however, as some respondents expressed frustration at what they consider to be “over-worked” and “uncommunicative” conveyancers preventing transactions from moving forward.
“One of the chief concerns that estate agents had was around ‘lack of communication’, which presents conveyancers with an ideal opportunity to position their firm as supportive and forthcoming,” Mr Harris continued.
“Referrals and recommendations can be a lucrative revenue stream for conveyancing firms, so it is vital to build relationships with estate agents to maximise these opportunities.”
To read the full report, visit the TM Group website.
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