By Legal Futures Associate tmgroup
Available to download now, the latest research from tmgroup, mio and Conveyancing Data Services (CDS) – ‘The New Normal’ report – brings together the voices of nearly 800 property professionals; comparing how different professions are faring in the wake of the COVID-19 outbreak and revealing stark contrasts across the industry – as the report reveals:
- 34% of property professionals blame Conveyancers for delays in the transaction – compared to just 2% who blame Buyers/ Sellers not being ready and a further 1% who blame Estate Agents.
- More Estate Agents cite reduced fees/ profitability in 2021 than those who experienced increased fees/ profitability.
- The sad truth about wellbeing – with a staggering number of respondents saying their firm did nothing in the way of wellbeing initiatives.
- The winners and losers in the switch to working from home, and what will shape the longer term outlook for remote and hybrid working.
- How and why Estate Agents are ahead of the curve in the adoption of the latest technology.
- What’s keeping property professionals up at night now concerns around Brexit and the Stamp Duty holiday have somewhat subsided.
- How ‘better use of technology’ and ‘more digitisation’ are now front and centre in property professionals’ minds.
There’s a real appetite for change
The report findings also capture just how many property professionals now have an appetite for collaboration, simplification and quicker transactions, as also captured in some of the aspirational comments left by respondents:
- “We really need to improve the communication between Client-Solicitor-Agent in the conveyancing process as this is our biggest frustration”. (Estate Agent Director)
- “It’s vital we see greater communication between all parties (Estate Agents, Mortgage Brokers, Solicitors) to avoid duplication”. (Head of Residential)
- “We need to get to a place of centralised communication across all stakeholders.” (Commercial / Real Estate Solicitor)
- “How great would it be for there to be collaboration between the different sectors involved in a property transaction to achieve a ‘joined up’ approach.” (Residential Conveyancing Partner)
- “I’d like to see Estate Agents and Solicitors working together to give clients realistic expectations of timescales and process rather than providing mixed messages”. (Legal Assistant)
- “It would be nice to see Conveyancers/Agents/Clients/Lenders all being kind to one another again!” (Residential Conveyancing Fee Earner)
Joe Pepper, CEO of tmgroup comments: “It’s increasingly clear that 2021 posed just as many challenges as the immediate outbreak of COVID-19 back in 2020 – just different ones. That’s why we polled the industry again to find out what’s really been happening behind the scenes of yet another unprecedented year. There’s plenty of change still afoot and opportunity to be had, and we sincerely hope you find this report useful as you continue to reassess your business goals in 2022 and beyond.”