Greater cooperation between estate agents and conveyancers essential to improving property transactions, says new report
According to ‘Working Better Together’, a new report by Coadjute, both professions see real opportunity from building greater respect, trust, and openness in the relationship.
London, July 19 2022—Based on a survey of nearly 500 UK property professionals, the ‘Working Better Together’ report provides insight into the complex and changing relationship between conveyancers and estate agents.
The findings reveal both parties overwhelmingly agree (82%) that the relationship has changed, and despite the challenges they face, nearly half are confident (42%) the relationship can be better.
The survey of almost 500 property sector professionals also found:
- Better communication and cooperation will lead to better outcomes: both estate agents (36%) and conveyancers (27%) believe improving how they communicate, and work together is key to improving the home-buying process.
- Feeling unappreciated is a source of angst on both sides: out of the total conveyancers and estate agents surveyed, 16% feel undervalued, and 15% feel overworked.
- Technology is strengthening ties, but better skills and processes would make work easier: 68% of conveyancers and estate agents surveyed believe technology has had a positive impact on the relationship but believe simpler processes (26%), more skilled people (24%), and access to the right information (17%) are most critical in making work easier.
- Customer satisfaction and job satisfaction go hand in hand: 21% of the total conveyancers and estate agents surveyed view client satisfaction as the most enjoyable part of their job. Closely followed by building long-lasting client relationships (19%) and working with property peers (15%).
- Referral fees are a major concern for both parties: 67% of conveyancers and 51% of estate agents surveyed feel referral fees have had a negative impact on the relationship.
- The more senior in the industry, the more optimistic about the future: 72% of those in the industry 15+ years are most optimistic about the future of the relationship, compared with only a quarter of those in the industry less than 5 years.
Dan Salmons, CEO of Coadjute, concludes: “It is clear the difficulties of recent years have created even greater challenges for both conveyancers and estate agents and the relationship between them.
Although they play different roles in the property transaction, our findings show that fundamentally they share the same goals and frustrations. Encouragingly, our survey results also show the genuine desire across the industry to overcome the obstacles and move forward.
I believe this points the way to the future both professions would like to see: a more seamless property market, where buying and selling a home becomes a less stressful —even enjoyable—experience for all involved. That sounds like something we can all agree on, and a worthwhile goal for the industry to work towards.”
Download the report at: coadjute.com/working-better-together
Lettingaproperty.com secures £750k funding
Midlands-based proptech lettingaproperty.com company has scooped £750,000 to build out its rental platform for landlords and tenants. MEIF Proof of Concept & Early Stage Fund has fronted the investment, which will be managed by Mercia.
The funding will go towards development of lettingaproperty.com’s technology solution while enabling it to widen its subscriber base as it looks towards next year for a Series A investment round.
The former finance director of online estate agency PurpleBricks, Matthew Farrow, has been appointed as the finance director on an interim basis.
Jonathan Daines, CEO, said: “Our ambitious vision started back in 2008 and is gathering real momentum, supported by this investment plus key board appointments. We are excited about our future growth potential and the opportunity to disrupt the traditional high street lettings model. We aim to make renting out your property long-term as easy as filling your holiday let on Airbnb, and become the go-to choice when renting out property.”
Stephen Windsor, Mercia, added: “Jonathan has used his experience in property management to digitally enhance each step of the tenancy journey. lettingaproperty.com is one of the longest-established rental platforms and is unique in that its technology is backed by an experienced lettings team. The investment will enable the company to scale the business faster and cement its position in the market.”
Andrew Stanton is the founder and CEO of Proptech-PR, a consultancy for Founders of Proptechs looking to grow and exit, using his influence from decades of industry experience. Separately he is a consultant to some of the biggest names in global real estate, advising on sales and acquisitions, market positioning, and operations. He is also the founder and editor of Proptech-X Proptech & Property News, where his insights, connections and detailed analysis and commentary on proptech and real estate are second to none.