(Previously published in Inside Conveyancing)
Written by Rob Gurney, Managing Director of Ochresoft.
In the dynamic world of real estate, conveyancers play a pivotal role in ensuring the smooth progression of property transactions from listing to completion.
However, these unsung heroes are currently navigating turbulent waters as the real estate market undergoes unprecedented changes. Recent data from Landmark’s Q3 2023 Residential Property Trends report paints a picture of a relatively flat but subdued property market in England and Wales, despite stable supply and recent improvements in inflation and interest rates.
So how can technology empower conveyancers to thrive amidst these challenges?
The shifting real estate landscape
According to Landmark’s data, the third quarter of 2023 revealed a property market that defied the typical post-summer upswing. This historically low market volume is primarily attributed to ongoing market uncertainty and affordability issues, with SSTC levels still struggling to reach pre-pandemic benchmarks.
While this flat market is a departure from the volatility of previous quarters, it also leaves the industry in unfamiliar territory, grappling with an extended period of stagnation. With transactions struggling to progress, conveyancers are missing out on critical revenue.
Technology as the conveyancers’ lifeboat
With almost half of conveyancing cases within the past year receiving additional enquiries due to incomplete information, Ochresoft’s recent Upfront Information (UFI) workflow development, for example, stands as a pivotal move in transforming UFI from a conceptual idea to a driving force for change.
This strategic shift is part of a broader industry trend where technology is emerging as the anchor for conveyancers navigating unprecedented challenges.
Amidst this technological wave, conveyancers are not just adapting but actively shaping the landscape by changing their ways of working.
Automation streamlines administrative tasks, early engagement reduces transaction delays, improved communication fosters collaboration, and data insights elevate conveyancers into the role of trusted advisors.
This tech-driven evolution positions conveyancers not just as survivors but as thriving, agile partners in the complex world of real estate transactions.
So, while the residential conveyancing market experiences its share of peaks and troughs, conveyancers are demonstrating resilience and adaptability.
Technology empowers them to not only weather the storm but emerge as agile, efficient, and indispensable partners in the complex world of property transactions.
As the market navigates uncharted waters, technology is one of the key elements guiding conveyancers towards success.
