In our recent Ask an Expert series, Chris Harris interviews David Jabbari, CEO of innovative conveyancing provider Muve.
The pair discuss the state of the market during the Covid-19 situation, the impact increasing mergers and acquisitions will have on the sector, the key conveyancing differentiators businesses need to consider and the importance of technology in a modern marketplace.
Promisingly, Muve are already seeing an increase in activity just a week after the lifting of restrictions. Overall, existing transactions, delayed because of lockdown, are beginning to move to exchange and completion.
When looking at the wider pipeline, Muve are using the three Cs (confidence, caution and Covid variations) to guide their processes and make reasonable adjustments to the way they work with property sector stakeholders.
The conveyancing sector is changing significantly because of Covid-19. According to Search Acumen’s tracker, the top five firms increased their market share from 5.5 per cent in the final quarter of 2019 to 6 per cent at the start of 2020.
This is a section of the market Mr Jabbari anticipates will continue to increase as the trend of mergers and acquisitions continues; with the top 10 volume providers potentially rising to 25 per cent market share over the next five years.
Client perceptions were seen as developing in recent years and Jabbari believes firms must accept that conveyancing is treated as a retail product rather than a traditional legal service. It is becoming vital to take that retail mindset and embed it throughout the entire organisation to make that difference and ensure services are client centric.
In terms of the use of technology, issues around investing in the right products to improve business optimisation were discussed with Muve looking to improve the legal service provider’s journey rather than cut them out of the process.
