Challenges To Collaboration In The Residential Property Sector
Managing Director at mio Emma Vigus talks to Chris Harris about the challenges to collaboration in the residential property sector, how organisations can come together to work more effectively, and discusses the success she’s had within popular networking group Women in Residential Property.
“Collaboration is a bit of a buzzword in the residential property sector. We’ve been talking about it for years. There’s no disagreement that collaboration is what we need, but we need to start delivering .”
The lack of collaboration has a big impact on the consumer; how would you describe the problem and the impact?
“Property transactions take too long. One of my personal frustrations is that we don’t fully fully appreciate the size and impact that the consumer perception of moving home has on the value of the market. Put simply, people don’t want move. The hassle, stress and frustrations put people off and as a result we’re restricting the size of the market.”
To your mind what are the things that are stopping collaboration? And what’s changing now?
“I think we have lost sight of the common goal… what is our ultimate objective? To get people into the homes they want and need.
“We see lots of discussions going on but much of it is being driven by people like us, suppliers, rather than people more directly involved in the process.
“We need to encourage behavioural change… we need people to lead by example. The failure to engage the people “on the tools” then we’re not going to move forward. If they are the ones saying it’s too hard then it’s not going to happen. “
How do we change this? What is going to happen to drive behavioural change at the coalface?
“If we don’t tackle integration, it doesn’t matter how brilliant new platforms are, they’re won’t be fully deployed! I struggle to keep on top of LinkedIn, WhatsApp, work and personal emails… this is about better integration between systems to aid collaboration. “
Is this what mio sets out to achieve?
So how does that work for conveyancers? What is the impact on them?
“If the conveyancer is using one of the platforms that feeds milestone updates into mio, then calls and emails from Agents to that conveyancer are reduced as the Agent can see what’s happening, in mio, without having to chase for an update.
“We will shortly be able to serve the mio chain up to third party platforms. That could be anything from a conveyancing platform through to a mortgage broking platform. As a result, conveyancers will be able to benefit from the same view of the chain as Agents so there will be far more clarity about the status of various transactions in a chain. It will also provide conveyancers with the opportunity to prioritise workloads if they can see that one chain is moving at a different pace to another. “
Tell me about the success you’ve had through Women In Residential Property
Women In Residential Property was established to foster collaboration between the various professions involved in residential property transactions. We had over 50 people attend our most recent event, and we’re expanding our reach. The LinkedIn group has 300+ members with numbers continuing to grow.
We’re delighted that the move online has only strengthened the group. In a typical zoom meeting we hear from individuals in different sectors in the industry. For example we might hear from an agent, mortgage broker, conveyancer etc and then typically we’d hear from a key supplier, so our latest event featured a discussion with a PI insurer given that is an imminently pressing issue.
Each person speaks for 5-7 minutes and then opens the floor for questions and discussion. There is a spirit of collaboration and we offer insight that I don’t you get elsewhere, certainly not from such a diverse section of the community.