Regulatory Constraints Create Panel Manager Opportunities
Conveyancing panel manager models are evolving more to change and transforming the house buying/selling journey with the addition of concierge services.
Whilst conveyancers try to evolve their business models the lack of regulation enables opportunities for panel managers to continue to grow. For example, panel managers are providing concierge services to customers such as utilities and broadband.
For conveyancers to offer similar services by providing a one-stop-shop of services under one roof whereby the client would not need to go to a third party for concierge services, conveyancers would generally find the provision of these services to be regulatory challenging.
The sticking point for the conveyancers and solicitors, in particular, is that they cannot provide similar services and profit due to the regulatory need to disclose the income to their clients.
Those conveyancers that work with referral partners are likely to see those partners evolving their models into wider home buying services as they try to tap into the life cycle of value associated with home moving. This additional income may help panel managers improve their technology and income to gain market share. Conveyancers that do not work with panel managers may find that some of their clients will seek not only a legal service but a holistic home moving experience and those conveyancers may find it difficult to compete as technology brings home moving into a single process.
By way of example, ULS technology have just announced a new partnership with home moving concierge service providers, Just Move In, which will see concierge services incorporating into ULS technology’s eConveyancer proposition.
Mortgage brokers using the eConveyancer platform to generate and compare conveyancing quotes will now be able to offer a range of concierge services, from the sourcing of utilities and broadband, through to the setup of council tax to their customers.
Steve Goodall, CEO at ULS Technology, comments:
“By partnering with Just Move In, we are creating a truly unique conveyancing proposition that benefits both eConveyancer mortgage brokers and their clients. Offering this additional service will help reduce the level of stress home movers experience and demonstrates our ongoing commitment to improving the customer conveyancing journey.”
Ross Nichols, Co-Founder of Just Move In, added:
“We’re delighted to be partnering with ULS technology and launching across eConveyancer. Both companies are focused on improving the process of moving and the Just Move In platform enables us to remove hours of tedious admin for thousands of eConveyancer buyers and sellers, every month, saving them money at the same time.”