Do you need a BREXIT strategy?
Whatever your views on BREXIT, the economy and housing market remain uncertain so it is vital as conveyancers, to have a marketing plan in place.
I already know some successful conveyancers and law firms who are reviewing their future plans to take account of what may be a less busy housing market. The structure of the market is changing and those that will thrive will change with it.
So what is happening now?
Estate agency software provider DezRez carried out a survey of their 132 estate agency customers post BREXIT and findings showed that 42% believed that BREXIT had already had a negative impact on their business and that 52% expect to see buyers, or sellers pulling out of sales.
Given that consistently 25% of conveyancing is routed via estate agents we should at least listen to this survey and what our local agents are telling us.
In addition we know that
1) Purple Bricks and online agents are driving conveyancing to conveyancers of their choice.
2) A large proportion of the market is panel managed and the trend is that this could grow
3) Your local market for estate agents will be changing along with your competition
Realistically we don’t know the size of the future market and even the most respected economists can’t predict where it is going.
- Brexit may make the conveyancing market smaller
- Demand might be strong despite this and pent up demand might prop it up.
- Shortage of supply of houses might mean that demand outstrips supply.
- The changes to Buy To Let may still affect us
How can you plan for a reduction in conveyancing instructions?
Increasing your sources or channels seems the obvious answer and I fully expect that conveyancing panel managers will start to receive increased enquiries from firms looking to join, or re-join their panels.
If your expectation is that more properties will fall through then reviewing any “no completion no fee” policy you have also seems sensible. Also ensuring that all enquiries and quotes received are dealt with and converted. A recent Shoppers Anonymous survey of 85 law firms found that only 7% of conveyancing enquiries were followed up effectively.
I also know of many firms keen to do more business locally. That way they can often earn higher fees, and without any panel management costs associated. There are a number of ways you can stand out; having accreditations such as CQS or Lexcel is an obvious one as is raising your awareness in your local area.
Thought leadership is the new form of marketing, and before you get put off by the term it simply means “an individual or firm that is recognized as an authority in a specialized field and whose expertise is sought and often rewarded.” In other words, by providing informative, relevant and helpful advice to potential customers you should be rewarded by an increase in enquiries, quotes and instructions.
People locally buy your people, your brand and then your product.
Editor Assist is an editorial publicity programme for Solicitors and conveyancers which launches in September. The programme is designed to position you and your law firm as the local voice of authority so that when someone who is buying or selling a property needs to find a conveyancer, that they come to you.
We supply 5 well written and topical articles and a blog each month for use on your website, in local publications, as handouts and on social media to prompt new enquiries. To pre-register visit www.editorassist.co.uk or contact [email protected]
This article was submitted to be published by Editor Assist as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.