Bucking the trend of overselling with basket optimisation

Bucking the trend of overselling with basket optimisation

In recent years, we’ve seen an abundance of property reports enter the market. The proliferation of choice has taken hold of the conveyancing industry, and lawyers are increasingly at risk of being overwhelmed by the multitude of data on offer.

But, more reports doesn’t necessarily mean more information. With significant crossover and duplication between reports, conveyancers are spending valuable time and resources checking this repetitive material to ascertain the appropriate risks associated with their property.

Laborious and lengthy, this aspect of the due diligence process is both inefficient and outdated. Existing tools to help lawyers sort through reports are unable to fully refine the wealth of information available to conveyancers and, in this new age of data more sophisticated solutions to help optimise are needed.

Cynics and critics would argue that some search tools have become a means of just selling customers more. And who could blame them? We’ve witnessed an emerging trend in recent years to find new risks as means of encouraging additional, often unnecessary purchases further adding to this overload of information.

Bucking the trend
At Search Acumen we’re looking to buck this trend, giving the conveyancer just what they need, not more.

We designed Search Basket Optimisation – a new feature of our platform – to perform ‘under the bonnet’ data analytics. When you request reports on a particular property or title, our data tools will analyse the property in question to ascertain the most pertinent risks if you choose to benefit from this latest advancement. It will then recommend the reports of highest relevance and importance, and suggest the most efficient combination of reports, minimising crossover or duplication of content.

The future of reports
The unlocking of data means the way we consume information and conduct due diligence is set to change dramatically, not just in volume but in format too. Off the shelf reports are the current norm for conveyancers, but with the unlocking of data en masse, we will soon see the norm being challenged.

Thanks to schemes such as the Open Data Initiative and Geospatial Commission, off the shelf reports could soon be replaced with tailored packages of data, unique to a property or title.
The majority of data needed to transact on a property will soon be at the fingertips of lawyers. But without the help of data specialists, users may drown in millions of datasets and the wealth of information at their fingertips could be a burden rather than a benefit.

Our mission today, with this future in mind, is to ensure conveyancers have the tools to extract usable insights which ultimately lead to better business outcomes.

This article was submitted to be published by Search Acumen 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.

Search Acumen

http://www.search-acumen.co.uk/

Next Generation Data

Whether your property transaction is big or small, commercial or residential; you can rely on us for accurate property data.

We collaborate with forward-thinking law firms who have an appetite to use authentic data in consultation with their clients. Our relentless focus on the next generation of property law, means all our customers already benefit from our easy access instant data, saving them critical time and resource.

What we do

We provide more than 40 layers of essential property data, digitally and on-demand through our intuitive ForeSite Platform. Our advanced system allows our customers to analyse real estate sites before the purchasing process has even started.

Early warning indicators create a highly efficient consultation process between our customers and their clients, significantly improving the purchasing experience.

What makes us different?

Our customers choose us and stay with us because we’re different. They like being part of our community because our vision for the market allows us to deliver future proofed innovations which is good for their business.

Here’s some examples from the past twelve months that have helped us receive recognition as thought leaders in the property data space:

  • Data Snapshot
    An instantly available property report that Conveyancers and Commercial Real Estate Lawyers can use to mitigate risk from the outset of their due diligence.
  • AI & Machine Learning
    We’ve developed our own Machine Learning tool using Amazon based AI which is specifically designed for the property data industry.
  • Blockchain
    We continue to work with industry leaders in the Blockchain Technology space to create positive change and we were the sole property data provider in the UK’s first Blockchain property trial (2019).

Contact: Hayley Brailey

Tel: 0800 240 47 46

Email: [email protected]

Address
The Maidstone Studios,
New Cut Road,
Vinters Park,
Maidstone,
Kent
ME14 5NZ

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