I went to watch the F1 movie on Friday evening – I even finished in my office a little early to get to the cinema on time, which is unheard of from me on a Friday. And I have to say that I was not disappointed with the film.
If you haven’t seen the film and are into F1, go see it! I do think that you need to know a little about race strategy and things such as tyre degradation, but it is exciting and it makes you appreciate what a good actor Brad Pitt is. In fact, the woman sitting next to me told the chap she was with (I would guess an early date from their conversation) that she had only agreed to come to be able to watch Brad Pitt, and as the credits rolled she did admit that she did not understand a lot of what was happening.
So that led me to thinking about the similarities between F1 racing and conveyancing – I know that is a new angle but let’s think about it.
- Precision and attention to detail. Conveyancing errors can lead to delay or derail property transactions. In F1 racing, every second and every component of the car has to be finely tuned and small mistakes can have huge consequences.
- Time-sensitivity. In conveyancing, timelines matter – deadlines, completion dates; in F1 racing, speed is of the essence, which includes the timing of pit stops and race strategy. Even the qualifying laps are crucial.
- Teamwork and co-ordination. In our conveyancing world, we work with estate agents, banks, councils and clients to get the transaction through; in F1 racing, the driver depends on a whole team which includes the engineers, the strategists and the pit crew. When you hear the likes of Lewis Hamilton thanking the team and those back in the factory, he means it – he would not be driving such a high powered car without thousands of people behind him making it happen
- Risk management. Conveyancers manage legal risks including title issues, contract conditions, AML and other finance issues; the F1 team constantly manage and assess risks such as weather, tyre wear, overtaking and the pit crew.
- Complex systems. Conveyancers are dealing with legal systems, regulations and financial implications; the F1 team are looking at technical regulations, race strategies and mechanical systems.
So think about that and consider our role from a different stance… Which leads us to look at the Property Grand Prix.
- The F1 Driver = The buyer: Ambitious, impatient and always wants to get to the finish line first (a.k.a. move-in day).
- The Pit Crew = The conveyancers: Working furiously behind the scenes, making tiny tweaks that no one appreciates until something explodes.
- The Circuit Track = The property process: Full of tight turns (searches), sudden chicanes (contract clauses) and the occasional oil slick (dodgy planning permission).
- The Red Flag = That moment when someone says,“Wait, the seller never got building approval for that extension.”
- The Safety Car = Your bank: Slow, cautious and comes out just when things were finally moving.
- The Finish Line = Completion day! Everyone cheers, only for the buyer to realise now comes the furniture assembly and dealing with the utilities company.
F1 is about going fast without crashing.
Conveyancing is about going slow to make sure you don’t.
So let’s think of ourselves as conveyancers in the fast lane – but no one would ever think to make a film about us. Although if they did, I’d be happy for Brad Pitt to play me!
This is written by a real high street conveyancer who wishes to remain anonymous. Read more in Today’s Conveyancer every week.
