Every month we are intending to interview one major introducer of work to conveyancers to understand their business, what they want from conveyancers and what frustrates them. This is the first in the series. If you introduce work to conveyancers and want to be interviewed, we’d be keen to talk.
The last calendar year ended with a significant level of market uncertainty caused by political turmoil. Buyers were reluctant to make offers and sellers were anxious about placing their property on the market whilst prices were decreasing.
Despite the property market facing so many question marks, it is clear that many businesses associated with the home moving process continue to flourish in hostile market conditions.
As technology plays an increasingly important role and more legal services are migrating online, the role of the introducer becomes increasingly important by encouraging conveyancers to modernise and providing home movers with a more streamlined and efficient moving experience.
Peter Joseph, CEO of the Move Home Group and The Moving Hub, has taken the time to share his experience of the introducer market and how he feels it will develop in the future.
What part does your business play in the property market?
One of the most important and sometimes neglected parts of buying and selling a property is the progression; keeping that chain together and giving buyers and sellers the best possible chance to complete on their properties. A good conveyancer is vital in this process.
My company acts as a premium conveyancing and survey network supplying a service to both clients and Solicitors. We match client’s needs to the right solicitor or surveyor, accounting for location, lender approval, capacity and of course service levels. All of these we constantly monitor. We are there for our clients from instruction to completion and with our state of the art property platform, everyone involved in the transaction has full visibility on the transaction with instant date updates.
What is your role in the organisation?
I am the CEO of the Move Home Group which consists of two brands; Home Legal Direct, our B2C model and The Moving Hub our B2B model. I also take the direct role with onboarding and management of Solicitors that wish to join our panel along with other partnerships. I ensure the quality or our service providers is of the highest standards.
What are your thoughts on the introduction market and how do you view things changing in the future?
The introducer market has been in existence for some time but with the development and the availability of technology and the increased number of the people using the internet and smart phones, this is a massively growing field. We invest heavily in our tech which helps us be agile, efficient and save our clients’ money. Clients are now much more price sensitive and using their family solicitor has been a decreasing market for some time. Clients want a good price and expect good service and why shouldn’t they.
How many law firms do you send work to?
We currently work with a select number of solicitors; around 45 some with multiple offices. This gives us good coverage across the whole of the UK and all lender panels.
How do you choose your panel?
Firstly, all solicitors must be fully vetted, be part of either the SRA or CLC and have to agree to our strict SLA (service level agreement). Then we look at how tech savvy they are in linking to our platform, lender coverage, reviews and the general feel we get when speaking to them as to the experience the clients will have.
If we are satisfied, we will then test the solicitor with one of two instructions and monitor their service instantly whether it is by speaking to our client, using our portal to see how quickly calls are being made, welcome packs sent, enquiries replied to etc. Its all about service, service, service.
What differentiates you as an introducer from others in the home buying sector?
I cannot speak for our competitors, but what I do know is that I want us to offer the best service out there, I want us to have great tech and I want that tech to give our clients and suppliers a great user journey and I want knowledgeable well-trained staff. This ethos resonates among my staff.
How do you view the market developing and what are the main reasons for this? Will the market remain flat or drop?
Brexit…all I hear is what will happen to the market…Well I am not worrying about that.
We have found the market to be very strong. As a National company we do not feel the localised fluctuations. With the interest rates low, mortgage lenders coming to the market place I see 2019 being a steady year with some constant growth, a more traditional year you could say.
I do not think there will be any massive interest rate changes, if Brexit proceeds, the Bank of England will want to see how everything settles down. If we go down the other route, the Bank of England would not wish to make any changes until there is certainty in place.
Therefore, I see lending to remain available, even with higher criteria, this should assist with the fuelling of the market.
One area I would like to see some changes on, is in the Buy to Let market, the change here is a relaxation of the stamp duty to bring the investors back. I believe this is needed as the ability to off set the mortgage interest is reducing which is meaning the small to medium sized investors are hesitating. These are, along with first time buyers, the foundation of the property market.
What are your main frustrations with the conveyancing sector?
One of my main frustration’s are firms’ resistance to embrace technology. Yes it is expensive if done correctly but in a service industry we live in a world where everyone wants an answer quicker, they want it done accurately, cheaper and be able to see where they are in the process. Only good staff, good tech and good suppliers can do this, something that we strive to achieve.
Peter Joseph CEO – peter.joseph@themovinghub.co.uk
0203 868 4519
Our Services
Conveyancing – Remortgages – Transfer of Equity – Equity Release – Home Buyers Surveys – Building Surveys – Property Valuation reports – Home Insurance – Wills
One Response
1 What level of technology do you require recommended firms to have? In particular what percentage use artificial intellence to review lease?
2 Do you use Land registry open data to check the level of current experience that firms have of particular types of transaction (eg unregistered land)?