Just 11% of homeowners return to the firm who completed their property purchase according to newly released data, despite 3/4 saying they would use their conveyancer again.
Research compiled by TwentyConvey, part of TwentyCi, reviewed 30,000 sale transactions and identified just 11% of them were being transacted by the same firm who last bought the property.
Richard Hinton, Owner of Pitsford Consulting has described the research as ‘astonishing.’ He launched TwentyConvey in partnership with TwentyCi following many years working across law firm business development and said
“This is an important piece of research which has highlighted an astonishingly low retention rate among conveyancers. Every conveyancing firm, regardless of its size, finds staying in touch with former clients a real challenge because the average homeowner cycle is around 20 years. Conveyancers who reconnect at an early stage in the sales process find it’s an effective way of identifying leads, maintaining client relationships and enhancing profitability.”
The research was conducted as part of TwentyConvey’s Alert Service, which notifies firms when former purchase clients newly list their properties for sale to drive new instructions.
Earlier this year a research project undertaken as part of National Conveyancing Week identified clients have an overall positive view of conveyancing; with 72% of 2,000 UK adults surveyed who moved in the last 5 years said they were ‘satisfied’ by their experience of using a property lawyer with 74% indicating they would use their conveyancer again. The results highlighted the importance of maintaining contact with clients as the sentiment falls significantly for adults who moved over over 5 years ago with 28% of respondents unsure whether they would use their conveyancer again.
Hinton says the TwentyConvey platform generates around £60million of revenue opportunities every year from the tens of thousands of alerts supplied to conveyancers which , coupled with insight around performance of firms, their competitors and relevant geographies, enables firms to understand their ‘competitive positions and strategic options that inform decision making.’
“Each alert empowers our customers because they’re not simply crossing their fingers and hoping their clients remember them, instead they’re taking a proactive approach to drive new instructions.”
Concluded Hinton.
