Sayinthen Vivekanantham is the latest guest on the Today’s Conveyancer Podcast to discuss his second career as founder of prop-tech solution Homey.
In his first career Say was a medical doctor until a few years ago when his side-hustle in developing a small property portfolio turned into a passion for helping estate agents and conveyancers work better together.
Homey has two sides; an estate agent referral element, and a client on-boarding element. Homey can facilitate the flow of work between estate agents and conveyancers, enabling firms to ‘make more money from a captive referral base’ says Say.
There is an opportunity to incorporate referral fees, but Say is clear Homey doesn’t have a position on whether referral fees are good or bad. However, whoever is building technology in the property space would be foolish to ignore the way in which many transactions are currently instructed via a financial incentive; we can’t be ‘utopian’ about this issues he adds.
Clearly referral fees squeeze margins so our focus should be on how we can play our part in creating greater efficiency in the process and raising fees. Say adds the profession must also play its part and encourage greater commerciality amongst staff. The law is a vocation, and the motivation to do a good job is admirable, but ultimately we must ensure we make the right commercial decisions to enable firms to grow; and do the right thing by your staff and shareholders/partners.
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