Claims management company First4Lawyers has entered the conveyancing market with a new comparison platform for home buyers and sellers. The group says it spotted a gap in the market for a service which compared firms not just on price but also on expertise and online reviews from independent sites such as Trustpilot.
Following an initial trial in the North West, F4LPlus has been rolled out nationally and claims to have already delivered £4m worth of leads to participating firms. Importantly, says the group, their initial findings who nine out of ten leads needed conveyancing services immediately or within the first month.
Qamar Anwar, managing director of First4Lawyers, says:
“We knew there was a gap in the market for something like this, but the demand we have seen has far exceeded our expectations and to be in a position to scale up so quickly is incredibly exciting.”
F4LPlus was initially trialled by 10 firms with the website receiving over 33,000 visitors in the first month.
“We are constantly analysing the data to improve the customer experience and the recurring theme to come out of that analysis is that consumers want choice and convenience and aren’t just focused on price. In fact, many are not only not choosing the cheapest option but requesting quotes that exceed their stated budget. Buying a property, which for many people will be their home, is one of the most significant purchases a person will make in their lifetime and so they want it to be handled by someone who is reputable and has the relevant expertise.”
added Anwar.
Home movers are taken through an initial triage process, including location, price of the property, tenure, whether the home movers is a FTB and/or buying with a mortgage; with up to te quotes returned; they can then shortlist up to three to whom the lead is passed for further discussion.
First4Lawyers says they then conduct a vetting stage, with qualified leads – the name given to enquiries where there is a genuine prospect of securing instructions – passed to participating firms. Firms can also choose the type of leads they receive, whether from homebuyers, sellers, those looking to remortgage or transfer equity, and where in the UK enquiries come from.
The pay-per-lead model starts from £20 per lead and instruction rates can be as high as 29% depending on the transaction type says Anwar.
“Our pay-per-lead model for conveyancing has proved so successful for one of the firms taking part that they have had to take on a dedicated member of staff to handle the work we’re sending their way. The return on investment varies depending on the types of lead requested but at its lowest is £3.87 for every pound spent, rising to £11.43. Current demand is such that conveyancers who join us can expect to start receiving leads immediately. It really is a win-win and after such a promising start, we can’t wait to see what the future holds.”
First4Lawyers, which has generated over a million ‘high quality’ leads for personal injury and clinical negligence law firms over the last 16 years, say they hope to roll out the platform to other legal services in the future.
