TwentyConvey data: Average retention rate of conveyancers is just 11%

The average retention rate of conveyancers across England and Wales is ‘astonishingly low’ at just 11.2%, TwentyConvey has found.

Research compiled by the firm, which is part of the TwentyCi Group, examined nearly 30,000 live sale transactions as part of their analysis.  

The results found that in just 11% of cases, the selling conveyancer was the same conveyancer who last bought the property.   

Through the power of data, TwentyConvey alerts firms when former purchase clients newly list their properties for sale to drive a new flow of new instructions.  

Richard Hinton, Owner of Pitsford Consulting, has a background in law firm business development. He launched TwentyConvey in partnership with TwentyCi. 

Hinton said of the latest findings:

“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.” 

As well as offering its alerts service, TwentyConvey improves the market insight that firms currently lack in managing their businesses. New insights reveal the performance of firms, their competitors and relevant geographies to paint a vivid picture of competitive positions and strategic options that inform decision making. 

Hinton added:

“We believe TwentyConvey generates around £60million of revenue opportunities every year from the tens of thousands of alerts supplied to forward-thinking conveyancers. 

“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.” 

Kindly shared by TwentyConvey