Property conveyancers accelerate digitisation strategies in fear of falling behind competitors
Property conveyancers accelerate digitisation strategies in fear of falling behind competitors, according to new survey by Landmark Information.
A survey of UK-based residential property solicitors and conveyancers by Landmark Information – the UK’s largest property and land data business – has found 88% of residential property professionals believe they have a greater reliance on technology since the pandemic, with 79% suggesting that those who are yet to innovate or use technology in their onboarding or customer-facing processes run the risk of falling behind the competition.
81% of legal professionals stated that the pandemic highlighted ‘gaps’ where digitisation and key technologies could further enhance the residential conveyancing process, while two thirds (66%) believe they experienced less business interruption because of their technology capability.
As such, a majority (80%) of residential conveyancers say they have accelerated digitisation strategies and adoption of new technologies, with almost three quarters (73%) suggesting that IT budgets have increased for the next 12-months as a result.
Looking ahead to 2025, a significant 88% believe it is likely that the industry will have shifted towards greater digitisation, with paper and manual processes ‘all but gone’. A further 87% think administrative tasks will be automated, meaning lawyers can concentrate on more valuable legal service and advisory activities.
Chris Loaring, Managing Director (Legal) of Landmark Information, said:
“While the industry has had to overcome various significant hurdles in the last 12-18 months, there is an overwhelming appreciation that PropTech has played – and will continue to play – a hugely important role in enhancing the residential conveyancing process across the industry.
“What is clear from the survey findings is that conveyancers believe PropTech adoption is inevitable and will deliver a more transparent, efficient and faster process for their clients, while also helping them to differentiate, increase profitability and, importantly, improve risk management. The full survey findings and commentary are available in a comprehensive report, which is available to download for free.”
To download a copy of the Residential Conveyancing Trends: 2021-2025 report, visit https://go.landmark.co.uk/residential-research-report.
For more information regarding Landmark Information, telephone 03300 366000 or visit https://www.landmark.co.uk.
Kindly shared by Landmark Information
Main photo courtesy of Pixabay
