SPECIAL FEATURE: Conveyancer backing needed for true transformation of the industry – Smoove

SPECIAL FEATURE: CEO of Smoove, Jesper With-Fogstrup, writes on the topic of conveyancer backing being needed for true transformation of the industry.

Despite all of the challenges people face at the moment with rising interest rates adding to the cost of living crisis, there remains a strong desire among many to get on with moving to a new home. The latest property transaction figures from HM Revenue & Customs show that year on year (March 2022 vs March 2021) saw the highest number of transactions in at least a decade.

It’s all the more impressive that so many people are pushing forward with these deals given the fact that for many of them, the actual experience is one filled with frustration and stress. A study by Moneybox Mortgages earlier this year found that four in 10 said buying a property was the most stressful experience of their life.

Honestly, it’s a little surprising that figure is so low.

One of the big causes of that stress is the conveyancing side of a property transaction, or at least the customer’s perception of conveyancing. As an industry we don’t do a great job of explaining to homemovers what we do, and why the job is so crucial. To them, conveyancing is simply another expense at an already financially testing time.

What’s more, home movers are often in the dark about exactly what is happening with the legals for their deal. Is it any wonder that this lack of transparency, over a momentous purchase or sale, leads to a heightened sense of frustration and upset?

Bringing customers into the loop

I am convinced that we can improve the experience of home buying and selling. Our business recently rebranded to Smoove because of that commitment to doing things differently, to find ways that we can transform what goes into a transaction so that all stakeholders actually feel involved and valued.

It’s my belief that there are two core elements to this; transparency and technology. It’s absurd that buyers and sellers all too often have little idea what’s going on with their deal. They are the ones hoping to make a significant change to their lives in the form of house move, yet we often see that they are excluded from communication about the progress of that transaction.

Conveyancers will no doubt have been on the receiving end of stressed phone calls and emails from customers wanting an update, and they aren’t alone; brokers, estate agents and even lenders will be getting (and many making) those calls too.

Technology is crucial in introducing greater transparency. We can use it to keep the client included in what’s going on, giving them a greater insight not only into what’s happening with their individual transaction, but also more generally what their conveyancer is doing.

At Smoove, we are focused on investing in technology which can do just that. We have already built our DigitalMove platform, which brings together all of the stakeholders in a deal, and it’s made a huge difference. The improved levels of communication it offers means that transactions complete faster, with happier customers at the end of it. We have now seen over 80,000 cases complete successfully using DigitalMove, and we are determined to continue investing in products and services building on this success, and other digital innovations, which can transform the process.

Embracing a better way of working

What’s been incredibly encouraging has been seeing first-hand how keen everyone involved in the homebuying and selling process really is to embrace a better, smoother way of operating. A better home-moving experience.

For example, the number of brokers signing up to work with our eConveyancer platform has increased, with the number of active users jumping by 10% in our last financial year. Meanwhile we have recently launched an estate agent product, Smoove Start, which is now in a pilot stage where we’re aiming to reduce the admin for agents and therefore speed up the process all round.

But it’s the conveyancers themselves that have the power to make the biggest impact, by backing this movement for change.

The reality is that much of the industry recognises that we can work more effectively and efficiently by utilising technology smartly, by identifying areas where digitalisation can result in a better experience for our customers.

Real progress is being made on improving the way that the conveyancing industry works and delivering a smoother and more satisfying experience for our customers. Yet there is plenty of work still to be done, and only with the backing of conveyancers themselves will we be able to make a lasting change and truly transform the industry.