tm blog

Here’s a sneak peek at what we’ve got planned for our tmconvey platform in the months ahead to help save you and your team even more time in the property transaction. 

Even more mapping enhancements

Following on from the addition of HS2, Crossrail, Overseas Corporate Ownership Data (and more), we’ll be enhancing our tmconvey mapping even further with…

• Boundary alerts

Our mapping will soon be able to alert you when any Local Authority boundaries are close to the subject property, or when a property happens to straddle a boundary, so you spot any unusual cases in advance and better understand the local searches you’ll need to order. 

• Reset button

We’re enhancing our drawing functionality with a new reset button, so you can easily remove an outline and redraw it as many times as you need to. 

• Undo button

We’ll also be adding an additional button to allow you to undo your drawings step-by-step, so you can tweak the outline as and when you need to.

New integration partners

We’re proud to say that we already have good working relationships with law firms to provide integrations with CMS providers SOS and Visualfiles. 

However, we’re also in conversation with Tikit, Peppermint, Mattersphere, Linetime, Proclaim, Osprey, Ochresoft, InTouch Legal and Sharedo to support further integrations.

Improving the end-to-end search ordering process 

We’re always listening to our customers as we continue to evolve our tmconvey platform. In extension of this, we’re currently in consultation with several law firms about how we can make our search ordering process even better. 

Keep an eye out for tweaks and changes across the year that will make it quicker and easier for you to order your searches. 

If you have any questions, please get in touch with your Account Manager or our friendly Helpdesk team on 0800 840 5571 or helpdesk@tmgroup.co.uk 

tmgroup spoke to Paul Addison, Managing Director of DevAssist about Strategic Housing Land Availability Assessments (SHLAAs), and how understanding where there is development potential is just as critical as advising clients on current planning applications.

Nearly ⅓ of properties have a high risk of development in their proximity

I think the first thing you really need to know is that nearly ⅓ of the property purchases you are consulting on, have a high risk of development in their proximity. Furthermore, this risk is not always made clear, so if this risk is unknown to the client at the point of purchase, are you responsible? 

You could well be. In an economic climate where we are all increasingly risk averse, a risk of unforeseen development for your clients is a risk to you. Claims against Professional Indemnity are one of the most common contributory factors to solicitors going out of business. 

‘95% of homebuyers are concerned about unforeseen development in their neighbourhood.’ (Institute of Economic Affairs)

Purchasing a property, only to discover too late that there is a significant risk of development nearby, can and does result in clients taking legal action against their solicitors. Unfortunately, we’ve only seen the rate of these claims increasing. Clients are placing responsibility for interpreting planning data, with their conveyancer. The landmark case which really shifted the perspective across the whole industry was the Bird & Bird case in back in 2014. 

Law firm Bird & Bird had been instructed to purchase a high value property in North London. However, they had failed to disclose to the client that a planning report had contained information regarding a substantial development planned nearby. The client did not learn of this development until after the contract had been signed and deposit to the vendor paid. Upon discovery, they pulled out of the sale and took Bird & Bird to court to recoup costs invested so far. Ironically, the development was nearby but would not have adversely affected their property. In court, Bird & Bird took the stance that they were not under any duty to provide the report. Regrettably, having felt they had followed protocol correctly, the judge took the side of the client. Bird & Bird lost the case and were ordered to pay £1.8m in damages plus interest.

So how do you protect your firm and your reputation?

My advice to conveyancers is always the same. You need to be accessing all the data available to you and not relying on planning data reports alone. Strategic Housing Land Availability Assessments (SHLAAs) are a land viability exercise undertaken by local councils. This assessment of land availability identifies a future supply of land which is suitable, available and achievable for housing and economic development uses. This is an activity taking place in all of our local neighbourhoods with a real risk of impacting us all, but so little attention is paid to them. This is of course great news for developers, but worrying for homeowners. For those that aren’t yet in the know; 

The assessment will:

• identify sites and broad locations with potential for development;

• assess their development potential;

• assess their suitability for development and the likelihood of development coming forward (the availability and achievability).

How does this affect you and your clients? 

Sites that have undergone this assessment are significantly more likely to be approved for planning permission. However, here’s the real catch, SHLAA’s are not reported in standard searches or planning data. If your firm only commissions the basic searches, you will be missing vital information regarding potential development. 

In addition to this, the planning data you receive is usually provided as raw data. This makes the data complex to interpret and in my experience, doesn’t give you the full picture. 

Important development insight is contained in the planning data but often, any risks of development to the property you are interested in, are not easily identified. This is due to the geo-coding of the data, making the proximity of planned developments to the property of interest, unclear.  It is often the case that planning data will identify a development proposal in the neighbourhood, but mislead you about how near that development is to a subject property. On a planned development of 2,000 homes, the geo-coding could be set to any point on that large acreage – likely some distance from the property you’re looking at. When in reality, the development is going to extend as far as the bottom of your client’s garden. 

The only way to extract the real risk of, or proposed development and its proximity to a property, is to assess the planning data alongside the SHLAA research. 

How likely is it that your clients will be affected by unforeseen development? 

Very. Particularly in the ever-shifting and evolving urban environments. Our research indicates that purchasers and investors have a 20% chance of experiencing major or significant change in London. In Manchester, this rises to 42%. We can’t always avoid development or the risk of it, but we can be better informed. 

Rooms without a view

Just last month in Folkestone, we were commissioned to deliver a report on a subject property which enjoyed uninterrupted sea views. The apartment was to be a retirement home and the views were the primary attraction for the buyer. We identified two high risk development proposals, just metres from the property. One of these proposals had already received planning permission. The approved development was for a large modern apartment block that would obstruct the sea views entirely from the property - see image below. 

These developments were not picked up in the standard conveyancing searches that had already been undertaken.

It’s not just the sea views under threat of course. We recently delivered a report for clients in Warrington. The property was a country cottage that boasted enviable rural views and a quiet location.

Our report ascertained that there was a real risk of development in the immediate vicinity of the property. Our report identified that the area as a whole has been considered for Garden City Suburb development and that one site, bordering the subject property had already been promoted through the SHLAA process. This insight wouldn’t have been exposed in standard conveyancing searches and was critical to the client’s decision on whether to proceed with the purchase.

Be informed 

I feel passionately that you can only take responsibility for the information, if you have the full picture. If your searches do not contain SHLAA data, you are missing a vital piece of the puzzle. This omission of data has been a source of huge frustration for me over the years and hence the establishment of my own company in this field. 

Discovering unforeseen development is not a rarity either. You and your clients will be impacted by development, as we are a small island in dire need of more housing! However, we can be more informed about our changing neighbourhoods, and in turn make more informed decisions when it comes to buying properties.

For more information about DevAssist, visit www.devassist.co.uk or get in touch with your tmgroup Account Manager. 

tmgroup spoke to Rebecca Kibby, CEO – Conveyancing Services, and Yanthe Richardson, Senior Associate, at Foot Anstey LLP about the biggest roadblocks to meeting “that 28 day deadline” – and what could be done to address them, including:

• Addressing the AML problem

• Improving the lending process around New Build incentives

• Better managing communication between all parties (especially when there’s a developer involved as well)

• Improving collaboration across property professionals, so even complex chains help to meet that 28-day deadline

• Finding an easier and faster way to manage the Help to Buy process

Q. What is one of the biggest causes of delays and frustration with New Build transactions? 

AML! Property professionals connected across a New Build transaction are at the mercy of industry-wide processes that extend far beyond what one profession can influence or control – and AML checks are a classic example of this. 

Anti-Money Laundering (AML) checks are inescapable, due to the high risk around residential properties and the heavy regulation in place for managing that risk. Whilst no one would question the “why” of performing AML checks, the challenge is in the “how”. 

Currently, homemovers have to provide personal information to all of the different stakeholders – from their mortgage broker and Estate Agent, through to their developer and solicitor – so each can conduct an AML check. This is irritating and time-consuming for everyone involved. 

For conveyancers, the situation is exacerbated by the need to also obtain “proof of funds”, and subsequently investigate everything from their client’s income, to their financial story and wealth check, which explains how a client has come to acquire funds into their savings account. It’s complicated and intrusive, especially as clients don’t always provide the correct information up front; resulting in lots of back and forth and significantly eating into that 28-day timeframe. When clients are receiving a gift, very similar checks are then repeated for the donor of those funds compounding the delays further.  

Q. What’s the solution to “the AML problem”? 

If each homemover had to complete just a single AML check at the very start of the property transaction and this information was shared across all parties, the process could be dramatically improved.

Unfortunately, this is easier said than done, as each profession is governed by their own regulating body – and, as they all have varying requirements for AML, it would be challenging to switch to a “one size fits all” format that every profession could rely on.

Even if this were immediately possible, the technology isn’t yet in place to share this data securely – although Blockchain certainly has the potential as a viable solution, so watch this space! 

Q. What else complicates New Build transactions – compared to second-hand home transactions?

Incentives… It is quite common in the sale of New Build properties that an incentive is offered to help “seal the deal” – including white goods and help towards Stamp Duty payments. Whilst fantastic for the buyer, this prompts further work for the conveyancer in complying with the lender's requirements – adding another roadblock to the progression of the sale.

Why? If an incentive is offered as part of the reservation, lenders need to know about it to ensure that it doesn’t impact value. This is because, historically, lenders have suffered losses in the event of a house being repossessed, due to not knowing about the incentives in place, which may have artificially inflated the overall assumed property value. Therefore, it has become part of a conveyancer’s due diligence to report on such matters and for developers to provide a CML Disclosure of Incentives Form (now UK Finance). 

This should be simple – but sadly, it isn’t. As each lender has different requirements for reporting on these matters, conveyancers have to double check Part 2 of The UK Finance Handbook (which is subject to regular changes) to progress every transaction – and can often wait on hold for up to an hour if they have a query for the lender over the phone.  

There is certainly room for improvement. The ideal solution would be for mortgage brokers to capture incentive information at the start of the process, and then for all lenders to amend their templates to accommodate this so that incentives were already listed on the mortgage offer. This would give everyone the information they needed in an accessible format upfront (without the conveyancer having to chase around for updates) – and the process would be much faster for everyone involved. 

In the meantime, lenders could take steps to better support conveyancers by adopting a more consistent approach to communicating any changes to their section of the Handbook, as well as improving their SLAs on call answering times.

Q. Do complex chains have a significant impact on meeting that 28-day deadline? 

Unfortunately, yes. Our own internal figures indicate that around a third of New Build property transactions are connected to a chain - putting that precious 28-day deadline into the hands of other conveyancers, who are often not able (or in some cases, not willing) to work their second-hand properties around developers’ tight timescales. 

This situation is compounded by the current lack of buoyancy in the property market, as developers simply don’t have the luxury of being able to qualify out buyers caught up in complex chains – even though they aren’t conducive to meeting that 28-day deadline. 

Q. Does the ‘Help to Buy’ scheme help or hinder New Build transactions?

Help to Buy Funding has undoubtedly had a material impact on the market and has been fantastic, particularly for First Time Buyers. However, the legal process is inconsistent and complicated in practice. The process for drawdown of the funding and subsequent repayment later can be primary causes of delay in conveyancing chains and more needs to be done to simplify and tighten turnaround times.  

As the scheme was introduced in 2013, many people are now reaching the end of the 5-year interest-free period and wanting to pay off the loan by refinancing or moving up the property ladder. In chain transactions and where one party has a Help to Buy loan to repay, the process of obtaining a valuation and basing calculations on the original purchase price, coupled with the delays in turnaround times from the loan administrators, mean that there is little conveyancers can do to influence the position. Now is the time to look at the process to make it a better experience for buyers. 

Q. The developer is often involved in progressing a New Build transaction. What difference does this extra party make?

In any given property transaction, there are many parties involved in progressing the sale to completion. However, for a New Build, there are even more, as the developer typically adds their own plot progressor into the mix. 

If things aren’t going particularly smoothly, it’s also fairly common for the developer to put forward even more representatives – potentially a Sales Manager or even Director to monitor progress and help speed up the process.  

Having so many points of contact creates communication challenges, as there are simply more people in the process who not only have an influence, but also need updating on progress. Of course, this isn’t a problem for any profession to tackle alone – it’s a challenge for the industry to get this right, by embracing collaboration and the latest technology has to offer. 

There is no easy way of updating all at once without clogging up inboxes, and it is disappointing that as an industry we still do not have a central platform for updating everyone connected in the chain simultaneously.  

Q. Are homemovers their own worst enemy when it comes to meeting that 28-day deadline?  

Although they may not be aware of it, homemovers do have the potential to influence the speed of their New Build property transaction. With such a tight turnaround, every day counts – from how long it takes them to complete a form or return ID, to how quickly they can return a phone call, it all has an impact on meeting (or missing) that 28-day deadline. However the legal process can be daunting and there is a lot to read, take in and digest. People need time to do that against the backdrop of a looming deadline and lots of professionals sending information all wearing different hats.  

New Build buyers have the benefit of being signposted towards a panel law firm to assist them in their purchase and who are familiar in detail with the site in advance. However, typically buyers don’t understand the value of working with a panel firm – which includes instructing a genuine specialist in New Build transactions and process, the influential relationships that could help move things along and the economies of scale that will save them money (as panel firms can offer a discount). 

It’s not just homemovers that can influence the timescales. The speed of the transaction depends on how good everyone in the chain is at “doing their bit”. From the plot progressor to the mortgage broker and of course the conveyancer, the more everyone pulls together, the smoother the transaction will be. 

Q. Any final thoughts? 

When you stop to think about the logistical considerations involved in buying a new home; the process itself, the multiple parties involved, the regulation and risk involved and the sheer speed at which it all has to happen, it sometimes feels like a miracle that properties exchange on time! Yet many still do, thanks to the hard work and determination of the professionals connected in the chain and because when the focus is there, it is in fact entirely possible in most cases. 

Ordering searches against New Build properties is notoriously trickier (and more time-consuming) than working with second-hand homes – from having to work without a postcode point of reference, to managing endless queries from data suppliers. 

Outsourcing helps firms boost their workload capacity and win more business

Yet, spurred on by the Government’s push, more and more New Build cases are making their way to property teams across the country; forcing firms to re-evaluate how they manage their workload – without draining their limited resources. For many, including Braddon Snow Solicitors, outsourcing has been the answer. 

By managing New Build properties on a firm’s behalf, tmgroup help property departments create new efficiencies and better meet tight developer timeframes. All of which helps to boost their workload capacity, as well as their reputation, so they can win more New Build work in their area.

Managed Services take the hassle out of New Build search ordering

tmgroup are working at the forefront of delivering an efficient approach to managing New Build properties – with solutions including their ‘Managed Development’ service, which makes it easier for property teams to manage multiple plots on the same development site.

This service is tailored to firms named as the “appointed conveyancer” on a development, as tmgroup hold all relevant information about the development, enabling firms to issue a quick and simple instruction as and when the next plot is in progress. All the firm has to do then is wait for the results to come back and pass them onto their client; giving them more capacity to take on additional cases.

Jane Blackett, New Homes Conveyancing Team Leader at Braddon Snow Solicitors comments:

“We’ve been using tmgroup’s service for a number of years but found we needed a different approach for New Build given the number of plots we act on.  tmgroup worked with us on what we needed and now, for just over a year, we have worked with a bespoke system that we find much easier – especially when managing multiple plots on the same development. Once the site is set up confirming how many plots we expect to act on, all we have to do is fill in an order form and send across the plot plan. We then just ping an email over with the plot number as and when we want searches ordered against the individual plots. It’s just a much more effective use of our time.”

Firms using the ‘Managed Development’ service also benefit from agreeing search bundle costs in advance (making it easier to advise their clients), query and supplier management to minimise turnaround times, as well as Management Information (MI) reporting to make it easier for them to keep track of long-term development projects.

tmgroup work as an extension of the in-house team to get the job done quickly

Working as an extension of the in-house property department, the tmgroup team deliver against conveyancing search requirements from initial instruction through to returned results – using bespoke processes and systems to project manage. All the while giving firms the peace of mind of working with a knowledgeable team, with over 10 years’ experience in managing portfolios.

As Jane continues: 

“The Managed Services team are brilliant! Any queries, we just give them a call. If something has come up and we’re desperate to exchange, they’ll always make that extra call to chase the search – and 9 times out of 10 they’re successful too! They’re always on hand and we can’t fault the service.”

Outsourcing isn’t just for large-scale development projects – it can also help firms better manage one-off New Build transactions

Challenges around New Build don’t just slow down portfolio projects, they can also hinder the productivity of teams handling individual plots. That’s why tmgroup have extended their Managed Service to support these cases too. 

As and when the service is required, property teams can simply log into the tmconvey platform, add basic instructions to a dedicated form (accessible from a button on the tmconvey homepage) – and leave the tm team to take care of the rest. 

As with the ‘Managed Development’ service, the team will then create and map the property, order the required searches and liaise with data providers – all to support an efficient process right through to the returning of results.

Firms save time with fewer calls and interruptions across the working day

Fielding queries from data providers is one of the biggest headaches with managing New Build properties, but it often can’t be avoided as data providers require a certain level of information (that they don’t always get first time) in order to process the search. 

By letting the tmgroup team take care of any queries, firms benefit from fewer calls and interruptions across the working day. Why does it make such a difference? Drawing on years of experience, the team liaise with data providers and developers, as well as fill in any gaps in information – utilising their industry knowledge and relationships to help the transaction progress smoothly for all parties.

Want to find out more? 

tmgroup don’t operate on a one size fits all approach. We can develop processes within our service to help meet your needs and save you time. 

Talk to your Account Manager today, or get in touch with our friendly Helpdesk team on 0800 840 5571 or email helpdesk@tmgroup.co.uk 

Lawyer Checker have advised that the price of their Account and Entity Screen (AES) will be increasing by £2 + VAT, from 1st September 2019. 

AES provides comprehensive, real-time reporting on the legitimacy of law firms and their bank accounts. The price of the report will increase from £10 to £12 on tmconvey for any orders placed on or after 1st September. 

If you have any questions, please get in touch with your Account Manager or our friendly Helpdesk team on 0800 840 5571 or helpdesk@tmgroup.co.uk

BT Property Search will soon be available to order on tmconvey.

Priced at £59 +VAT, the report will allow conveyancers to check if proposals, including demolition or construction, might affect BT plc (BT) assets in the UK. BT assets consist of various types of property, including Telephone Exchanges and cable connections to and from them, above and below ground. 

Of particular benefit to residential and commercial developers, BT Property Search will help conveyancers to support their clients in mitigating the risk of damage to BT assets and their own, as well as limit unnecessary costs and delay.

If you have any questions, please get in touch with your Account Manager or our friendly Helpdesk team on 0800 840 5571 or helpdesk@tmgroup.co.uk

On Monday 12th August 2019, Groundsure’s relaunched Agricultural Report will be available to order on tmconvey - with new and updated pricing (see more details in the table below). 

Following an extensive research programme with Property Lawyers and PSLs from leading law firms across the UK, the report has been redeveloped with new data, features, improved layout and a new design – including:

• Law Society compliant contaminated land assessment, including confirmation of any high risk features by experts

• *NEW* Full flood risk assessment covering river, coastal, surface water and groundwater - compliant with Law Society guidance

• Manual review of high detail historical Ordnance Survey mapping

• In-depth contaminated land database dating back to the 1840s (including 27,000+ land use classifications)

• *NEW* Energy includes current and proposed oil and gas exploration areas and wells, wind farms, solar farms, power stations and large energy infrastructure

• *NEW* Transportation includes Crossrail 1 and 2, HS2, active railways, underground and DLR

• *NEW* Planning constraints inform about environmental and cultural designations in the area that could impact on planning proposals

• *NEW* Planning applications will inform on small and large developments on or near the Agricultural Land

• Ground stability covers natural and non-natural subsidence potential, including coal mining screening

• Property specific radon assessment

• *NEW* Crop map of England (provides a detailed description of the specific agricultural uses at a farm)

• *NEW* Enhanced guidance on Section B8 of the Law Society Conveyancing Handbook (25th ed.)

o Environmental stewardship schemes

o Agricultural land classification

o Timber felling licenses

o Open access land

o Waste exemptions

o Current and historical rights of way assessment

o Abstraction licences

o Discharge consents

o Environmental designations

These enhancements are also accompanied by price changes. 

You can see the new and updated pricing in the table below:

If you have any questions, please get in touch with your Account Manager or our friendly Helpdesk team on 0800 840 5571 or helpdesk@tmgroup.co.uk

Want to improve the customer journey, but don’t know where to start? Here, John Mackenzie, Business Development Manager at tmgroup shares his top tips on getting to grips with your client’s expectations – and making sure you’re meeting them.

Property professionals operate lean businesses due to pressure on fees

Estate agents and lawyers operate lean businesses, in terms of staffing. This is due to the pressure on fees, increased competition and lack of perceived value by the consumer. If the consumer has a frustrating experience littered with delays, they will simply begrudge paying higher fees – the vicious circle. 

Unfortunately, the lower the fees coming in, the more estate agents and lawyers can struggle to invest in their businesses and provide better service – but oftentimes, it’s more resistance to change that holds these businesses back. 

The most dangerous phrase is “that’s the way we’ve always done it”

I worked for a 2 branch independent estate agent for nearly 6 years and the 2 most frustrating situations I would find myself in were being told by the business owner “That’s the way we’ve always done it” and “I don’t see what the problem is, I think it’s great!”.  

Why is there such a resistance to change? Firstly, a fear of being wrong and secondly a fear of it being expensive. It doesn’t have to be this way… Taking a step back from the business is key to overcoming these fears and can be quite liberating – and clear up a lot of misunderstanding about what your clients really want.

Here are some simple steps that can help you break away from “the way we’ve always done it” and better meet your customers’ expectations:

1. Gather “proper” customer feedback

Talk to your customers and gather “proper” feedback – not just a list of questions asking “how good were we?”. This should be treated as an opportunity to ask some useful questions, better understand their experience and frustrations, and to help you identify areas for improvement. 

For example, did they find that closing at 5pm, or for lunch, caused them issues? Did they feel like a priority – or an after-thought? Would they use your services again? If not, why?

2. Engage your team 

…And then make sure you discuss these findings with your team and do what you can to adapt your services around your customers’ expectations.

By engaging your team in development plans and projects, you will be able to make the most of their combined expertise and experience – and may very well be surprised at what they come up with!

3. Engage experts in their field

Law firms are great at dealing with the law and estate agents are great at selling property… right? Then you pay accountants to look after your finances, as that’s what they are good at. 

So why not engage professional marketing services to help them better understand your customers’ expectations? Marketing is more than just media advertising and may provide a fresh perspective on your business.

4. Stay up to date with the latest products, services and developments

Not all products and services are going to be relevant, but if you do identify poor areas of service, then it’s important to understand if there is a service or product that may be able to help. 

For example, if you do find that calling the office results in a number of calls not being handled, it may be worth engaging a call minding service. Likewise, considering new ways of communicating to free up the phones.

5. Be open to new ways of delivering customer service

Technology is never meant to replace customer service, but it can enhance it. For example, if 25% of consumers want to communicate via secure messaging, that’s 25% less phone calls and therefore fewer missed calls!

It won’t replace the phone, but it offers those that want to communicate in that way the option, whilst allowing estate agents and law firms to use resources and time more effectively.

Is it time you took a step back to better understand your customers’ expectations? Get in touch with John on John.Mackenzie@tmgroup.co.uk 

Joe Pepper, CEO of tmgroup explains how tm are helping law firms and estate agents offer a truly digital consumer experience.

It is a myth that all business have gone digital.  Whilst consumers are used to instant online purchasing and interacting with a multitude of apps that manage everything from holidays to finances, many businesses are only at the start of becoming truly digital.  They may have digitised paper into pdfs, converted mail into email and embraced digital workflows to create an impression of a seamless consumer journey, but look underneath the bonnet and you’ll find that most firms are peddling frenetically to maintain the façade.

Truly digitising processes creates challenges for any business

Truly digitising an end to end process creates a challenge for any business, and that challenge is exacerbated where a complex process, for example a property transaction, involves multiple parties operating across numerous platforms which are rarely integrated. The challenge is heightened where the process, itself, is urgently in need of re-designing.

A recent report identified that the average UK Property Transaction involved the exchange of over 300 emails between the various parties, including the sharing of 120 versions of document. There’s a clear and obvious impact on efficiency, with the average property transaction reported to take anything between 18 and 24 weeks. Ten years ago it used to take 12 weeks.

“Time kills deals”

The impact of this inefficiency on the consumer is significant. There’s an old saying in business: “time kills deals”; and this is absolutely the case with consumers wanting to buy a home. Once the excitement of choosing a house has worn off, being left in the dark for no obvious reason starts to leave the consumer vulnerable to a change of heart. 

Between 30-33% of UK Property Transactions fall-through between the point of an agreement to purchase, and the exchange of contracts. This wastes money and places a huge strain on consumers, neither of which benefits the UK economy. 

Putting the consumer at the heart of the transaction

In a property transaction, the consumer is everybody’s customer but they currently sit on the periphery of the transaction, often receiving different messages from each party they communicate with.  It’s unsurprising that The Property Ombudsman ranks poor communication as one of the leading causes of complaints.

To provide the seamless consumer experience that embracing digital should deliver, the consumer must sit at the heart of an efficient, transparent process that provides accurate, relevant information and certainty.  To achieve that we need to create a digital space which allows the consumer to access accurate updates on the progress of their transactions, removes duplication in the process and facilitates data sharing between multiple parties irrespective of the operating systems being used.

As a consumer, I should only have to complete one Anti-Money Laundering process and I should not have to provide the same information to several different parties at various stages. I should be able to share the details of the property I am buying with my mortgage broker or lender, who in turn should be able to see when I am likely to complete.  I should be able to book a surveyor and see and share their report with all relevant parties.  I should be able to complete any forms that are required by the estate agent or the conveyancer – including the recently proposed Property Information Questionnaire with information that’s sourced from third parties being automatically populated via data feeds. I should be able to demonstrate that I’ve completed required tasks, such as arranging insurance on the property, and crucially I should be able to send questions to the various parties involved and receive a response quickly, because everybody is working in the same digital space. I should, I should, I should… but I can’t!

What are tmgroup doing to turn ‘I can’t’ into ‘I can’?

At tmgroup, we are focusing on bringing the consumer into a digital space, and then developing the integration points to streamline the property transaction for the benefit of all.  We’ve been helping consumers digitally interact with conveyancers for several years now through the tmconnect platform, from completing forms and sharing documents, to providing all parties with an accurate and up to date data portal. 

Similarly, our new mio app allows the consumer to communicate directly with their estate agent, providing transparency around not just the progress of their own property transaction, but crucially how other parties in the chain are progressing with their own transactions.

For more information on how tmgroup are turning 'I can't' into 'I can' and how this could benefit your firm, please get in touch with your Account Manager.

The good, the bad and the ugly. The process of handling new business enquiries comes in all shapes and sizes. To help you better understand what happens in your firm and where there might be room for improvement, Clare Yates, Senior Business Development Manager at tmgroup shares 5 questions that every firm should know the answer to… 

1. What happens when potential clients ring through to your firm? 

Do they get straight through to a dedicated team, trained and responsible for handling new business enquiries? Or do they have to speak to a Receptionist first and negotiate their way to the right department, navigate a complex call answering service, or wait on hold hoping someone will eventually pick up the phone?

If you don’t know the answer, why not try ringing the number displayed on your website and experiencing it first-hand? After all, speed kills the competition – and it’s critical that a potential new client gets through to the right person quickly. 

2. Is every call being handled by the best person for the job?

If you aren’t fortunate enough to have a dedicated new business team, your calls are most likely making their way to your Fee Earners’ office… and the start of a make or break situation. 

If your team is ready and willing to take the call, there’s plenty of opportunity for the caller to be nurtured into a happy client. However, if you find yourself “drawing straws” before eventually picking up the phone with a sigh, the opportunity is at risk. 

According to research by Professor Ian Cooper:

• Over 85% of firms treat ‘residential conveyancing quotes’ as a purely ‘low level’ administrative task.

• 90% of call handlers admit that they don’t actively like handling quotes, or are not very good at it. Not exactly a recipe for conversion success!

What’s happening in your team? Is the best-skilled person picking up the phone with a smile? Or is the only available person clock-watching as they try to wrap up the call and get back to their other work?

Not sure? Well, the right person is probably really easy to spot as they clearly enjoy handling these sort of calls and are already proving successful in winning new business. If you don’t already record or listen to calls, this could be a great place to start to identify who has a natural affinity with customers.

3. Do you have a robust process in place for making the most of each call?

Even the most willing of call handlers risk falling flat without a proper process in place. Is everyone using the same checklist to help make the most of every opportunity?

Professor Ian Cooper also reports that “in over a third of all calls, the party did not know who they were talking to, as the caller’s name was not taken, and the call handler had not introduced themselves!”

If you don’t have a process in place (or think the one you do have needs refining), here’s a simple checklist of questions to ask:

• Name, email address and telephone number

• Why are they moving? New school catchment area? Downsizing? 

• Where are they moving to? Is it local?

• When do they need or expect to be in their new home? 

• Who is moving with them? Children? Parents? Pets? 

The latter questions are particularly important, as understanding the story behind each move can help to shape the call, as well as get every customer journey off to the best start.

4. Are you following up after every call?

It’s critical that you follow up with the caller if you want to convert the opportunity into new business – and not let your efforts go to waste. 

Sadly, not every firm is doing this well. Some simply assume that the caller will come back to them if they want to move things forward. However, this approach can prompt the caller to take their business elsewhere – assuming you just didn’t care enough to get back in touch.

Don’t be disheartened. There is business to be won and a quick follow-up call an hour after the original conversation can make all the difference to your conversion rates. You can even warm the caller up by saying “I’ll send you a quick email now and phone you back in an hour or so to see if you have any questions.” 

5. Are you measuring your conversion rates? 

Whatever approach you are taking to handling new business enquiries, you should have a good understanding of how well things are going. 

• Do you record your calls? 

• Do you know what your conversion rate is?

• Do you know who has the best call handling skills in your team and what sets them apart?

• Do you know where the call came from? Your website? A flyer drop? Recent social media campaign? 

Once you know the answers to these questions, you can look for patterns and see where there is room for improvement. You can also start making changes and monitoring overall success. 

If you would like to find out more about how to handle your new business enquiries more effectively, please get in touch with me: clare.yates@tmgroup.co.uk.