Our industry finds itself at a watershed — and, as we all know, challenges are not setbacks but opportunities for future growth.
Over the past year, one of the most persistent themes has been the reputation of conveyancing — a key part of the homemover’s journey that is so often overwhelmed by delays and a lack of clear communication.
Many homebuyers have found themselves left in limbo, unsure of their case status, while brokers and advisers grapple with case managers who are unavailable, or suddenly on holiday.
The industry must adopt an explorer mindset
The situation we find ourselves in calls for a new approach and a transformative attitude.
Exceptional people
Imagine a market where a dedicated team of trained professionals is available when needed, and also equipped to skilfully navigate the intricacies of the homemoving process.
This is where brilliant people are pivotal. Conveyancing teams that are trained through a specialised academy would surely help raise the industry bar, ensuring that every transaction is handled professionally and creating new standards in best practice.
Innovate or stagnate
But brilliant people alone cannot achieve this. The industry is ripe for the adoption of innovative technology that can help brokers and customers at every stage of the journey.
It’s not just about identifying the problems. It is about actively participating in creating the solutions
This isn’t about automation or leveraging the emerging uses for artificial intelligence. It’s about building a platform that integrates innovative technology, offering stakeholders real-time insights and transparency. A platform that would keep case handlers informed of any additional legal tasks, fees or documents that might be required, allowing for immediate requests rather than protracted delays. A platform that also enables seamless digital communication between conveyancing firms on either side of a transaction.
A system like this would not only benefit the customer but create a world of collaboration with brokers, lenders and panel managers.
But even when hiring brilliant people and leveraging innovative technology the industry will quickly stagnate without a desire to explore new frontiers. The adoption of an explorer mindset encourages the industry to challenge the status quo and seek better ways of working.
The collective challenges that we face are not unique to any one firm. They are universal issues
It is this mindset that can galvanise the partnerships we form, encourage us to co-create and ultimately pave the way for us to succeed together as an industry.
Legacy systems
However, despite opportunities to capitalise on these process gaps and advocate for transformation, the market has remained fairly static. Legacy systems and dated technology have been substantial roadblocks.
But I do not regard this as a cul-de-sac on the journey to success.
The industry is ripe for the adoption of innovative technology that can help brokers and customers at every stage of the journey
One thing is for sure: the industry requires a shake-up. A departure from old ways of thinking that have held us back for far too long.
I believe an unwavering focus on brilliant people, innovative technology and an explorer mindset will help our industry usher in a new era that will not only achieve but exceed the expectations of brokers and homemovers.
The collective challenges that we face are not unique to any one firm. They are universal issues that require action across the industry.
This is where the power of forming long-lasting partnerships comes into its own. By working together, we can co-create solutions that are even greater than the sum of their parts. As an industry, we need to focus on fostering a culture of continuous improvement, where brokers, advisers, panels and conveyancers are empowered to contribute their very best.
Many homebuyers have found themselves left in limbo, unsure of their case status
It’s not just about identifying the problems. It is about actively participating in creating the solutions; setting a new standard for what our industry can and should be.
By embracing challenges as opportunities, we can collectively pave the way for a more efficient, transparent and collaborative industry that focuses on the most important element: our homebuyers.
Waseem Haq is chief digital officer at Movera
This article featured in the December 2023/January 2024 edition of MS.
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