"Ensuring the conveyancer is best for the transaction in hand, who can provide consistent communication and excellent service, at the right price, is starting to come out on top. "
In my view, the conveyancing panel management model, long a staple of the property transaction process, is in need of transformation.
As someone who has been involved in the conveyancing sector since 2008, in recent years I’ve seen increasing panel management fees and a lack of transparency and support combine to create an environment that is not in the best interests of brokers or the end-customer.
It is this that has led to the inspiration and launch of conveybuddy, which is aiming to challenge the status quo to deliver a better service, but at a more competitive price. A win-win for all.
Filling the gaps in the market
Having sold Broker Conveyancing in 2016, I’ve continued to closely observe the industry and have seen that conveyancing panel management in the broker market is at risk of doing the unthinkable – taking broker business for granted. I believe there is a significant opportunity to instead offer a service to brokers that prioritises relationships, transparency, alongside competitive pricing.
We know that the relationship between mortgage brokers and conveyancers has always been critical to the smooth processing of property transactions. Yet while this relationship may be seen as a necessary evil by some, increasingly brokers are recognising the value of working in partnership with conveyancers.
Covid has already changed the dynamic with many brokers moving away from selecting a conveyancer based on their proximity to their office or client. Instead, ensuring the conveyancer is best for the transaction in hand, who can provide consistent communication and excellent service, at the right price, is starting to come out on top.
As I see it, this shift is significant because it highlights the importance of selecting the right conveyancing partner – not just the cheapest one.
In order for this to happen, it’s vital that panel managers step-up and take on the role of removing the mystery surrounding conveyancing, instead help brokers to identify the right partners for their clients’ needs. Think of us as matchmakers, ensuring that brokers and conveyancers are perfectly aligned to deliver the best possible outcomes for clients!
In my view, conveyancing is not just ‘another product’ to be sold; it’s an integral part of the holistic advice that brokers should offer. By helping brokers to choose a reliable conveyancer who can make the property transaction as smooth as possible, they can significantly enhance their value proposition and build long-term trust with their clients.
The primary role of panel managers should be to provide the support that makes this possible and do this by offering impartiality and choice, with transparency of fees.
Brokers have diverse needs and a one-size-fits-all approach simply doesn’t work. Panel management firms should offer a range of options, allowing brokers to select conveyancers based on their specific requirements, whether that’s the onboarding process, communication technology, or even the mode of communication.
Of course costs come into play. For us here at conveybuddy, we’ve built a model that embraces market-leading technology while maintaining transparency of what costs what. We don’t take a large slice of any fee, and we ensure that brokers receive the support they need.
As I see it, the conveyancing panel management model is at a crossroads. It’s time for brokers to demand full clarity of services and costs, and for their panel manager to provide choice and impartial advice. The days of opaque pricing structures and inflated fees should be behind us.
Brokers should no longer feel constrained by limited options or forced to choose between cost and quality. Instead, they deserve a panel management service that offers a clear, honest, and comprehensive approach to conveyancing – a service that truly supports their business and client relationships.
