The COVID-19 pandemic has redefined normal for many people. While lockdown makes sense, it has significantly disrupted businesses and everyday transactions.
How has COVID-19 impacted the property market?
COVID-19 has impacted conveyancing processes for home sellers and buyers. Fear of infection has scared people away with increased unemployment making people reluctant of buying property. This is evidenced by decreased search volumes over the last few weeks.
Certain aspects of the conveyancing process can put the buyer, seller and the conveyancer himself at risk of infection. For example, sellers might need to self-isolate and become unable to vacate the property as agreed upon, or the property itself possibly may need a deep clean.
Some buyers are finding it difficult to secure the financing they need to complete their purchase because banking processes have been disrupted. Other steps of the conveyancing process might be delayed due to social distancing requirements. For example, physical survey valuations cannot be done as easily and finding witnesses may be tricky.
When things get delayed, it can lead to a breach of contract and complicate things for all parties. Fortunately, people seem to be taking a good faith approach and agreeing to clauses allowing for delays specific to recent developments.
How Conveyancing Businesses Can Thrive Post COVID-19 Pandemic
Right now conveyancing businesses can only wait until the situation improves. When lockdowns have been sufficiently relaxed, conveyancing businesses should focus on specific areas to build up their businesses again.
- Customer Service: Despite the economic downturn, buyers will not always prioritise lower prices. They know the value of top service and are willing to pay for it.
- Customer Recommendations: A satisfied customer is likely to spread the word about you. Ask your customers if they have any family or friends currently searching for property and ask to be recommended. Many customers need prompting.
- Maintaining Relationships: Many customers will only use your service once or twice. Nevertheless be sure to maintain your relationship by sending an email every few months. Should your customer need a conveyancer again, you will be the natural choice.
- Partner With Agents: Customers tend to go with conveyancers recommended by their real estate agents.
Beyond these focus areas, conveyancing businesses can develop their opportunities post-pandemic by taking the following steps:
- Focusing on the client not the legal transaction
This makes the customer feel prioritised. The conveyancer will also understand the client and their situation better.
- Invest in technology
When a conveyancing business has the systems and technology in place to streamline administrative work, they have more time to communicate with clients and real estate agents who can help expand their client base.
- Promote customer-friendly attitudes
Make sure that your staff have customer-friendly personalities. This will lead to client satisfaction and encourage clients to recommend you to others.
- Transform inquiries into business
Handling inquiries well helps you secure clients. Personally follow up all inquiries and recommendations. When your conveyancers do talk to customers, focus on how your business can help them with their sale instead of just presenting the price and list of services.
The pandemic and downturn may have led to a plunge in property sales and purchases, but many customers are waiting for a return to business as usual. They are excited to see how the real estate market will be affected, and this might lead to a surge in business in the next few months. Take advantage of this opportunity and grow your conveyancing business by presenting yourself to prospective customers as the right party to close their transactions with.
“The opinions expressed by BizWitty Contributors are their own, not those of BizCover and should not be relied upon in place of appropriate professional advice. Please read our full disclaimer."
