This year marks a significant milestone for Dezrez—25 years of empowering estate agents with cutting-edge technology and innovative solutions! Here at DerezLegal, we’re incredibly proud of our sister company and the success of the Dezrez group over the last two and a half decades. Integrating with Dezrez has allowed us to provide our clients with more certainty and less hassle, every step of the way, from streamlined processes to better visibility into the progress of their transactions – to name a few. This impressive milestone got us thinking about how much conveyancing has changed in the last 25 years, and how important innovation is in improving conveyancing processes. This blog post delves into some of the key challenges faced by conveyancers and movers, and the growing need for innovation in a rapidly evolving property market.
One of the biggest frustrations experienced by conveyancers and movers alike, is the time it takes for property transactions to compete. Historically, conveyancing has involved a significant amount of paperwork, including property deeds, contracts, and legal documents. Relying on physical documents meant that every stage of the process—signing, posting, and receiving—takes time, often causing delays. Here’s how innovative solutions can improve these processes: Automation of manual processes – Reduce delays by automating document processing and communication, such as automatically generated contracts and forms using templates. Online platforms – Speed up communication and provide all parties with real-time case updates and tracking using online portals and cloud-based systems. Digital signatures – Sign and exchange documents digitally rather than waiting for various parties to receive, print, sign and send back documents with e-signatures. New time-saving procedures – Get clients as prepared as possible before an offer is even made to speed up the transaction process. For example, at DezrezLegal, we make sure our clients are one step ahead when selling their home with our free Legally Ready service. This service gets a lot of the paperwork out of the way so that contracts can be issued as soon as an offer comes in.
Buyers and sellers often complain about poor communication with conveyancers during the transaction process. Key challenges include limited visibility into the process and slow response times. Fortunately, in recent years, various technologies have emerged that drastically improve conveyancer-client relations. These include: Client portals and dashboards – At DezrezLegal, our clients have access to Dezrez Anytime, an online client portal where clients can log in and track the progress of their transaction in real time. This connectivity ensures that your clients always have up-to-date information at their fingertips, enhancing transparency and communication. Automated notifications – Our automated systems send real-time updates to clients via SMS or email whenever there is a change in their case. So, when a contract is ready to sign or a search is complete, clients receive instant notifications, eliminating the need for them to constantly follow up with their conveyancer. This also frees up their conveyancer’s time, so they can spend more time working on their case.
Before the introduction of technological innovations, compliance and risk mitigation posed significant challenges during the conveyancing process. These challenges often led to delays, increased costs, legal complications, and exposure to fraud. Here’s how conveyancers can tackle these challenges today: Anti-money laundering (AML) compliance: Digital ID verification enables conveyancing firms to quickly and accurately verify the identities of both the buyer and seller to prevent fraud and money laundering activities. Secure transactions: Conveyancers now have access to a host of digital tools and platforms that help to protect movers’ sensitive data and reduce fraud risks.
Conveyancing fees are a hot topic of discussion among movers. Conveyancing costs in the UK are on the increase, in fact, the cost of conveyancing rose by 10.2% in the second quarter of this year compared to Q1. However, when factoring in inflation, conveyancing fees are actually relatively cheaper compared to 2020. According to online publication, Estate Agency Today, “Conveyancing fees are rising but remain below highs of pandemic during the Stamp Duty holiday”. The article goes on to explain that conveyancing fees remain 8% lower when adjusted for inflation, suggesting that there is generally value for money at the moment. Conveyancing fees can still differ greatly from one firm to another, making it difficult for movers to choose between keeping costs low and exceptional service. The rise of panel firms over the years has made it particularly difficult for firms that pride themselves on providing quality over quantity. DezrezLegal actually started out on a few panels in the early days, however we quickly realised several issues with this arrangement. A key downside to panel firms, which stems from their competitive nature, is the significant downward pressure on conveyancing fees. Lenders often demand low-cost services from panel firms, often making it difficult for conveyancers to work at their best. We decided to make the innovative decision to move away from panels, and the quality of work we’re able to provide is significantly higher. Our customers can feel confident in the fact that their case will be handled by the same conveyancer all the way through, and every aspect of their case will be dealt with meticulously, providing them with certainty and excellent value for money.
In a competitive property market, staying ahead requires innovation and efficiency. Offering a faster, more transparent, and more secure service gives firms a competitive advantage, particularly against traditional conveyancers who rely heavily on manual processes. By integrating our conveyancing services with Dezrez, we’ve done exactly that! This advanced technological solution not only enhances our operational efficiency but also positions us as a forward-thinking leader in the industry. In every instance, we have worked hard to reduce the amount of time things take while remaining compliant, by automating our processes, using e-signatures and providing our free Legally Ready service. We’ve also provided customers with direct access to the progress of their transaction by creating our online portal, Dezrez. This not only reduces stress for the customer, it reduces the amount of time people need to spend on the phone with their conveyancer, so they can crack on with progressing their case.
Innovation in conveyancing is no longer a luxury—it is a necessity. Firms that invest in technology to improve all areas of the conveyancing process will thrive in today’s competitive and fast-evolving market.
At DezrezLegal, pursuing excellence in conveyancing means embracing the latest technological advancements to provide a superior service. Our integration with Dezrez exemplifies this commitment, offering estate agents and property managers a seamless, efficient, and client-centric solution.
Additionally, whilst we fully embrace the positive impact that technological features can have, we also recognise that at the heart of every property transaction are real people who are going through a stressful time. That’s why we will always put client service at the forefront of everything we do, and there will always be real people available to discuss your case, every step of the way.