"A strong relationship with a dependable conveyancer can shave weeks off a transaction."
FR: Please tell us a little bit about your background, your role, and your new venture conveybuddy.
I’ve been involved in broker distribution for over 25 years, starting with my packager Optoma Broker Solutions in 1999. I entered the conveyancing space in 2008 when I joined John Phillips at Conveyancing Alliance Ltd (CAL). After a few years, we launched the Broker Conveyancing brand in 2012 which quickly expanded. Four years later we sold the group before I finally stepped away from the day-to-day operations at the end of 2019. Since then, I have always felt there was some unfinished business in the industry and have kept a keen eye on progress. As I see it, the conveyancing panel management model hasn’t evolved much since I left, but what has changed is the increase in panel fees and the drift away from transparency.
That’s where conveybuddy comes in. John and I have partnered again to launch this new venture, aiming to make our mark in intermediary conveyancing panel management. Our mission is to really challenge the status quo by offering a cleaner product. One with significantly better pricing without any compromise on service, and one that has more transparency.
FR: What makes conveybuddy different?
We’re here to disrupt the market by offering a superior relationship-based service at a lower cost, challenging the inflated margins that appear to have become commonplace. Unlike other services that take a large slice of the fee, we’ve built a model that passes significant cost savings directly onto customers.
We’ve also integrated technology to create a quoting portal for introducers that’s super simple yet incredibly comprehensive. The result gives brokers not only the most competitive but also the most accurate and transparent quotes for their clients.
I believe there’s room in the panel management space for a dominant player that challenges the norm, and our intention is to become that company.
FR: What market opportunities do you see for conveybuddy in the next 12 months?
I see significant opportunities, particularly in bridging the gap between mortgage brokers and conveyancers. Traditionally, the relationship between the two has been somewhat divided, with some brokers viewing it as purely transactional and others valuing trusted partnerships. I believe however that more brokers are recognising the crucial role that reliable conveyancers play in enabling smooth and timely transactions.
One of the key opportunities lies in addressing the common perception of conveyancing being a ‘dark art’ or something mysterious and difficult to navigate. Many brokers and their clients have traditionally focused solely on price, but this can be at the expense of service quality. Professional brokers do however understand that to get a transaction through as quickly (and painlessly) as possible, selecting the right conveyancer with clear and consistent communication is essential. After all, a strong relationship with a dependable conveyancer can shave weeks off a transaction.
This is where conveybuddy can make a real impact. Our role is not to show brokers who the cheapest providers are, but to guide them in selecting the right conveyancer based on their clients’ needs. We’re here to demystify the process, offering advice, tips, and education on how to provide the necessary information so that transactions can move forward more efficiently. I’m excited to see where things go for us over the coming months.
FR: Is there an opportunity for brokers to place greater emphasis on conveyancing as part of their overall service offering?
Absolutely. Conveyancing shouldn’t be seen as an afterthought but as a critical part of the property transaction that brokers can strategically integrate into their own service offering to boost the overall client experience.
By placing greater emphasis on conveyancing, brokers can add real value, helping to prevent delays and reduce stress for their clients.
It’s well reported that buying a property is considered one of the most stressful things you will ever do in your life, and therefore, brokers can help to smooth the process by having access to an impartial and varied panel of conveyancing professionals.
FR: What questions do brokers need to be asking of their panel management firms in 2024?
The first and most important question they should ask is about impartiality. Does the panel management firm maintain neutrality, with no ties or favouritism toward specific law firms? Ensuring the panel offers genuine choice, allowing brokers to select conveyancers that best fit their clients’ needs, budget, as well as their own business models, is key.
Secondly, they should compare quotes. They might be surprised to find the same conveyancer at a better price on another firm’s panel. Perhaps significantly better.
Finally, brokers should consider the range of products and services offered by the panel. For instance, do they offer a genuine ‘all-inclusive remortgage’ that covers all disbursements with a fixed referral fee? A diverse product offering will ultimately provide brokers with more tools to meet their clients' needs effectively and deliver greater value all round.
