- Automation can take over time-consuming administrative tasks in the conveyancing process, giving time back to law firms to tackle their growing caseloads as the property market continues to thrive.
Record level property sales have changed the conveyancing landscape since summer 2020, and the impact is being felt by all parties. From increased transaction times to heavy workloads, the resurgence of home moving has not come without its challenges. As law firms navigate the boom, they are increasingly turning to technology to improve the home moving process—conveyancing is going digital.
The property sector is presently a hive of activity, fuelled by the extension of the stamp duty land tax (SDLT) holiday. Following reports from Zoopla that house sales in the first 15 weeks of 2021 were double that of the past two years, the market has exceeded the expectations of a stunted return as initially anticipated in mid-2020. But, as the average transaction time is stretched to 295 days, there is greater emphasis on the need to adopt digital solutions that ease the burden on solicitors and deliver on client expectations.
We cannot ignore the impact the pandemic has had on both consumer and work behaviour. Digitisation seeped into places it had still yet to actively engage, keeping businesses moving and people connected. As we look toward the other side, where we hope that months-long lockdowns are behind us, we’re left to consider what aspects of this change have made a positive impact long-term.
Relieving pressure through automation
Law firms have been rapidly adopting new technologies, pivoting to adapt to the ebb and flow of a fluid housing market that is currently bursting at the seams. Process and workflow solutions are at the core, with attention on maximising automation to streamline the conveyancing process. Automation was once feared it would take jobs from people; however, attitudes are changing as firms come to realise the full potential automation technology can offer. Firms aren’t replacing humans with automation; they’re maximising productivity.
Automation is about enabling technology to take on the burden of arduous administrative tasks that are time-consuming and offer little reward. Ultimately, this gives back time to conveyancing departments to instead focus on service levels, keeping clients informed, and tackling the growing caseloads. The mindset around automation has changed so much it was pinned for the top spot in this year’s Legal IT Landscapes 2021 report for ‘hot efficiency technology’.
Automation isn’t only about time saving and efficiency. It benefits firms by reducing the risk of rekeying errors as content can be pre-populated, informed by data within the matter. At InfoTrack, we saw the need to provide firms with a solution that maximised the data already contained within a matter to radically change how firms create a title report. Saving up to 45 minutes per transaction on this task is hugely beneficial for firms that are feeling the pinch of mounting transaction volumes.
Streamlining processes with technology is giving firms an advantage. However, for many it has become a chicken and egg scenario, where they need solutions that ease the burden of heavy workloads and save time, but feel they don’t have the capacity to seek out options right now. Are you waiting for things to quiet down before committing to improved workflow technology, or have you implemented solutions that are now helping you manage the increased activity?
Clients expect digitised services
We now live in a digital world. At a time when consumers can manage everything from banking to booking restaurants from apps and devices, the expectation for this sort of technology has been edging into the home moving process, and is now reaching a critical point. The pandemic forced firms to find alternate ways to communicate with their clients—a shift reflected as client-facing technology, including portals, ranked first among the strategic priorities for firms according to the Legal IT Landscapes 2021 report.
The consumer demand for more client-friendly technology has been met with advancement from HM Land Registry following announcement of the acceptance of electronic signatures for witnessed deeds in July 2020. Firms are following suit, with e-signature solutions the top priority (63%) for respondents in ‘2020 Wolters Kluwer Future Ready Lawyer Survey: Performance Drivers’ report. Acknowledgement of the expectations of their clients is driving firms to adopt new technologies that deliver an exceptional client experience while benefiting the firm too.
Clients want to be informed and complete documentation in a way that suits their lifestyle. Client-facing portals that provide key updates, access to electronic forms and digital signatures all offer this service. It has also been shown to dramatically reduce timelines; 67% of SignIT transactions are returned within 12 hours through InfoTrack and home movers have been digitally onboarded in under 30 minutes with eCOS. It is results like these that are leading to client satisfaction in an increasingly digitised world.
Technology investments: long-term vision
Investment in technology that optimises the client experience and benefits your firm shouldn’t be delayed until you have ‘more time’. Digital conveyancing must be at the forefront of your firm’s business strategy, enabling you to relieve the pressure of the presently buzzing property market while also establishing a long-term action plan. The consumer shift towards digital services is irreversible, so firms are required to meet these new expectations with the right technology.
It’s also about you, your firm and your staff. With a few months remaining of SDLT relief, the market isn’t likely to slow. Technology can ease the burden with automation, giving you back the time you should be spending elsewhere. So, what are you waiting for?
Bronwyn Townsend, senior marketing manager, InfoTrack (www.infotrack.co.uk).
