A UK digital property group have launched a new survey on the subject of digital property information with a view to creating a new protocol that will ultimately improve client and conveyancer relations.
If the protocol is generated as a result of the poll, this could mean transaction times are ‘halved’ and ‘happier staff’, based on the company’s previous experience of information gathering from firms and professionals.
DMSPG, who specialise in digital market property steering and aim to ‘ help the property market work better for all by accelerating the adoption of digital technology’, have invited those working in the conveyancing industry to ‘have their say’. They launched the survey today and it will close on midnight April 1st.
To take part in the survey click here.
DMSPG have said on the potential new protocol:
“This protocol, currently linked within the survey in its early draft format, would set out the roles and responsibilities of all stakeholders in the adoption of digital property information and digital solutions across all sectors, ensuring there is better certainty for all involved in the home buying and selling process
“Those who have collaborated in the collection and delivery of upfront information have seen transaction times halve and failed transactions plummet – staff are happier being able to satisfy their customers and risk reduces as one source of truth is created.”
Participants who undertake the survey will not have their personal details shared, and those taking part will remain anonymous. It will take approximately five to eight minutes to complete.
DMSPG aims to gather information from at those buying and selling property from estate agents, legal professionals, search providers, lenders, surveyors, valuers and citizens.
A representative has said:
“We often hear that the home buying and selling process is no longer working and the inefficiency is having an impact on stakeholders’ profitability, recruitment and retention of staff and, above all, customer satisfaction.
“To enable us to understand how we can improve the uptake of digital processes and action upfront information, the Digital Property Market Steering Group would like to invite you to take a short survey to gather your views on the creation of a Digital Property Information Protocol.”
Compliance platform Thirdford have spoken of the ‘digital divide’ in the property world and what this will mean for the future of conveyancing. DMSPG feels digital tools can streamline the process, yet ‘value transparency’ with the use of digitization and data gathered from clients.
Olly Thornton-Berry, co-founder and managing director of Thirdfort, said:
“Moving home is being transformed by digital tools. Innovations now enable homebuyers to conduct ID and anti-money laundering verification digitally, cutting transaction times by up to a month and reducing the risk of fraud and money laundering. Technology can and should benefit all, no matter their circumstances. Many estate agents, lawyers and lenders have adopted digital client verification. More property professionals should embrace such technology for all.”
InfoTrack claim that almost ‘one third of firms have achieved a digital maturity score of 60%’. The Digital Conveyancing Maturity Report 2024 launched this last month, unveiling the latest insights into how conveyancers are using digital tools. Assessing areas included client onboarding, pre completion, post completion, new business, integration between software, and eSignatures, the project tracks the shift in the use of digital tools to manage the conveyancing process.
Despite more firms increasing their use of technology, the digital divide has increased by 6 percentage points since 2022, with the average score between the top 30% and bottom 30% of firms showing a significant gap of 50 percentage points.
InfoTrack claims that ‘the data suggests that firms which do not stay up to date with digital conveyancing tools will fall behind and risk stunting the industry due to the interconnected nature of conveyancing’.
The topic of digitization in conveyancing comes ahead of National Conveyancing Week, which started today, and will be a hot topic as firms seek to make the process quicker for clients, and more lucrative as they take on a higher intake of buyers and sellers. Implementing tech and potentially cutting ‘transaction time in half’ addresses client concerns of ‘slow transactions’, revealed in data released this week.