- Goldsmith Williams announces top line results of extensive independent research into brokers’ views on conveyancing
- Initial results show that quality of service is key factor for UK brokers
To coincide with November’s Mortgage Business Expo event, direct conveyancing firm, The firm plans to repeat this research on an annual basis with a view to creating an industry benchmark on brokers views.
The research, which was conducted by an independent research company and includes the responses from over 200 UK brokers from single and multi-branch businesses, highlights current trends, behaviour patterns and opinions on conveyancing.
One of the key findings of the research is that, in contrast to what might be expected, cost is not the most important factor when choosing a conveyancing firm – it was in fact the fourth most important consideration. Instead, the key consideration is quality of service with 92% of brokers questioned saying that quality of service is the most important factor in their choice of a legal firm for purchase and re-mortgaging services.
The findings also demonstrated that many conveyancing firms are clearly already focused on quality of service, as more than two thirds of brokers questioned said the level of service they had received from legal firms in the past 12 months was either good or excellent.
The second and third most important factors when choosing a conveyancing firm were found to be speed of service (87% of all brokers), and good support staff (83%).
When questioned about what constituted quality of service, brokers provided feedback on what they consider as ‘value added’ services that would impact on their decision as to which legal firm to use. The most important of these was the ability to contact a case handler quickly and easily. This was shown by the 83% of brokers who cited a ‘dedicated, named case handler’ and a ‘direct dial contact telephone number’ as being critical factors in their decision making process.
Brokers were questioned on what factors would make them switch from their existing legal firms. Unsurprisingly, poor service was cited as the main reason, especially if they believed that their customers had suffered as a result.
In addition,
- 91% of all brokers said that rude and unhelpful staff would have a significant influence over their decision to change legal firms for remortgage and purchase legal services
- 87% said complaints from their own customers about the legal firm would also have a big influence on their decision to switch
- 83% cited slow service and 76% said not being kept up to date would be a black mark against the legal firm
- Only 46% said increases in cost would be a big influence in their decision to switch legal firms
The research also highlighted the top three areas brokers feel conveyancers need to improve on. These were: providing a faster service, improving communications with the broker and improving communications with the borrower.
Eddie Goldsmith, senior partner at Goldsmith Williams comments: “We have undertaken this research to establish a greater understanding of brokers’ needs. The research has highlighted what we have always known – that quality of service is what brokers and their customers want. As we are already 100% focused on satisfying these needs through our ten day guaranteed remortgage completion, our dedicated case handlers and our fully integrated email and direct dial service, we are delighted that what we have been doing for years is exactly what introducers want.”
