A significant nine out of every ten property law professionals believe that the automation of key tasks in the residential property transaction process will help to improve their risk management.
Having conducted an independent survey to explore the evolution of residential conveyancing, we were intrigued by the feedback received from 100 senior professionals. It clearly illustrates the increasing emphasis on managing risk and external threats, which continue to be a cause for concern to our industry.
Having independently interviewed professionals in law firms and specialist conveyancing practices in the UK, we found that a further 89% believe that automation will, to some extent, help towards providing a more transparent process for buyers, sellers and other industry professionals.
Meanwhile 45% believe, to a great extent, that it will improve the overall customer experience.
Just over half (52%) agreed that receiving data insights on the property and/or location in question earlier will speed-up the overall transaction process for all involved.
What this shows is that property conveyancers can see the value of automation, in not only helping them to provide a more transparent, efficient and faster service to clients, but importantly in supporting their firm’s risk management.
After the past two years of extraordinary market activity, legal firms are increasing IT budgets to future-proof their practices with a significant focus on managing risk, to safeguard transactions, provide assurances to homebuyers and sellers and, ultimately, help them remain competitive.
To find out more about the research findings, download a copy of the Residential Conveyancing Trends report: https://go.landmark.co.uk/residential-research-report.