ESTAS Insights Newsletter Edition 11

Insight Feature

In this edition of ESTAS Insight we take a look at the agent conveyancer relationship. In March ESTAS hosted an industry first with the first ever Forum for agents and conveyancers. It was a fascinating day and prompted our headline partner Coadjute to conduct an industry wide survey.

How can conveyancers and estate agents work better together?

The first ESTAS Forum provided a unique opportunity to put the relationship between conveyancers and estate agents under the microscope. In a series of panel discussions, we examined the problems faced and explored some of the solutions already being used. Fast forward to now and the first-ever Working Better Together Report of the UK property market has just been published.

Off the back of the ESTAS Forum Coadjute conducted a survey, and the findings are based on the responses of close to 500 UK property professionals. The goal was to better understand the relationship between conveyancers and estate agents, what's affecting it, and most importantly what needs to happen to improve it.

Download the Working Better Together Report

Here are some of the highlights from the report:

The relationship has changed

The relationship has definitely changed over time - with 82% of survey respondents noticing a change in the relationship between estate agents and conveyancers during their careers. A trend that is not only consistent across those with decades of experience but also those conveyancers and estate agents who have joined the profession more recently.

Referral fees are a large part of the problem

An important majority of estate agents and conveyancers surveyed believe referral fees have had a detrimental impact on their relationship - with 59% of survey respondents agreeing the practice has negatively impacted the relationship. Unsurprisingly, 67% of the conveyancers surveyed believe referral fees have harmed the relationship, but remarkably, 51% of estate agents surveyed recognise how damaging referrals have been for the relationship.

Different jobs. Same frustrations

Conveyancers and estate agents are more similar than they think, with many of the respondents stating that they shared the same frustrations, including feeling undervalued (16%), increasing costs (16%) and feeling overworked (15%) as the top three frustrations. Estate agents and the newest in the industry were most likely to feel misunderstood compared to their most experienced peers.

The relationship is damaged but is fixable

While it’s widely recognised that the relationship between conveyancers and estate agents is under strain, 42% of our survey respondents believe the relationship is repairable. However, 72% of those who have been in the profession the longest were the most optimistic that the relationship could be repaired. Compared to 60% of those with 0-5 years of experience who felt that nothing could be done.

Technology is a force for good in the relationship

When it comes to relationships, technology has strengthened ties for the majority (68%) of estate agents and conveyancers. While those conveyancers and estate agents who have been in the profession for less than 10 years (78%) felt the most strongly about technology’s positive impact on their working relationship with their property peers, a majority (58%) who had been working in the profession for longer then 10 years also agreed.

Download the report

Want to see more results from the Working Better Together Report, including how estate agents and conveyancers view their jobs, their daily interactions, and how the property transaction process affects their relationship? Pop over to the Coadjute website and get your copy of the report today.

Download now

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