How To Run a Conveyancing Business From Home
Running a conveyancing business from home should be smooth for anyone keen to go through the hard work. The real estate industry is expected to increase even more as properties are likely to change hands in the post-pandemic world. Now is the perfect time to start undertaking the steps towards running a conveyancing business from home. Or if you already have one, this guide will help you prevent client attrition and achieve even greater heights in operations.
Maintain your License
Seasoned conveyancers know the significance of timely monitoring of license renewal. The processing times vary across different states. As a rule of thumb, start making inquiries and preparing documents 6 months before the expiry date of the license. In the conveyancing business, time is gold. It’s better early than late to avoid penalties, prevent delays, and secure client interests.
Leverage Technology in Office Management
It is tempting to cut costs and run administrative tasks manually. A manual system may work well when you only have a few clients. But you will eventually need to automate some processes when your client base grows. The key to handling multiple client transactions is an office management application that not only saves you time but also manpower costs in the long run.
Additionally, the government requires conveyancers to register and process online settlements using the system operated by Property Exchange Australia Ltd (PEXA). By embracing technology, you are providing a better and faster service to your clients.
Conveyancers working from home may be hesitant to hire staff remotely. But efficiency and accuracy in the conveyancing business are critical success measures. Delegation becomes a must. There are secure applications that allow you to manage tasks and staff hours distantly. The sooner you practice remote strategic delegation, the earlier you increase your business efficiencies and the more clients you can cater to.
Take the Rules to Heart
In the service industry, professionalism is everything. A trusted conveyancer in Melbourne area does not simply familiarize the rules, but more importantly, embraces them. Here are some rulebooks a conveyancer based in Victoria must follow: Australian Consumer Law and Fair Trading Act 2012, Conveyancers Act 2006, and the recent Conveyancers (Professional Conduct) Regulations 2018. Besides great customer service, the company likewise avoids costly legal consequences when they choose to abide by these guidelines.
Practice Transparency in Cost Disclosure
A common cause of client attrition is the lack of transparency. To run an effective home-based conveyancing business, therefore, is to practice cost disclosures as early as possible, ideally before an agreement is reached. The disclosure includes total costs, invoicing procedures, and remedies for cost-related disputes. Where exact costs remain undetermined, you can transparently state the computation factors in the agreement.
Establish a System for Complaints
Expect complaints. Regardless of how optimum your process or how friendly your staff is, client complaints are inevitable. In the absence of face-to-face interaction, handling conveyancing complaints may even be trickier. It is best to be prepared before problems are raised. You can do simple desktop research for industry best practices, which include a list of Frequently Asked Questions (FAQs), accessible forms, and multi-channel platforms (e.g., email, phone, website, etc).
A good grievance procedure improves brand reputation and business systems. You’d be wise to keep a record of common problems and review them periodically to implement changes. Strive not to make the same costly mistakes twice.
Set Logistics Measures
The entire conveyancing process involves heavy paper works and filing submissions. Electronic submissions are allowed, yet this does not guarantee faster processing times as system glitches or other logistics-related contingencies can happen. To effectively serve clients, set turnaround time expectations, and enlist logistics partners for mailing needs.
Market your Service
Marketing is key to running a sustainable conveyancing business from home. Well-known conveyancers depend largely on word of mouth. This is perfectly fine, but this shouldn’t stop you from continuously building your brand. Digital marketing is a cost-effective approach to reaching wider markets and sustaining brand identities. Invest in these advertising platforms.
Starting a home-based conveyancing business in Melbourne should be fairly easy. You may have to put up a few safeguard measures, such as those outlined in the article, to protect the interest of both the business and the client. Follow this useful guide to help ensure business success.