There is a movement of change within the conveyancing industry. Thanks to technological advancements and a new generation of conveyancers and home movers, the sector is transforming.
Changes in the workforce
One fear within the sector is that we are heading towards a shortage of skills, specifically in conveyancing. There is a major shift, which has been primarily attributed to a new era in the workforce alongside the habits and preferences of the clients it serves. It is clear that businesses must employ the correct tools to appeal to the new generation of conveyancing, including online conveyancing.
By 2020, it is predicted that millennials will comprise 50 per cent of the workforce globally, increasing to 75 per cent by 2025. This number is also reflected in the modern homeowner. First-time buyers formed 51 per cent of the 2018 homeowner market, with the average age of the first-time buyer being 31.
This generation has become synonymous with rapid advancement and quick adaptation to technology and is influential in the evolution of both business and consumer aspects of companies, beginning with what millennials expect in the workplace.
Influences in conveyancing
Procedure-heavy industries such as conveyancing are particularly influenced by technology, where innovations can solve many frustrations that arise from long and inefficient processes.
A recent study by the Solicitors Regulation Authority (SRA) discovered that artificial intelligence (AI) could free up the time of solicitors in activities such as online conveyancing rather than replacing employees. This would enable conveyancers to focus more on the enjoyable aspects of the role, such as developing business and building relationships. This includes guiding people in the most stressful and largest purchase they will ever make.
The utilisation of new technology does not end with the solicitor; in additions, the benefits of these innovations will be experienced by the home mover. Providing access to end-users to complete compulsory forms for home movers using online portals will improve the client experience exponentially. With most of the processes available online, clients will simply not want to have to wait to action home moving procedures.
Providing millennials with the best tools to generate positive customer and user experience ensures that conveyancing will continue to align the digital age with home moving processes, with technology being utilised to build relationships and better communicate with customers.