All Conveyancing Panel Managers Are Not Equal
Conveyancing panels remain an integral part of the conveyancing process, and they are not likely going anywhere any time soon. While some mortgage companies find it easy to work with panels, others find it a challenge. It becomes even more of a challenge when panels rely on an outdated model and when panels do are not able to provide a comprehensive level of service.
The trouble with having a negative experience with a conveyancing panel manager is that it puts financial advisors off the entire concept of panels. When panels work on a digital platform, with the help of introducers to connect brokers, insurers, and estate agents to conveyancers, panels need to take a 360-degree approach to ensure that standards are met. This is the best way to avoid claims, while also reducing the risk of giving poor advice to buyers and sellers, and reducing the risk of losses and damage to lender reputation.
Choosing the right conveyancing panel manager.
A good manager will be able to take full responsibility over the conveyancing panel, working with estate agents, finance experts, and insurers, overseeing performance management of the panel, and ensuring that everything is managed smoothly. Panel managers should be able to report on panel performance, distribute leads to the panel, increase lead conversion rate, serve as a point of contact for estate agent networks, build trust with all relevant parties, ensure that service goals are met within the panel, and handle other tasks that serve the panel.
Panel managers should be able to manage panel conveyancers, ensuring that they are not dependent on single sources or posing risks of compromised conveyancer independence. They should be able to communicate with clients and panel conveyancers on arrangements and contractual requirements and ensure that searches and other services are done through panel managers. Panel managers should avoid putting pressure on conveyancers to reduce costs to increase volumes. Instead, the panel should be managed in a way that meets client expectation safely. Ultimately, client interests always need to be protected, in a way that puts the client’s interests over the panel manager’s interests.
For clients, it can be confusing trying to work out the relationship between introducers, panel conveyancers, and panel managers. As panels work closely together with roles that are very similar yet very different, clients need to understand the role that each serves early into the process. Clients need to be aware that introducers and conveyancing panel managers can assist with certain parts of the transaction but that they are unable to offer legal services. If panel managers do offer legal services, they can be seen as unregulated businesses, which has the potential to put the entire panel’s reputation on the line.