As the COVID-19 pandemic continues to change the world in more ways we could ever have realised, conveyancers have been forced to adapt. The property market has seen a surprising boom as lockdown begins to ease, with many comparing it to the ‘Boris Bounce’ that occurred after Brexit. While it remains to be seen exactly how lockdown will affect the property market on a long-term scale, one thing is for sure… the coronavirus has shown us just how important it is to adapt to meet major global changes.
Conveyancing during a global pandemic.
The economy as a whole has been forced to adapt in many ways. Remote work is on a rapid rise, more businesses are turning towards smarter ways of doing things, contact-less services are also rising, and consumers are making decisions that are greatly impacted by the pandemic. Long periods in lockdown have caused both consumers and property professionals to look at other ways to navigate the sale and purchase process, leading to more challenges but also more opportunities for the market as a whole. Some of the primary ways that conveyancing has adapted to meet the needs of buyers and sellers during the pandemic include the following:
Increased focus on digital.
Although AI (Artificial Intelligence) is certainly not a new concept, it is fast gaining popularity in the property industry. Virtual walk-throughs are becoming par for the course, offering buyers the chance to view properties without leaving home. Machine learning is making it easier for brokers to use algorithms to quickly and easily find information across various documents while processing data, allowing risk profiles to be created in no time. This is simplifying credit checks greatly, allowing conveyancers to assist buyers and work with brokers more efficiently. The pandemic has given rise to a far more competitive approach, largely due to the increased move towards digital. All parties within the property purchase and sale process need to be able to fully embrace the tools that are becoming more readily available to provide buyers and sellers with a seamless experience.
With the growth of digital within the property space comes collaboration tools that allow for a more seamless way for brokers to work with estate agents and conveyancers. This goes hand-in-hand with conveyancing panels, maximising the benefits and allowing for a simplified way to handle all aspects of property transactions remotely. Online conveyancing tools already offer the ability to connect property professionals in a way that streamlines transactions. As remote operations continue to gain traction, in the UK and the rest of the world, collaboration will be even more important for those who are not already making use of remote digital platforms.
The Moving Hub continues to look forward rather than backwards during this challenging time. By embracing new ways of moving forward, we hope to see a continued growth within the industry, as conveyancers, agents and financial advisers continue to work together throughout the course of the pandemic and beyond.