A new online calculator has been created to help conveyancers understand the benefits of using the latest cloud-based and paperless technology to improve their practice.
The Realtime Conveyancer calculator identifies in detail how many hours conveyancing practices can save, the additional number of Matters they can complete and the additional revenue they can earn with their current team in just a few clicks.
It demonstrates that a typical conveyancing practice can improve their productivity by 42% and increase their workload by 20% – all while reducing the hours they need to spend in the office.
For a three-person conveyancing firm, this translates into the ability to handle an additional 288 files a year, earning more than $172,000 in revenue while reducing the time worked by more than 1000 hours, the calculator shows. A team of 9 people are able to handle an additional 960 files across the year and earn more than $575,000 in additional revenue with a reduction of 3600 hours of overtime annually.
The founder and CEO of Realtime Conveyancer, Kylie Dillon, said the calculator demonstrates how conveyancers can handle more Matters, earn more money and yet go home earlier because they’ll work fewer hours.
It also identifies the hidden costs inside their current workflows, including overtime, and how technology could both reduce the business risks and significantly improve their revenue – without a lot of extra work.
“Most conveyancers will tell you that overtime isn’t an issue for them because they don’t pay it, but even unpaid overtime has a cost for your team members and your business, through stress caused by long hours, burnout and needing to give staff members time in lieu,” Kylie said.
“But most importantly, the calculator helps conveyancers visualise the benefits of Realtime by showing them how much extra they can earn while still having a workload that is more manageable and flexible.”
The calculator works for conveyancing practices of any size. To use the calculator, conveyancers type in the size of their team, the number of Matters they typically handle in a month, and the amount they typically charge per Matter.
The calculator then identifies the annual number of Matters the practice handles across the year, the revenue that earned, wages bill and most importantly, the number of hours it takes for the team to complete the work, including the overtime required.
Kylie said the algorithm behind the calculator was based on a Time and Motion study conducted in 2023 that analysed the performance of conveyancing firms using Realtime Conveyancer and compared their productivity to what they used to achieve using legacy platforms.
“From that study, we identified that it typically takes a conveyancing team 8.5 hours to complete a Matter using traditional methods, but this is reduced to just 5 hours using Realtime,” she said.
“That’s because our unique paperless, cloud-based system automates many of the manual and administrative tasks of conveyancing, while also allowing multiple team members into the same file, and the ability to work from anywhere, meaning conveyancers are no longer tied to the office.”
The calculator then applies a Matter fee of $599 as a base, but this can be overwritten.
“We used the lowest fee we know that is advertised out in the market to ensure that our predictions about increased revenue were conservative,” Kylie said. “Obviously, if you charge more per Matter, your earnings and savings will be considerably higher.”
Kylie said the calculator was just one way that Realtime was working to help conveyancers understand the benefits of adopting technology were worth the effort of changing systems.
“Our clients tell us that our technology makes them 50% faster and 100% happier which we love, but our favourite stories are those where clients tell us that they’re getting their quality of life back by being able to attend family events, or go home early to be with the kids after school since using our platform,” Kylie said.
“The combination of those anecdotes and the work we’ve done with the study and the calculator mean that we’re very confident that after moving to Realtime Conveyancer, you and your team will be able to handle more files, earn more money and even go home on time.”