It is easy to stick to the familiar and continue doing things the way we’ve always done them. But as consumer expectations evolve and cyber concerns loom larger than ever, at the back of every conveyancing business owner’s mind is the thought, ‘How do I keep up, keep my business secure and stay competitive?”. Change can be daunting, and the thought of upgrading our tech stack may seem like an overwhelming task. However, upgrading your conveyancing technology is not only beneficial but essential for the growth and success of your business.
Think of your tech stack as all of the technologies used in your office and how they work together and interact to support you in running your business and delivering your services to your clients. Over time, you might find that you have different accounts and software used for different things but that they don’t really talk to each other, and in fact, some may not even be relevant to you any longer. So, here are our top six reasons why reviewing and upgrading your tech stack is the smartest move you’ll make for your conveyancing business.
1. Efficiency Gains & Time Savings
Efficiency is key in the modern conveyancing process. By upgrading your tech stack, you can streamline operations, reduce manual tasks, and significantly improve efficiency. Advanced technology solutions automate repetitive tasks, such as document generation and data entry, freeing up valuable time for your team to focus on higher-value activities and client interactions. This not only boosts productivity but also enhances job satisfaction among your staff.
In speaking with conveyancers who have harnessed efficiencies in their businesses, it seems they have two choices when it comes to what to do with the extra time they get back in their day. Many use this additional time to achieve a greater work/life balance, freeing them up to work fewer hours and spend time with their families. Others have chosen to take on additional work, increasing their revenue and growing their business whilst still working the same number of hours as they would have previously.
2. Enhanced Client Experience
The modern homeowner expects a seamless, transparent transaction. By upgrading your tech stack, you can meet the expectations of today’s consumers by providing easy access to information and streamlined communication channels. Advances in conveyancing software facilitate smoother transactions, faster response times, and improved communication with clients, enhancing their overall experience.
In almost all other areas of their lives, consumers can obtain real-time updates from their smartphones. These capabilities are now possible in conveyancing with consumer apps like Pathway to Settlement. These apps empower clients to track the status of their settlement 24/7 and securely exchange documents and bank account details, leading to increased client satisfaction and loyalty.
3. Remote Work Capabilities
The rise of remote work has transformed the conveyancing industry, particularly following the COVID-19 pandemic. Traditional conveyancing software does not allow for the flexibility needed to work remotely with ease, especially if you’re out and about on the road. By upgrading your tech stack with cloud-based software and digital tools, you can empower your team to work from anywhere, increasing flexibility and resilience in your business operations.
Remote work has also been shown to reduce workplace stress, improve mental well-being, and enhance productivity, creating a more supportive and adaptable work environment for your staff. In fact, according to Randstad’s 2023 Workmonitor Report, 74.6% of Australian workers believe that flexibility in terms of location is important to them.
4. Competitive Advantage
Conveyancing is a highly regulated industry, and as such, there is not much room to differentiate your services in terms of the legal process that must be followed. So instead, conveyancing businesses need to look for alternative ways to stand out from the crowd. One way to do so is by leveraging the latest technology.
Modern tech solutions like Pathway to Settlement enable you to offer innovative services and unique experiences to clients and real estate agents, such as real-time transaction tracking and secure document sharing. By adapting to changing market trends and client expectations of transparency and immediacy, you can position your business as a leader in the industry, attracting new clients and retaining existing ones.
5. Data Security
Cybercrime is a very real threat to the conveyancing industry, with new scams being uncovered all the time, like these recent ones in WA. Given the massive amounts of personal data received from clients over the course of a transaction, protecting this sensitive information is paramount. By upgrading your tech stack with advanced software, you can be confident that you’re operating with the latest, robust security features to minimise the risk of data breaches and cyberattacks.
Aside from the legal obligation to keep client data secure, implementing stringent security measures also enhances your client’s trust and confidence in your business, fostering long-term relationships and loyalty. Traditional communication methods such as email are no longer secure, and it is important that business owners follow best practices to reduce the risk of falling victim to a property scam to them and their clients.
6. Staff Retention and Wellbeing
We’ve talked a lot about the benefits to clients and the benefits to your business, but investing in technology has also been shown to have a positive impact on your team’s retention and well-being. By providing your staff with the tools and support they need to succeed, you create a supportive and empowering work environment.
Modern tech facilitates collaboration, even when working remotely or across different branch locations. Easy, open communication, improved efficiency, and reduced manual tasks allow your team to focus on client interactions and higher-value aspects of their job, leading to increased job satisfaction, reduced stress and improved overall well-being.
So, what are you waiting for?
Upgrading your tech stack is essential for modern conveyancing businesses to stay competitive, meet changing client expectations, and support your team’s success. Conveyancers are blessed to have a myriad of tools and solutions available to them to tailor to their unique business needs. However you decide to do it, embracing modern technology will allow you to streamline operations, enhance your client experiences, and ultimately future-proof your business for continued growth and success.
If you’re looking to streamline your conveyancing workflows and leverage industry-leading integrations, to save you time and money, reach out to us today to book a demo of the Realtime Conveyancer platform.
