TM Group carry out a survey each year, conducted by the Property Academy. This year’s survey provides some interesting insights into the views, behaviour and common practices around communication.
The survey spoke to 14,389 consumers to assess their attitudes and experiences and it breaks these down into 8 questions and ranks each against 4 criteria in order to provide valuable input to conveyancing firms.
It’s core conclusion is:-
Only 17% of clients consider transferring funds to their conveyancer to be a high-risk phase of the property transaction
The reports response to this fact is to encourage firms to educate their clients. For example, its advice on page 9 is:-
“Conveyancers need to double-check client awareness. Fortunately, for the majority of law firms, a few tweaks to existing processes can make all the difference in better protecting both your firm and its property transactions from cyber criminals.”
It then uses an example for a firm that includes cyber-crime information in its welcome pack:-
“they could add a follow-up phone call to double-check this information has been read and understood.”
Their position seems at odds with the human condition: –
- we generally don’t believe it will happen to us,
- we don’t read the small print
- we expect the professional to manage our safety
Their insight into consumer preference is also interesting when reviewing what consumers want from their conveyancing professional. The two highest rated attributes were:-
- Good Communications
They further find that “More than half of home movers want to be contacted by email or online” rather than by telephone. To this reader the report highlights three important issues that affect conveyancing professionals. Consumers:-
- Are unaware of the risks associated and conveyancing professionals have a duty of care
- Want good communications from a proactive conveyancing professional
- Want to enjoy the convenience of on-line communications
There is a solution which ticks all of these boxes. It eliminates the risk of cyber-crime whilst ensuring good and proactive on-line communications. For more information take a look at the VaultConnect overview.