The fact that firms have been talking about double the workload during March and unprecedented levels of completions perhaps tells you all you need to know about the pressure the sector was under. For those who might be thinking about throwing some insults at conveyancers for not getting their purchase through to completion by that deadline, think about who set it in the first place? It was not of the conveyancing firm’s making but it was all mortgage market practitioners and stakeholders who were left to pick up the pieces and do their very best for those clients.
While there would have been frustrations and challenges along the way, my regard for those conveyancing firms we deal with has risen because of the way they dealt with the workload. Advisers who use our portal have become accustomed to a quality offering but to see this maintained during such a period of increased activity is satisfying in the extreme. For instance, our own figures reveal that purchase completion times in March were, on average, 15 days shorter than our annual average clearly showing that conveyancing firms did go above and beyond.
But, what does come next? The market is anticipating a slowdown in activity, particularly in the buy-to-let market and there is good reason to believe this is likely to occur. For advisers who secure a lot of business from landlords and investors there may well be a noticeable drop-off in advice requests, although I have heard one estate agent suggest that all the publicity around the stamp duty deadline has actually given the whole market something of a boost and purchasers are not being put off.
If that is the case, then it is news to be warmly welcomed, however I suspect that many advisers may well be seeing a tailing-off during quarter two this year and therefore there needs to be a concerted focus on getting the most out of the business that is coming through the door.
We’re all sometimes guilty of neglecting those cross-sale opportunities that exist with every single client, especially when there is a lot of core mortgage advice work to deal with. However, in those quieter times, the need to diversify your offering and make sure the client gets access to every service they need via your firm can not be underestimated. For instance, how much difference would it make to the income you generate if you were able to secure not just your mortgage advice procuration fee, but also protection and general insurance commissions, conveyancing advice income, perhaps even referral fees for legal services introductions?
It will make a huge difference and one wonders, time permitting, why this approach can’t be taken with every single client regardless of the numbers being dealt with. Quite frankly, even if the adviser chooses to introduce and refer these clients on to various cross-sale specialists, it is far better than doing nothing. Indeed, this might well be the perfect approach particularly in product areas where you might feel you don’t have the necessary up-to-date knowledge or experience to deal with a request – certainly in an area like second-charge mortgages (which all advisers now have to consider) I can fully understand why advisers might well wish to refer on to a specialist master broker.
Even if this is a quieter period for the business, there are other ways to improve business practices and gain advantages. We talk often about existing supplier relationships and whether they are currently fit for purpose, or if the firm is missing a trick somewhere. The availability of time in the diary now might give you a chance to conduct a review, assess the other market options available, and see if you’re still placing your eggs in the right basket. Certainly, there is plenty to be gained by ‘shopping around’ and seeing what’s on offer.
Overall, it will probably have been a very busy start to 2016 for most – that said, this is not a time to rest on one’s laurels. Instead, make the most of any ‘free time’ to maximise the business for each and every client, and to understand and take action on the relationships you have which may not be up to scratch. One would hope that even in a quieter period you can put a plan of action together which is of major benefit to the firm, regardless of how busy the market is.