Profit Improvement Opportunities

Overview

Video length 01:12

• Forces shaping the property market
• Trends impacting conveyancing profession
• Factors driving profit of conveyancer practices
• Risks to conveyancer practices
• Key Profit Improvement Opportunities

Section 1

Video length 03:02

Demand

• Population – size, growth, stage of life
• Employment and incomes
• Inflation and interest rates (for owner occupiers and investors)

Supply

• Land availability
• Development regulations and timeframes
• Inflation and interest rates (for owner occupiers and investors)

Section 2

Video length 02:27

Trends impacting conveyancing profession (2022-2030)

Industry Trends

The conveyancing industry is likely to evolve significantly over the next few years, impacting customers and practitioners.

Technology Trends

As conveyancing transitions from a paper based process to become digitised, new technologies are likely to be harnessed to transform how services are delivered.

Section 3

Video length 02:49

• Revenues – Clients types, number of clients, fee per service
• Service Delivery expenses – Hours taken, average cost per hour, rework hours
• Attracting Clients expenses – Marketing/promotion, website, sales hours
• IT expenses – Hardware, software, NBN, help-desk support
• Professional expenses – Association membership, CPD training, PI etc.
• Other labour expenses/time – Administration, book keeping planning, supervising
• Office & other overheads – Rent, insurances, energy, vehicle, accounting/tax etc.

Section 4

Video length 02:02

3 Major Risks to your business and what to do

Cash balance/cash flow
  – Planning
– Payment terms (upfront)
– Financing (BNPL)

MEP Health of owner/staff
  – Mental health
– Emotional health
– Physical health

Cyber – IT – Fraud
  – Understanding types
– Identifying holes
– Fill holes

Section 5

Video length 01:57

Defending your Practice from Cyber Fraudsters

• Operation risk
• Data Breaches, Data available on dark Web
• Entry Points for Cyber hackers
  • Internet browsers
  • Email inboxes
  • Mobile devices

Section 6

Video length 01:56

Client Identity Risk

• Verification of Identity Risk
• Analysing Pictures on Passports & Drivers licences
  • Are they fake?
  • People who do not exist!
  • Real people – to be relied upon

Deep fake Voice

• Is this person I am talking on the phone real?
• Could the Voice be computer generated?
• Does this open my Practice up to potential Claim?
• How do I deal with this risk?

Section 7

Video length 07:35

• Regularly Train Staff on Cyber Security
• How to protect your Computer Networks
• How to Protect Your Email inbox
• Engage a User Name and Password Manager

Section 8

Video length 06:26

• Profit Improvement Opportunities – Revenue: Charge more
• Are Price and Value the Same?
• Make it easy for Clients to Pay for Your Services
• You are a Professional not a Charity

Section 9

Video length 09:44

We hear from industry expert Judy Bliss on how to increase your profit through effective pricing and positioning your value in the market place.

Section 10

Video length 05:04

Reduce expenses and time: Digitise your firm

• The Technology is here now
• Do not fall behind the eight ball
• Innovate, innovate & Innovate
• Reduce operation costs and overhead

Adopt Cloud Based Technology

Go to Virtual Meetings

Section 10

Video length 00:26

Adopt eSigning Technology

• More secure and easy to verify who signed via GPS
• More Convenient to sign remotely on phone or via email
• Reduce anxiety around signing documents & meeting Clients face to face

Q&A

Video length 01:19

How to solve the issue of being stranded by your website host – how to take control of your digital presence.

Q&A

Video length 00:40

How to I access data for benchmarking in the conveyancing industry?

Q&A

Video length 07:22

How, as an industry, do we change the perception that Conveyancers are processors of transferring property instead of Property legal experts who give advice?