Around a third of conveyancers and estate agents say a lack of “mutual respect” between these professionals “prevents them from working together effectively”, says a report from Coadjute.
It found that 32% of both professions shared “a similar frustration” and agreed that “more mutual respect would most improve the relationship between conveyancers and estate agents”, according to the digital property network’s Working Better Together Report published today.
The survey interviewed around 500 property professionals, but found that when broken down estate agents, at 39%, counted this element as a higher priority for improving relationships than conveyancers, at 26%.
Around 82% of workers from both parties agree that the relationship between the two professions has changed, but 42% say they can improve.
The Guild of Property Professionals chief executive Iain McKenzie says: “Over the past few decades, a steady stream of innovation has flowed into the property market. Yet despite these advances, several issues still plague the home buying and selling process, casting a long shadow over progress.
“One of the biggest challenges is a lack of understanding of the role conveyancers and estate agents play in a transaction, which creates a disconnect between them. Fundamentally they are different entities with different perspectives and personalities.
“So, it’s no surprise their relationship struggles. But to meet the customer’s changing needs and expectations, they must now find a way to work better together. Open and honest communication between both parties has always been important, but now it’s critical.
Bold Legal Group founder Rob Hailstone adds: “Suspicion runs deep across the transaction process. Referral fees and a lack of transparency and understanding between the parties deepen the divide. Is all hope lost? Far from it. Am I optimistic about the future? Most definitely.
“But first, all parties must be willing to break away from the unfair stereotyping and bitter rivalry that has blighted the property market for far too long. We must remember that everyone in a transaction wants to achieve the same thing – to help clients secure their dream homes. No one sets out to intentionally derail the process or make it a stressful experience for anyone.”
Coadjute chief executive Dan Salmons says: “It is clear the difficulties of recent years have created even greater challenges for both conveyancers and estate agents and the relationship between them.
“Although they play different roles in the property transaction, our findings show that fundamentally they share the same goals and frustrations.”
Coadjute conducted an online questionnaire of 20 questions with just under UK 500 property professionals including conveyancers, estate agents and property industry suppliers that began in March.