Introducing the results of the first-ever Working Better Together survey of the UK property market.
We’re delighted to share the results of the Working Better Together survey conducted in the spring of 2022. Our findings are based on the responses of close to 500 property professionals in the UK.
Our goal was to better understand the relationship between conveyancers and estate agents, what's affecting it, and what needs to happen to improve it. Our report also explores perceptions and attitudes towards technology across the industry.
What we discovered
Despite technological advancements and new ways of working promising to reshape the sector and the way conveyancers and estate agents work with one another, the working relationship could still be improved, and all parties need better collaboration in order to work together more effectively.
Here are a few key takeaways from the report:
The relationship has changed
The relationship has definitely changed over time - with 82% of our survey respondents noticing a change in the relationship between estate agents and conveyancers during their careers. A trend that is not only consistent across those with decades of experience but also those conveyancers and estate agents who are newer to the profession.
Referral fees are a large part of the problem
An important majority of estate agents and conveyancers surveyed believe referral fees have had a detrimental impact on their relationship - with 59% of our survey respondents agreeing the practise has negatively impacted the relationship. Unsurprisingly, 67% of the conveyancers surveyed believe referral fees have harmed the relationship, but remarkably, 51% of estate agents surveyed recognise how damaging referrals have been for the relationship.
Different jobs. Same frustrations.
Conveyancers and estate agents are more similar than they think, with many of the respondents to our survey stating that they shared the same frustrations, including feeling undervalued (16%), increasing costs (16%) and feeling overworked (15%) as the top three frustrations. Estate agents and the newest in the industry were most likely to feel misunderstood compared to their most experienced peers.
The relationship is damaged but is fixable
While it’s widely recognised that the relationship between conveyancers and estate agents is strained, 42% of our survey respondents believe the relationship is repairable. However, 72% of those who have been in the longest were the most optimistic that the relationship could be repaired. Compared to 60% of those with 0-5 years of experience who felt that nothing could be done.
Technology is a force for good in the relationship
When it comes to relationships, technology has strengthened ties for the majority (68%) of estate agents and conveyancers. While those conveyancers and estate agents who have been in the profession for less than 10 years (78%) felt the most strongly about technology’s positive impact on their working relationship with their property peers, a majority (58%) who had been working in the profession for longer then 10 years also agreed.
Download Survey Results
Want to see more of our Working Better Together survey results, including how estate agents and conveyancers view their jobs, their daily interactions, and how the property transaction process affects their relationship?
Download the full report here.