The ongoing discussions about the future road map of buying and selling real estate are undoubtedly well-intentioned and there is no doubt that many across the industry have spent years trying to improve what remains a very slow, fragmented and overwhelming process for consumers.
Digitization, advance knowledge, big data sharing and extensive process change are all logical aspirations and few would argue with the way to go. The problem, however, is that we have now been telling many of these same stories for the better part of two decades and yet buyers, brokers and conveyancers still find themselves dealing with remarkably similar frustrations.
Completion times are always agonizingly long. Transactions continue to fall at significant levels. Communication throughout the process remains inconsistent. Buyers are not always clear about costs, obligations and timelines.
Meanwhile counsel continue to find themselves caught in a quandary trying to manage client expectations in activities they often have little visibility into once the legal process has begun.
At some point, the industry has to admit an uncomfortable truth. Structural reform alone will not improve the customer experience fast enough for advisors and clients currently facing these issues.
Confusing process change and customer experience change
I want to be clear here – this is not a criticism of the work being done on reform because it is important and necessary. However, the industry risks falling into the trap of believing that structurally improving the process improves the customer experience itself. The two are related, but not the same.
It may be an uncomfortable truth but clients do not judge a transaction based on how many working groups have been formed or how many consultations have taken place. They judge them emotionally by the stress they experience, the time it takes, the results and outcomes they receive, the quality of communication they receive and whether they feel that someone is really in charge when problems arise.
That’s why counselors can’t sit back and wait for the system to get better.
The advisors who deliver the strongest results today are often the ones who stay closest to the job itself rather than treating the referral as something that sits outside of their responsibility once the loan recommendation is complete.
Consumers increasingly expect a unified experience and may not separate the advisor from the referrer the way the industry often does. If delays escalate, communications disappear or costs suddenly change during a transfer, that frustration backfires on the advisor relationship regardless of who caused the problem.
Advisors need more visibility and control over transactions
This is exactly why counselors should be more involved in conveyancing.
That does not mean that advisers simply become legal experts or try to handle every aspect of the work themselves. It means realizing that guiding the client through the legal process, helping them understand timelines, directing them to the right moving firms – the most important first step – and staying visible in every transaction are all now part of delivering a strong client outcome.
Increasingly, advisors are realizing that staying front of house throughout the process builds trust, improves retention and creates strong long-term client relationships. Clients remember how the transaction felt as a whole, not just the amount of the loan they originally received.
Not all transfer routes deliver the same experience
Equally important is that routing consultants prefer to source transmission services in the first place because not all transmission platforms, panels and distribution models are created equal.
Some are still working on the initial volume when the advisor is heavily cut off from selling once the order is placed. Others place greater emphasis on transparency, communication, access, service, oversight and support provided to ensure advisors are always involved when issues arise.
That distinction is very important because the transfer experience can either strengthen the mentor relationship or destroy it completely.
Consumers already expect advisers to uphold the highest standards of fairness, disclosure and client outcomes in all credit, protection and other services and products. It makes perfect sense that they expect the same standards in the transmission process.
Counselors cannot wait another decade to develop
The reality is that we may be years away from achieving the kind of completely revamped home buying process that many across the industry are pushing for. Are we getting close? Maybe. When will this bring results? Obviously, who knows. Counselors cannot moderate the client’s expectations until then.
People are still moving home now. Mortgages are still happening now. The transaction is still ongoing. Which means advisors need effective ways to improve client outcomes now.
That starts with realizing money transfers are no longer just a complementary transfer opportunity sitting next to a loan recommendation. Increasingly, it is a central part of an advisor’s broader proposition and a major influence on how consumers ultimately judge the information they receive.
Harpal Singh is the CEO at conveybuddy
