A new tool launched by property data firm TwentyCi could be set to address the “vacuum of market intelligence” within which conveyancers are said to currently operate.
The tool, TwentyConvey, uses data to offer firms’ management teams two advantages. Firstly, it alerts firms when former purchase clients newly list their properties for sale, something TwentyCi say will “bring client retention schemes to life”.
As well as this, its creator says the tool will “reveal the performance of firms, their competitors, and relevant geographies” to help inform firms on “competitive positions and strategic options that inform decision making”.
TwentyCi – which claims to hold “the UK’s largest and richest resource of factual homemover data” – currently provides similar data insights to estate agents as well as other sectors such as financial services.
“We are providing a new and vital management resource for leaders of conveyancing operations, providing a tailored source of new business leads and market intelligence,” said Ian Lancaster, CEO of TwentyCi, adding:
“Users have an exclusive daily feed of alerts when former clients return to the market, and detailed insight from market data that lifts the lid on competitors, local markets and trends. The alerts drive up new business and the Insight tool improves management performance.
In effect, we’re bringing the value that we already deliver for agents across to the conveyancing market for the first time. As data drives ever more change, this is an example that works unequivocally in the best interests of conveyancers.”
TwentyCi has partnered with Pitsford Consulting to launch its service, whose owner Richard Hinton commented:
“Working with TwentyCi means we will now deliver at scale solutions we’ve been developing in recent years. These data tools should become staples in any conveyancing firm’s operational make-up.
They counter two of the most pressing problems residential conveyancers face. Firstly, this must be one of the few remaining industries where leaders are required to lead in a vacuum of market intelligence – which of course is ironic given that the eradication of risk is part of lawyers’ professional DNA.
Secondly, until now it has been virtually impossible to pro-actively retain clients over the prolonged home-owning lifecycle. Typically, a repeat conveyancing client is one who returns of their own initiative.”