The average retention rate of conveyancers across England and Wales is “astonishingly low” at just 11.2%, according to research by TwentyConvey.
The research was based on nearly 30,000 sale transactions.
The selling conveyancer was the same conveyancer who last bought the property in only 11% of cases.
TwentyConvey provides an alert service that lets firms know when former clients newly list their properties for sale, and the aim is to create a flow of new instructions.
Low retention rate among conveyancers
Richard Hinton, who launched TwentyConvey in partnership with TwentyCi, said: “This is an important piece of research [that] has highlighted an astonishingly low retention rate among conveyancers.
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“Every conveyancing firm, regardless of its size, finds staying in touch with former clients a real challenge because the average homeowner cycle is around 20 years.
“Conveyancers who reconnect at an early stage in the sales process find it’s an effective way of identifying leads, maintaining client relationships and enhancing profitability.”
Hinton added: “We believe TwentyConvey generates around £60m of revenue opportunities every year from the tens of thousands of alerts supplied to forward-thinking conveyancers.
“Each alert empowers our customers because they’re not simply crossing their fingers and hoping their clients remember them.
“Instead, they’re taking a proactive approach to drive new instructions.”
