August 22, 2024

Lawyers and conveyancers set the standard for client satisfaction in property transactions

In the fast-paced world of real estate, the property buying and selling journey can be challenging to navigate. The complexities of property transactions, fluctuating market conditions and financial arrangements can often make this experience overwhelming for buyers and sellers, more notably when it involves one of life’s most significant decisions. Lawyers and conveyancers play an indispensable role in this process, providing essential expertise and guidance to ensure a seamless and positive client experience.

To understand the realities of the property buying and selling experience, InfoTrack, in collaboration with InfoTrackGO and Securexchange, conducted a first-of-its-kind national survey. The 2024 State of Real Estate Report: Insights from Australian Buyers and Sellers offers a detailed analysis of the survey findings, highlighting key trends, challenges, and positive experiences. It also offers insight into how various stakeholders, including lawyers and conveyancers, were rated by the Australian public and identifies areas for improvement.

How did lawyers and conveyancers perform?

The report reveals that lawyers and conveyancers have set the benchmark for client satisfaction in property transactions, distinguishing themselves as leaders in this area. An impressive 62% of survey respondents rated their experience with legal professionals as ‘excellent’, with an additional 24% describing it as ‘above average’. This places a considerable lead over other industry stakeholders, with real estate agents, and building or pest inspectors next in line, both receiving an ‘excellent’ experience from 47% of respondents.

This high satisfaction level emphasises the crucial role legal professionals play in handling contracts, navigating the complexities of property law, and providing essential support to clients. However, 34% of respondents identified the following areas where improvement is required:

Communication – 33%
Support to understand legal implications relating to the sale or purchase – 21%
A clear walk through of the expected process – 19%
More explanation of any risks, restrictions and planning relating to a property – 15%
Fee for service – 12%

What can lawyers and conveyancers learn from this research?

While lawyers and conveyancers received high ratings overall, there are several key areas that professionals should consider addressing to enhance client satisfaction:

Communication:
Effective communication is highly valued by clients and emerged as a central theme in the research. Over a third of respondents (34%) identified communication with their lawyer or conveyancer as the most positive aspect of the transaction process. However, an additional 33% indicated a need for improvement in this area, highlighting the importance of maintaining consistency and clarity in interactions.
Enhanced contract signing:
18% of respondents reported that the contract signing process was one of the most positive parts of their transaction. While this is encouraging, it suggests that less than a quarter of Australian buyers and sellers currently benefit from an efficient process. Lawyers and conveyancers are encouraged to leverage available tools, such as Securexchange, to further enhance client satisfaction with contract signing, thereby optimising efficiency and communication. If you haven’t heard about Securexchange, please feel free to find out more information here.
Due diligence:
Amid housing affordability challenges, many families and property buyers are neglecting essential due diligence steps, such as building and pest inspections. A staggering 46% of respondents did not use a building or pest inspector when buying a property, which could lead to significant issues later. As trusted advisors, lawyers and conveyancers must take the lead in these conversations, encouraging clients to conduct thorough due diligence to avoid potential pitfalls.

Lee Bailie, Head of Property Australia at InfoTrack stated, “it is clear to see that the complexity of today’s real estate market makes the role of lawyers and conveyancers more crucial than ever when assisting their clients to ensure a smooth property sale or purchase. Our recent survey highlights the exceptional performance of these professionals; however, it is essential to continue enhancing services and guiding clients through every step of the transaction process to maintain and further elevate satisfaction levels.”

The 2024 State of Real Estate Report provides invaluable insights into the current state of the property market and how stakeholders can better understand and meet the needs of buyers and sellers. While lawyers and conveyancers have proven themselves as top performers in property transactions, addressing the identified areas for improvement can further elevate service quality for stakeholders and client satisfaction.

To learn more about the experiences of buyers and sellers and how key stakeholders were rated, read the complimentary report today.

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