Conveyancing industry competition set to skyrocket from Property Market boom
The thriving Australian property market is forcing the conveyancing industry dynamic to rapidly shift, resulting in what is predicted to be the most competitive year for firms, ever.
As the demand for conveyancing services surge, the industry is seeing practitioners opt for entrepreneurialism over going to work for an existing firm. In the month of November 2021 alone, we saw more than 15 new Conveyancing firms register an ABN, compared to just 5 firms the same time last year.
According to triSearch CEO, Taylah Allen, this shift in dynamic from conveyancers seeking to open their own business is due to the booming property market.
“From what we’re witnessing in the market, conveyancers are seeing how much volume there is in the market and how profitable it is to start a practice of their own. We are seeing this in our own data with more firms being established in the last six months, than at the same time-span ever before,” Allen said.
The flow-on effect from this increase in competition is that home buyers now have more choice when it comes to selecting a Conveyancer. This is forcing Conveyancers to be competitive in their price offerings and efficiency when processing property matters.
“Conveyancers, both new and existing, are more reliant on technology than ever before as it’s their ticket to keeping costs down and productivity high. As a tech provider this has forced us to remain on our toes and innovate, developing new solutions and price points to service our busy market,” Allen explained.
To become a conveyancer, professionals need to undertake a nationally accredited course, the Advanced Diploma of Conveyancing, which is generally completed in 18 to 24 months, prior to applying for a license with the respective state licensing body.
While this new dynamic is placing employment strains on long-established businesses, it is however, forcing them to continue evolving with new competitors to stay relevant and not become complacent to change. Overall, the shifting dynamic is the catalyst to the evolution of the conveyancing industry going into 2022.
About triSearch:
triSearch is an award-winning business providing an all-in-one technology solution for Conveyancers. Access the seamless integration of Software, Search and eConveyancing tools to conduct matters from start-to-finish. All solutions are supported by one dedicated HelpDesk team.
