The average retention rate of conveyancers in England and Wales is just 11.2%, according to research conducted by TwentyConvey.
The firm’s analysis examined nearly 30,000 live sale transactions and found that only 11% of the time did the selling conveyancer match the one who previously bought the property.
Richard Hinton, owner of Pitsford Consulting and co-founder of TwentyConvey, said: “This is an important piece of research which has highlighted an astonishingly low retention rate among conveyancers.
“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 £60million 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.”
