Outsourcing is a common business practice which involves outsourcing workflow functions to a third party. Traditionally, conveyancing has a fundamentally large workflow with administration tasks. undertaken solely by the conveyancer, however, outsourcing settlement services is becoming a more common practice in the industry.
The key for outsourcing services within the industry is to ensure the process is being undertaken with as little implications or ‘hand holding’ needed for the external service provider.
That is, it is only worth outsourcing settlement processes if it offers time back into the practitioner’s day and transparency for the firm and its clients.
The following are four reasons why a conveyancing practice should consider outsourcing settlement services:
1. Focus on what matters
In the conveyancing industry, spending time with your clients, helping them closely through the stressful property transaction is often a luxury, especially when handling multiple matters at a time. However, relieving a key workflow via outsourcing puts more time back into your day.
2. Increased efficiency in your workflow
Getting through your workflow as efficiently as possible helps improve your business’ reputation. Using a settlement service which specialises in the niche workflow means you can be assured your conveyance is on track, while you spend precious time elsewhere.
3. Simplifies your matter management
Outsourcing your settlements to a service with automation and notifications means you can track the progress of your matter, without being bogged down in tedious workflow requirements.
4. Shared responsibilities
One of the most crucial parts of the property transaction is the associated risk conveyancers face each day. By outsourcing matters to experts in their respective fields, you will benefit from their enhanced ability to plan and mitigate potential risks.
Outsourcing settlement solution
While there will always be costs involved with outsourcing, finding the right service to outweigh the expense is key for justification and business success.
triSearch eConveyancing tool, SettleIT, offers five key benefits for your conveyancing practice, including:
- Productivity – Free up your time by handing over heavy administration, so you can increase workload and focus on cultivating great client relations.
- Profitability – outsourcing your settlements lets you take on more work and expand your business.
- Visibility – Check the status of your settlements and lodgements at a glance.
- Expertise – Utilise the experienced SettleIT team for unfamiliar conveyancing processes or interstate matters.
- Compliance – Agents comply with all requirements to act on your behalf.
- Notifications – Be notified in real-time as your settlement and lodgement progress via emails or the SettleIT messaging tool.
The SettleIT platform is one of the latest in innovations to compliment the conveyancing industry. Allowing practices to focus on their clients, improved workflow efficiencies, matter management and with mitigating and delegating risks and responsibilities.
To create a more efficient conveyancing workflow, the SettleIT platform is also integrated with practice management software, triConvey.
