Just one in ten consumers goes to their mortgage intermediary to find a conveyancer, according to an Easier2Move survey.
However, the survey also found consumers thought intermediaries were considered more trustworthy than other professionals.
The survey of homeowners found just 11% sourced their conveyancer though a mortgage intermediary. Estate agents were the most popular way to source a conveyancer, used by 33%, followed by 22% who say they found their conveyancer through recommendations from family and friends.
However, only 13% of respondents say they will return to their estate agent when they next sell their home, a 20% drop, while another 13% say they will use an intermediary next time, a 2% increase. Friend and family recommendations were the most popular choice for sourcing a future conveyancer.
Karen Babington, sales and marketing director at Easier2Move, says intermediaries need to do more to tap the potential sales revenue from conveyancing.
“Considering intermediaries can earn a generous income stream of £100 per conveyancing referral, there must be more they can do to take advantage of this revenue. In light of the current market turmoil, this additional income can be a great way for advisers to diversify and compensate for any losses they’ve experienced,” she says.
Intermediaries were found to be the most trusted way to source behind family and friends. Family and friends were trusted by 59% of respondents, while advisers were trusted by 8%, followed by estate agents at 6% and solicitors at 5%.
Babington adds: “Although the majority of consumers choose to trust their friends and families conveyancing recommendations, intermediaries are the most trusted professional service - which is great news. However, only 11% chose to use their intermediary to source the conveyancer on their last house purchase, which isn’t such a promising figure.”
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