Advisers may have lost out on up to £330m over the past five years by failing to refer conveyancing services when making residential mortgage sales, according to Easier2Move.
The firm says intermediaries are missing out on the equivalent of two mortgage procuration fees every month and also giving their clients a lower service standard.
Easier2Move claims advisers made over 6.8m residential mortgage sales between 2003 and 2007, but just 40% recommended conveyancing services to their clients.
With conveyancing fees averaging around £100 per referral, advisers could have earned £1,600 in fees per month, around £330m across the industry since 2003.
Karen Babington, marketing director at Easier2Move, says those adviser that do recommend conveyancing tend to do so for all clients, while others never refer the service.
“I would suggest that advisers who don’t currently earn income from conveyancing should research a number of providers and pick the one that they gain the most confidence from,” she says.
“They can then commit to recommending this service every time they do a mortgage appointment and watch their revenue streams improve.”
Easier2Move says intermediaries who recommend conveyancing will improve their bottom line and also boost customer satisfaction if they choose a reliable and efficient provider for their clients.
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