Bernadette Bennett, head of the legal sector at Moneypenny
By Legal Futures Associate Moneypenny
The Spring Budget is just around the corner, and economic and political experts are predicting changes within the property market, focusing on helping first-time buyers get a foot on the ladder.
Here, Bernadette Bennett, head of the legal sector from Moneypenny, which provides outsourced telephone answering and live chat support to hundreds of property and financial services businesses in the UK, explores what may come to fruition on 6 March and how conveyancers can ready themselves for potential changes.
Bernadette said: “There have been strong rumours that the Chancellor’s 2024 Budget will seek to provide more help for people wanting to buy their own home. Exactly what this looks like is yet to be seen, but there is an expectation that a new Help to Buy scheme could be announced, along with higher property purchase limits on Lifetime ISAs.
“Alongside this, there are reports the government is considering a scheme allowing young people to get on the property ladder with just a 1% deposit. The 99% mortgage plan would go even further than the Help to Buy scheme, which helped first-time buyers purchase new-build homes with only 5% deposits.”
These changes could signal a spike in purchasing on the horizon and a need for more professional advice and support for more inexperienced buyers – both of which could impact inbound communications and internal resources.
Bernadette continued: “Of course, we can’t be 100% sure about what the Chancellor has up his sleeve, but legal organisations should prepare for a sustained influx of new enquiries over the coming months and be ready and able to meet this demand head-on. By making strategic changes now, they will ensure that any announcements are business opportunities rather than operational causes for concern.”
How to get ahead
- Make a plan – Regroup with your wider team. Explore how the pipeline looks, which departments are feeling the pressure, and what challenges individuals and teams anticipate post-budget. A clear understanding of the state of play will enable you to devise an informed strategy that delivers a solution.
- Extend availability – Recognise that consumer communication habits have changed, and businesses must be available outside the traditional 9-5. Outsourced telephone answering and live chat solutions ensure that enquiries can be answered around the clock without putting extra pressure on staff.
- Know your audience – If the predicted measures are introduced, there’ll be more activity in the first-time buyer market. These buyers are typically less well-informed and in need of greater reassurance. Ensure your team has the practical tools, resources and empathy-led customer care skills to meet their needs across multiple communication channels.
- Be proactive – As well as putting measures in place to handle inbound communications, consider investing in outbound support to follow-up enquiries and qualify leads before they’re passed on to team members. This frees team members to focus on the most profitable tasks and make in-house resources go further.
- Supercharge your web presence – Live chat technology generates six times more website engagement and encourages visitors who wouldn’t otherwise take the time to email or call to engage with you. This is an essential tool for younger, more digitally savvy buyers who may prefer to chat rather than talk. Access to managed live chat also reduces the risk of them taking valuable potential business elsewhere, putting you ahead of your competitors.
- Protect your brand – A commitment to consistent client care protects the brand you’ve worked hard to build. Empower in-house staff to continue giving warm welcomes while avoiding calls ringing out or reaching voicemail. This ensures that inquirers are left feeling confident that their business is valued and positions your business as one that cares.
Bernadette concluded: “Great service and customer care are two major business differentiators that conveyancing businesses cannot overlook. In a competitive market, prospects could fall into the hands of a competitor if they can’t speak to someone online or via phone on demand.
“Heightened activity in the property market requires your team to be ready with the right communication resources, partners and expertise. Don’t fall victim to changes in demand – Spring Budget changes could spell a very lucrative future, so you must be ready to grab it with both hands.”
For more information, visit www.moneypenny.com/uk.
