BestAdvice fires the questions at Harpal Singh, CEO at conveybuddy.
BestAdvice (BA): What inspired the creation of conveybuddy, and what specific gaps in the market are you aiming to fill?
Harpal Singh (HS): Conveybuddy was born from a sense of unfinished business. After my initial foray in the conveyancing industry from 2008 to 2016 with Broker Conveyancing, which was part of Conveyancing Alliance Ltd, I felt there was more to be accomplished, particularly in creating a market-leading panel management service. Our previous venture saw rapid growth, but we faced challenges along the way, but had an idea and was brave enough to pursue our focus. When an exit opportunity presented itself, I handed it over and while I have no regrets in doing so, the itch to achieve more in the industry remained and have kept a close eye on the industry since.
I believe there’s room in the market for a dominant player in panel management – a company that truly excels at what it does. We are seeing inflated margins driven by private equity-backed interests and it’s become a price play. We see an opportunity to offer a far more competitive price, challenging the status quo and delivering better overall service for clients and intermediaries alike. Our goal is to disrupt the market by providing a superior relationship-based service at a lower cost.
BA: The relationship between mortgage brokers and conveyancers has always been crucial for smooth property transactions. How do you think this relationship is evolving, and what can be done to strengthen it further?
HS: The relationship between mortgage brokers and conveyancers has traditionally been seen as a ‘them and us’ dynamic, with some brokers viewing it purely as a transactional relationship while others value trusted partnerships. There’s still a divide, with some brokers prioritising cost over service, however many now recognise the importance of selecting reliable conveyancers who can provide consistent communication and good service.
It can be hard to compare service when everyone is used to comparing price and I think, for many, conveyancing is seen as a dark art mystery. Professional brokers will understand that to get a transaction through as quickly as possible, having a good relationship with the conveyancer with clear communication can shave weeks off a transaction, so selection is crucial.
This is where panel managers come in to remove the mystery: it’s not just about showing who is the cheapest, but being there to support brokers in identifying the right conveyancer based on the end-users’ requirements, offering advice and tips on what you should be looking for, educating you on what information should be provided so the transaction can go through quicker, and nurturing those relationships. We could be compared to a dating service!
At conveybuddy, we focus on fostering these relationships, ensuring brokers have access to dependable partners. We aim to bridge the gap by offering not just competitive pricing but also excellent service and relationship management, which is often lacking in the industry.
Ultimately, our goal is to make sure brokers feel confident in the conveyancers they work with, knowing that their clients will receive top-notch service. It’s the management of the relationship from both sides that is our differential.
BA: The mortgage broker industry is increasingly competitive, with intermediaries seeking new ways to add value for their clients. What role do you believe conveyancing services like conveybuddy play in helping brokers differentiate themselves?
HS: Conveyancing should be considered as part of your ritual when giving clients holistic advice. It’s not just about selling another product or earning more commission. Instead brokers should position themselves as trusted advisers who can manage all aspects of their client’s needs, from life insurance and protection to mortgages and conveyancing, both now and in the future. Buying a property is considered one of the most stressful things you can do in your life, and therefore helping clients choose a reliable conveyancer who can make the transaction as smooth as possible adds a great deal of trust and value.
To truly differentiate, brokers need to show that they are not just product sellers but are committed to building long-term relationships. This approach not only enhances the client’s experience but also establishes the broker’s role as a comprehensive adviser.
BA: What do you believe should be the primary role of a panel management firm, and how can it best support both brokers and conveyancers?
HS: In my view, impartiality for panel managers remains key. There should be no ties to individual law firms and there should be no favouritism on its panel. Choice remains the primary driver as brokers will have different wants and needs. Some will be looking at onboarding processes, what technology they use to communicate updates, or even if they continue to communicate over the telephone. A panel is needed so brokers have choice and can make informed decisions based on their own business models and service offerings.
BA: As digital transformation continues across the financial services sector, how do you think conveyancing and mortgage brokering will need to evolve to stay relevant and competitive?
HS: Ever since I entered the industry, there’s been talk about how technology will completely take over the landscape, but the reality is different. Conveyancing and mortgage brokering are transactions that fundamentally need human involvement. While there are projects and tools that use AI to help conveyancers speed up processes, such as reading contracts or title checks, these are just support functions.
Similarly, while simple cases like a remortgage with a low loan-to-value ratio can be handled online, most clients don’t fit into such straightforward categories. Good brokers and conveyancers will always be essential. Of course technology and digital transformation will play its part, but they’re more about making the lives of brokers and conveyancers easier and more transparent. At the end of the day, I believe it’s the people who get the transactions done and you can’t replace the essential human touch that drives these processes.
