Landmark has facilitated an industry discussion with key professionals from the property sector to address the significant challenges they have encountered over the past few years.
The debate brought together the Head of Mortgage Operations at Lloyds Banking Group, a Co-founder of Chartwell Noble Estate Agents in Worcestershire, and a Partner at Wilson Browne Solicitors.
Although each property professional is crucial to the property ecosystem, tension can often be found within the transaction process, particularly around chain length and instability. Can they break down barriers and find common ground during the discussion?
Recognising the persistent challenges faced by property professionals, Landmark has been proactive in fostering cross-industry collaboration, advancing new technology and modernising processes. To enhance connectivity within the market, Landmark launched LandmarkConnect last year, a series of digital hubs tailored for each sector, enabling previously disconnected industry segments to collaborate more effectively.
During the Common Ground discussion, participants identified three primary challenges: an unpredictable market, communication gaps and siloed information, along with the impact of prolonged transaction times. They highlighted the difficulties in maintaining consistency amidst fluctuating market conditions and the importance of streamlined communication to reduce delays. A recurring theme was the pivotal role of technology in cutting down transaction times and boosting efficiency. The group also acknowledged the immense potential of data to streamline processes and enhance transparency.
This dialogue echoed a roundtable hosted by Landmark at Portcullis House in February 2024, where there was significant consensus on the need for greater cross-industry collaboration to streamline the home buying and selling process. Participants agreed that improving the transaction pipeline through innovative working methods and early access to accurate information could result in a faster, more reliable process for consumers.
Landmark’s recent market research highlighted the top frustrations in the transaction process across various sectors. The research, which involved hundreds of estate agents, conveyancers, surveyors and lenders, revealed common pain points shared by property professionals throughout the transaction chain.
Simon Brown, CEO, Landmark Information Group said: “This conversation reveals a deep, shared commitment among property industry professionals to overcome challenges and drive positive change for the benefit of everyone. By fostering better communication, embracing technology, and working collaboratively, the industry can improve efficiency and deliver exceptional service to clients. The collective effort to modernise and streamline processes is essential for the future success of the property market.”
Click here to view the Common Ground video: https://hubs.la/Q02DxDx80
