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The pitfalls of penetration pricing in the conveyancing marketplace

By December 12, 2017 No Comments

happy conveyancing person

The old adage of you get what you pay for has never held truer than in the world of real estate today.

While in many cases a lower price indicates a better deal for the consumer, in the conveyancing marketplace it certainly does not. In fact, in many cases it can be the exact opposite, these initially lower prices will cost you much more than you had bargained for in the long run.

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Let me explain;

Buying and selling property will be the biggest transaction of many peoples lives. Therefore, having the process dealt with in a comprehensive, professional and efficient manner should be the number one priority.

However, many consumers in recent times have been willing to forego this necessity in trying to save a few dollars by engaging the cheapest quote they receive. This practice is a dangerous one, skimping on a conveyancer may provide small short-term benefits but in the long run, will end up costing you much more than you have bargained for.

Time after time we hear from disgruntled customers who have engaged an outside conveyancer due to their low initial quote. Often the cheapest quotes come from conveyancers that do not have the same training or experience as established conveyancers. So, it is no surprise to hear of complaints from customers about their poor attention to detail, so as not to inform the customer of the obligations and risks that they may liable for in the future. For example, when signing a building contract, a cheap conveyancer will often just be happy to sign their name off the bottom but not highlight unacceptable risks such as potential penalty rates that may be incurred if payment is not received by a certain time, often a rate that is much higher than the market rate.

Further issues associated with cheap and often less experienced conveyancers is that they will make errors, not communicate properly with the other side representatives which have financial and legal implications in the long run. And as they often charge a considerably cheaper rate, they need to have more clients to break even, thus they will in many cases pay little to no attention to your particular claim and will even not return phone calls.

So, while the short-term attractiveness of a couple hundred-dollar saving may interest you, the cold hard facts are that in the long term this can end up costing you much more than this initial saving in time, hard work and extra costs that otherwise could have been avoided.

The benefits of a competitively priced conveyancer, particularly with Titlexchange are that you have peace of mind that you are getting a quality service for a competitive price. All the handpicked conveyancers on our network are the top professionals in the nation and must have a minimum 4-star rating and minimum 3 years’ experience with all the correct insurance to be part of our network.

This quality assurance model ensures that the biggest transaction of your life is dealt with reliably and efficiently. The importance of engaging a conveyancer that actively looks for obligations and risks that you may face cannot be understated, the costs in the long run of employing someone that does the bare minimum can leave you massively out of pocket and far behind your previously planned schedule.

By engaging a Titlexchange conveyancer you may be paying a small premium in comparison to some but you have peace of mind that you will be receiving a premium service. With all costs and information disclosed from the outset, unlike many inexperienced and incompetent competitors.

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