Building Bridges: Fostering a stronger connection between estate agents and conveyancers through shared reports
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In the ever-changing property market, it's becoming increasingly important for estate agents and conveyancers to work together. Working together makes things run smoother and helps to get clients into their dream homes faster. Teams from all sides can reduce friction and improve client experience by sharing ID and Anti-Money Laundering (AML) reports. In this blog post, we're going to take a look at the benefits of sharing reports for you, your colleagues and your clients. We'll also dive into what people think about it, break down the UK digital identity and attributes trust framework, and list out some important things for estate agents and conveyancers to think about.
Why Share ID and AML Reports?
Efficiency and Speed: Shared reports eliminate redundant paperwork and streamline the verification process. This translates into faster property transactions, reducing the time from offer to completion.
Identify Risk Earlier: Collaborative sharing of ID and AML reports enhances risk assessment, helping both estate agents and conveyancers identify potential issues early in the process and take preventive measures.
Enhanced Trust and Transparency: Shared information fosters trust between parties and ensures transparency throughout the transaction. This can be a significant factor in building positive relationships with your clients and their providers.
A Better Client Experience: The Department for Digital, Culture, Media & Sport says that a first-time buyer with a mortgage will repeat ID checks five times during the home buying process. By sharing ID and AML reports you can remove the endless repetition of clients needing to provide the same information, time and time again, to different professionals involved in the transaction. Imagine how much happier clients will be knowing that completing reports can potentially be reduced to just once.
Consumer Attitudes:
Understanding consumer attitudes towards shared reports is crucial. Many clients appreciate the efficiency and convenience that come with reduced paperwork. Clear communication about the benefits of shared reports can further enhance client satisfaction and trust.
The UK Digital Identity and Attributes Trust Framework:
The UK government's Digital Identity and Attributes Trust Framework (DIATF) serves as a foundation for secure and standardised digital identity practices. Recognising this framework is essential for estate agents and conveyancers, as it sets the stage for secure data sharing. The Conveyancing Association recommends conveyancers use an ID verification provider certified under the DIATF to help facilitate the sharing of reports with other stakeholders. Adhering to these guidelines ensures that shared reports meet the highest standards of security and reliability. Thirdfort was one of the first providers certified under the scheme.
Considerations Before Sharing Reports:
Data Security: Prioritise the security of shared information. Ensure that the method used for sharing reports adheres to robust encryption and compliance standards. When you share reports using Thirdfort's Secure share, your clients' information is shared in a secure portal meaning it can't be intercepted.
Consent and Privacy: Obtain clear consent from clients before sharing their information. Be transparent about how their data will be used and protected.
Communication: Educate clients about the benefits of shared reports. Address any concerns they may have and emphasise the value of a more efficient and secure transaction process. You may want to include something like the below in your client care information.
As part of due diligence, we are legally required to check our client's details and identity. To complete these checks, we use Thirdfort. Thirdfort allows you to verify your identity and the Source of your funds, remotely, quickly and safely. Historically during the property transaction process, you will be asked to complete this type of verification multiple times, which can be repetitive and time-consuming. If you agree, we can share your completed ID and AML reports with your chosen conveyancer. This means you will not need to repeat the same checks multiple times. You can find Thirdfort’s Privacy Agreement at https://www.thirdfort.com/privacy/.”
The practice of sharing ID and AML reports between estate agents and conveyancers is a significant step towards creating a more connected and efficient ecosystem. Embracing this collaborative approach not only aligns with the evolving digital landscape but also positions professionals as pioneers in delivering seamless and secure services. By building bridges through shared reports, estate agents and conveyancers can spend more time fighting fraud, not each other.
Are you interested in how sharing reports is being used already by the UK property industry? Sign up to our free webinar where we'll hear from industry experts on how they are using shared reports.
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