As you are all aware, covid has played a significant role in December and January for us. Each member of staff has had the virus, with different affects. Some have been poorly for 3 weeks or more.
To bring you all up to speed.
All clients have now received their annual feedback and recommendations meeting.
The results are still being formally processed but general feedback is as follows:
We have lost 1/4 of introducing clients (agents) gained over 2021 due to quality of service delivered by the legal teams working in the WeCOMPLETE technology.
We have maintained 3/4 but their instruction levels are lower than predicted. The levels of instructions are dependant upon the performance of the legal teams who lack performance in 50% of cases.
Clients unanimously praise the WeCOMPLETE technology.
Agents require more automation of quoting and higher quality of communication from legal teams.
To reduce the number of legal teams to those performing highly.
To spend more time training those remaining and to monitor more heavily.
To update our SLA to include the faults we are commonly seeing.
To integrate with CRMs (already in action)
To work more frequently with the introducer.
To limit introducer exposure by applying more to online comparison quoting.
To layer in a concierge service between lawyer and introducer to ‘see’ the problems arising sooner and address them more quickly.
To draw 500 cases pcm from our current introducers – (250 is break even point)
Current case numbers are consistent at 60 pcm.
TM Group / Mio talks.
The first meeting has taken place and a second one is forecast.
TM Group turns over 78m / pa with the lion are of their trade being property search products.
They own TMConnect (a 14 year old version of WeCOMPLETE) that processes 10% of the Uks conveyancing cases. (9,000)
They identify that this turn over is at risk for two reasons, better solutions for the agent and paying client (our solution) and a potential change in who buys searches (availability to the client) which we again promote.
They are very complimentary in regard to our solution and they make it clear they wish to do a “partnership, a collaboration or similar”
They promoted themselves to us as having a ‘large volume of lawyers’ (1500) currently using their services.
And that they own Mio who we could collaborate with (remember the previous comment that this collaboration is in Mio’s benefit)
We have been told off record that they are aware TMConnect is outdated and we know from our communications with lawyers using it, that they are leaving them due to the inadequate system.
The next meeting they have asked for us to NDA and display our technology to them with a view of collaboration.
They did however, tell me how they grew so big so quickly – they gave shares to a large estate agent in exchange for a long contract of use that agent was able to sell their shares at a point in the future.
(This is the £27m for 30% deal we are seeing now to Dye and Durham) As they gave Connells, LSL and Countrywide 10% each.
A highly interesting strategy and one I am considering.
Online comparison quoting
Our websites are performing well. Kon and Dan have worked hard to gain quotes for less than £20 (industry standard).
We are receiving daily instructions which is proving more consistent compared to agents.
I am keen to explore how are we can take this.
One of our larger law firms has asked if we can provide a comparison site for their brands only, we are quoting as we speak.
The benefit will be mutual but they will pay the PPC bill and act as call centre so we feel this is a positive road to take.
Fee per case
As explained previously. We will begin to see the benefit of charging the law form 10% of their legal fee in the new year.
We are now seeing this and our turnover is increasing accordingly.
Our fee per case is now approx. £68 (and rising) per case up from £42 per case.
We desperately need to increase case volume to see some real benefit.
Our R&D claim has gone in today – we are to be paid £77,000 which will not quite clear the PAYE debt but will take the significant pressure away.
We remain concerned in regards to turn over meeting costs.
Please see separate email in regards to investment.
New introducers and law firms
We continue to take on a steady flow of new introducers and law firms but our priority is to drive more volume from those already with us.
Our app is almost complete and is away with the Reapit tech team for final checks before launch (expected within 4 weeks)
We have built automated quoting for agents as phase one of the build.
Agreement has been gained for an integration between ourselves and Apex 27 – a newer but more advanced agent CRM.
We intend to onboard 5 agent CRMs this year.