Thinking of opening your own conveyancing business? The decision was a no-brainer for the ladies behind Confident Conveyancing.
Many conveyancers begin their careers working for someone else, but after a while decide to go it alone and open their own practice. Once you’re qualified and have the necessary experience under your belt, opening your own conveyancing practice is a natural next step.
This article looks at the challenges involved in starting a conveyancing business, with insights from two people who have been running their own show for more than 10 years.
Taking the plunge
For Margaret Leabeater and her business partner Peta Tinker, setting up their own property conveyancing business was a no-brainer. They met working for a local solicitor and realised they'd be better off financially by going into business for themselves.
“The solicitor wasn’t involved at all in the property conveyancing," Margaret explains. "We were doing it all and clearly had the expertise, so it made sense to do our own thing.”
Nearly 10 years later, Confident Conveyancing is a thriving practice serving clients in Hawkesbury, Sydney and further afield.
Getting started with your conveyancing business
One of the first hurdles when getting a conveyancing business off the ground is having clients to serve.
Margaret and Peta were fortunate that they were working in the sector and had good relationships with local real estate agents.
“We were lucky to have local contacts and could hit the ground running from day one," Margaret says. "We also knew the local market really well. For anyone starting out, I would advise you to work in an area you’re familiar with, or do your homework on an area beforehand."
"You also have to be aware that you are responsible for generating all your income. If you don't have local contacts, then you should have some form of financial backing to help you get established – it will take time to develop a profile and reputation.”
What it takes to be successful
Key to success in the conveyancing business is developing your reputation locally to become "the conveyancer of choice", Margaret says.
Conveyancing also requires a unique skill set – you need to be a good communicator, on top of all the detail, and you must be able to multi-task. But for Margaret and Peta, it comes down to one thing: the customer.
“Conveyancing is a people business, so we really go above and beyond for our clients. Get it right and people will actually seek you out."
Daily challenges of running a conveyancing business
Like most small business owners, Margaret feels the responsibility of being an employer. She's very aware that her staff are financially dependent on the success of the business.
She's also the only licensed conveyancer in the office. This means she needs to physically be there to sign off on documentation.
"This can become an issue when it comes to taking time off,” she explains.
Do Margaret and Peta have any regrets or anything they would change? Only that they didn’t do it sooner. Because ultimately they run their own business, which is challenging, but rewarding.