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Thirdfort has launched its updated Secure share product to help estate agents boost referrals through the secure sharing of ID and AML reports.
The client compliance platform says that estate agents using Secure share will be able to boost referrals, potentially generating additional revenue and strengthening strategic relationships with conveyancers.
This is supported by research from Thirdfort that shows a third – 36% – of homemovers are more likely to use a solicitor recommended by an estate agent if both parties have processes in place to communicate and share information with each other.
During a property transaction, both the estate agent and the conveyancer will ask the buyer and seller to complete the same Know Your Client (KYC), Anti Money Laundering (AML) and Source of Funds (SoF) verification. However, this needless repetition slows down property transactions, delivers a poor experience for home movers and creates unnecessary friction between the agent and lawyer.
To overcome these issues, property professionals can now offer simple and secure report sharing for their clients and the other professional advisors involved in the process. Buyers and sellers are more likely to go with the conveyancer an agent recommends if they do not need to repeat the same verification process. As a result, agents can boost referral fees and conveyancers can win more business if they enable the secure sharing of KYC, AML and SoF reports.
Olly Thornton-Berry, co-founder and managing director at Thirdfort, said: “In a competitive marketplace agents and conveyancers should explore the benefits of securely sharing ID and AML reports. By tackling such needless repetition, Secure share significantly cuts transaction times, helps agents easily refer clients, and provides a great client experience. All while meeting all regulatory requirements. In short, Secure share helps agents and conveyancers fight fraud, not each other.”
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