Pitsford Consulting Ltd Using Data to Plan More Effectively Richard Hinton Pitsford Consulting Ltd

Alan Lakein Why plan? “The purpose of planning is not to eliminate risk but to take the right risks…exploring an environment for opportunity” “Planning is bringing the future into the present so that you can do something about it now” Peter Drucker Alan Lakein “Let our advance worrying become advance thinking and planning” “Think ahead. Don’t let day-to-day operations drive out planning” Winston Churchill Donald Rumsfeld

Do conveyancers plan? No clear picture, but: Personal experience Alan Lakein Do conveyancers plan? No clear picture, but: No SRA requirement No PI requirement for established firms Personal experience

Should conveyancers plan? Alan Lakein Should conveyancers plan? Profile of the conveyancing industry 2015

Should conveyancers plan? Alan Lakein Should conveyancers plan? Number of firms in activity bands 2013 - 2015 18% 17% 6% 54% 27% 16%

My central premise Using data to substitute fact for assumption will the likelihood of success and risk.

Core plan components Internal Statement of ambition Team competencies Financial projections External Market research Competitor analysis Product offering Sales & Marketing plan

Target Data Your own businesses Your markets Profitability by segment / by channel Source of business Conversion performance Customer satisfaction Your markets Competitor identification / profiling Benchmarking performance Market characteristics

Data sources Internal metrics Public sources Personal insight Trade bodies – CML, SLC, Law Society Land Registry Industry – Press, Portals, agents, conveyancers Personal insight Commissioned research New industry specific sources

Available data 2015 Heatmap Q1-Q3 2015 Cases 2015 Cases 2015 Relative density by County

Available data Residential purchase completions by month MFG Solicitors residential purchase completions by month Year on year comparison Oct ‘13 – Sep ‘14 Oct ‘14 – Sep ‘15

Available data Residential purchase completions by branch and by month

Available data Market share analysis by County

Available data Market share by town or radius

Available data Top conveyancers 2013 – 2015 within 10 mile radius Market share

Available data Completions by top 10 conveyancers 2013 –2015 within 10 mile radius Percentage change in completions

Available data Values of property acquired for clients 2013 –2015 within 10 mile radius Average values across 2013 – 2015

Available data Average number of days between completion and receipt by the Land Registry of the AP1 Percentage of cases registered within 30 days of completion

Available data Heatmap of law firm’s cases 2015 Heatmap of all residential purchase cases 2015

Available data Leading conveyancers within 3 miles of Hereford 2013 – 2015 Total cases - 2,075 Leading conveyancers within 3 miles of Redditch 2013 – 2015 Total cases - 3,058 Leading conveyancers within 3 miles of Malvern 2013 – 2015 Total cases - 1,476

Available data Leading selling agents 2014 & 2015 Leading selling agents of HNW properties 2014 & 2015 Leading selling agents 2014 & 2015

Planning is ever more important in today’s competitive market. Summary Planning is ever more important in today’s competitive market. Data improves plans . We are surrounded by data in our businesses. Other data is comfortably within your reach. Pitsford Consulting Ltd W: www.theconveyancingmap.com E: rhinton@pitsfordconsulting.com

About The Conveyancing Map www.theconveyancingmap.com The Conveyancing Map has extensively refined, cleansed and improved authoritative Land Registry data and makes it available either as a bespoke report or as an online service that allows a user to search, filter and export the latest data at will. Contact details Richard Hinton Pitsford Consulting Ltd Chase House The Chase Pitsford Northamptonshire NN6 9AY T: 01604 880485 M: 07802 379241 E: rhinton@pitsfordconsulting.com