Smart & Innovative Pricing Options for Conveyancers & Lawyers
By: Garth Brown | 15 June 2020
How does a Conveyancer or a Lawyer handle the dreaded, energy-sapping question – “How much do you charge?”
The answer is to establish a process to avoid being treated like a “commodity”.
A Conveyancer or a Lawyer must analyse a contract and what it contains before they can quote, this analysis must be paid in advance before a detailed professional quotation can be prepared. This is, in my opinion, the best response to a caller who asks “How much do you charge?”.
If a potential client baulks at this approach you have avoided what I call a ‘Difficult Client”.
Once you have been paid, you can proceed as per Part 1 of this blog series, demonstrate value through a paid report for either a Vendor or a Purchaser Client.
Never commence a review of the contract or send vendor telephone interview before payment.
Smart pricing model:
After having established the worth/value of your professional conveyancing/legal services by preparing a paid initial report, apply one of these four suggested innovative pricing models:
- Percentage rate: 25% of the total Agents fee or Stamp Duty or ½ of 1% of the Purchase price.
- Subscription rate: Hire your services out for each week while you have a carriage for the Matter. E.g. $450 per week for 6 weeks.
- Fixed Fees: A total rate compared to the sale price, Agents fees, Stamp Duty or settlement adjustments.
- The previous client – Charge like last time if the work was completed in the last 2 or 3 years or an increment of 10% or 20% from the last charge.
Do not be afraid to charge what you are worth.
An expert Conveyancing Practitioner is not a ‘commodity’ – never be afraid to charge higher than your competitors, otherwise, they will set your standards.
About the Writer
Garth Brown is an award-winning Conveyancer and founder of Brown and Brown Conveyancers based in Sydney. He is an AIC certified premium property specialist with 20 years experience in the Conveyancing Industry in NSW offering quality professional Conveyancing and property law services to his clients. Awarded Conveyancer of the Year 2015 he was also Runner-up Best NSW Conveyancer of the Year 2010 and 2012.
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