Thomas Morris’s Success Story: A Case Study on the Impact of Mover Protection
Estate agents are constantly seeking innovative ways to offer value and build trust with their clients. One such approach is offering Mover Protection, a benefit provided free of charge to buyers and sellers for a trial period after their AML checks with Smart Compliance. Our Commercial Director, Amy Shields, explored this innovative approach in a detailed conversation with Simon Bradbury, Managing Director at Thomas Morris, who shared his valuable insights and experiences.
Background on Mover Protection:
Mover Protection is a solution designed to provide peace of mind for both buyers and sellers in the often-unpredictable property market. This product is a key benefit included in the 3-month complimentary Lifetime Legal membership, which is gifted to clients upon the successful completion of Anti-Money Laundering (AML) checks with Smart Compliance. It provides financial protection by covering various costs, up to £2,570, including legal, marketing, estate agency, and survey fees, in the event of a property sale or purchase falling through no fault of the client. *
Offering Mover Protection as a follow-up to AML checks can differentiate an estate agency in a competitive market. This unique combination of legal compliance and financial protection can be a key selling point, attracting clients who value thoroughness and security in their property transactions.
Thomas Morris’s Journey with Smart Compliance
Thomas Morris has been at the forefront of embracing Smart Compliance, having utilised the service since the summer of 2022. Before this transition, their process involved conducting electronic AML checks and performing enhanced due diligence manually. Simon Bradbury recalls the initial apprehension among the staff regarding the idea of billing clients for AML checks. Nevertheless, following a shift in perspective and a phase of cultivating confidence, he acknowledges the change in approach: “Most people have no issues about paying for things upfront if they see proper value in it. And that’s the proper value.”
Successful Mover Protection Claims
Thomas Morris has recently seen nine Mover Protection submissions from their clients, with three of these claims, all from first-time buyers, being successfully processed. The total compensation has amounted to over £2,500, a considerable figure that has undoubtedly created a positive impact on those clients. Simon Bradbury considers the broader implications of this, noting not just the financial advantage for the clients but also the enhanced reputation it brings to Thomas Morris. He remarks, “Just think about those three first-time buyers. What will they think of Thomas Morris? Honestly, we are reflecting in your glory. There’s no PR that can buy an experience like that, where people receive hundreds of pounds back.” As of the current year, Smart Compliance has settled 88 percent of all Mover Protection claims. **
Leveraging Mover Protection as a Unique Selling Point
Simon Bradbury emphasises the importance of strategically positioning Mover Protection in their client presentation process. He highlights how Mover Protection is introduced during the fees section, tying it to the agency’s lower-than-average cancellation rates and transparent approach to legal requirements and fees. “We pride ourselves on being bold, straightforward, and transparent – qualities not typically expected from estate agents. This approach means a lot to us, and we believe it sets us apart. While other agents may not mention it, our Mover Protection product is a key differentiator. In today’s estate agency market, unique selling points are rare, but this is a service that, at present, none of our competitors offer. It represents excellent value.”
Conclusion: Mover Protection as a Key Differentiator
Mover Protection is more than just a financial safety net; it’s a testament to an estate agency’s dedication to client satisfaction and trust. As Simon Bradbury’s experience with Thomas Morris demonstrates, integrating Smart Compliance can significantly enhance an agency’s value proposition, setting a new standard in the property industry. As Simon Bradbury states, ‘They get a nice professional experience. They get their AML checks done, they get their Lifetime Legal membership with the Mover Protection, and their free standard or mirror Will if they want it. So, it just makes us guys look good’. Watch the full interview below:
* Following a complimentary 3-month period there is the option to continue membership for £7.99 per month with no tie-in.
**Refunds are made at the sole discretion of Lifetime Legal. Terms and Conditions apply.
