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Press Coverage
22.11.2007

Ask the experts: Convex - taking the stress out of moving

Convex provides electronic process-driven case management systems that eliminate all the repetitive work and form filling. ‘This allows our staff to do the work in a fraction of the time and concentrate on customer care,’ Samuel argues. ‘Because the system is paperless we can make the whole file available to the client online, so the service is completely transparent.’
But there’s more. The company’s unique selling point is an insurance system that helps mitigate costs should the worst happen.
‘We eliminate the costs risk by insuring the client against the risk of the transaction falling through. If it does, the client will pay no fees, disbursements are covered by insurance and the client is repaid surveyors and valuation fees,’ Samuel explains. All for an upfront premium of £95.
The only circumstances in which the client is not covered is if the transaction does not continue because the survey or valuation identifies an unsolvable problem, or the client decides not to proceed themselves.
From a standing start in 2003, Samuel’s company now has a turnover of £1m, boasting a 300% increase in the number of transactions in the year to September 2007.
Currently, Convex employs 14 people. Secretarial and filing staff work, systems and the detailed legal work can be done remotely and flexibly. Because the files are held electronically, and the in-house team looks after the client care, the solicitor who does the long, complicated work has no need to come into the office. They can work as much or as little as they like, even earning more from home than they could in an office, according to Samuel.
That’s the system, so where does the business come from?
‘At the moment it comes from intermediary referrals, such as mortgage brokers, IFAs, estate agents, property clubs and property funds.
‘We’d like to expand this to surveyors to take advantage of our unique pricing policy as this would add to their customer offering,’ Samuel explains. But in time Samuel would like to see business coming directly from the house-buying public. ‘Ultimately we would like to have a consumer brand,’ he says.
Finance is currently not an issue for the company, and Samuel does not believe he will be looking for more in the immediate future: ‘We have some wonderfully supportive shareholders and we are just finishing an internal funding round, so have no plans for raising further finance.’
But the housing market is currently in a state of flux ­ interest rate hikes and the introduction of home information packs (HIPs) could slow down business, a point recognised by Samuel. ‘Volumes are certainly down at the moment. While our sales team has an excellent record at closing leads, generating the business is certainly more challenging,’ he says.
But hopefully the online service will help mitigate some of the problems with getting the deal done.
So where does Samuel think Convex will be in five years’ time? ‘I think that the market will have matured so that it will be common sense to do a property transaction this way, and Convex will have a substantial market share,’ says Samuel.
The main challenges
• To generate referrals from surveyors and other intermediaries
• Establish a consumer brand for online conveyance work
• Target house buyers directly for business in the future