Protective business measures used by the respective Bar Associations and the proposed changes to the transfer process can and will affect the livelihood of most players in this industry, and more specifically, it will radically affect the small to medium sized law firm. Associated with the proposal for legislative changes to adopt these proposals, as well as the huge technological changes made in the industry, specific to the legal process of transfer, are the significant expenses required by the smaller law firms to maintain a level of competition and competence. .
BACKGROUND TO THE STUDY
Currently, standards set by provincial Law Societies require law societies to act in the best interests of their clients. Proposals similar to those put forward in South Africa have been opposed by the Law Society of the United Kingdom.
MOTIVATION
The real estate industry has effectively become the tail wagging the dog, in other words, real estate agencies wanted to change their status to a client who initiates the workflow, and legal and financial institutions depend on their goodwill to grant opportunities to them. The reason for the study becomes clear when we consider the relative benefits to lawyers who earn their income through the conveyancing process.
VALUE OF THE PROJECT
PROBLEM STATEMENT
The constant updating of computer systems, together with the relative availability of software, places enormous pressures on an organization's financial planning. When proposing changes to legislation for the conveyancing industry, it is essential to determine how these proposed changes will affect the small and medium-sized law firm.
OBJECTIVES OF THE STUDY
Management must identify alternative options to recover financial resources. f) It is clear that the organization must continuously train its workforce with up-to-date skills development programs that are sector specific and linked to technological advancements. An assessment of the possible methodologies that will be implemented by both the financial institutions and the brokerage firms can help prevent the negative effects that this will have on the organization by introducing new working methods.
RESEARCH METHODOLOGY
The main benefit to be gained from this exercise would be the different interpretations of the problems envisaged. Finding a correlation in the identification of problems would help this researcher to more clearly identify the threats facing the organization if these proposed legislative changes were to be implemented.
LIMITATIONS OF THE PROJECT
After the initial discussions the researcher had with the transfer providers, it is of the opinion that due to the sensitivity of the information for their organizations, the writer anticipates that not all members will be willing to participate in the discussion and of course some will not be with strategic information.
STRUCTURE OF THE STUDY
Possible strategic routings will be discussed and the importance of Customer Value must be considered. Specific measures will be discussed which are factors to consider for the management of Olivier & O'Connor Incorporated when evaluating the issue of differentiation.
CONCLUSION
CHAPTER TWO
STRATEGIC DECISIONS
INTRODUCTION
Intermediaries' duty under the law is: "to ensure that the standards of competence and professional conduct of persons practicing as authorized intermediaries are sufficient to ensure adequate protection of consumers and that the mediation services provided by these persons are provided both economically and efficiently". It simply depends on the management's ability to recognize, form strategy, implement change and manage the respective companies within stringent economic measures and absolute utilization of available resources.
ANTICIPATED EFFECTS OF CHANGES IN LEGISLATION
- Estate Agencies
- Financial Institutions
- Human Resources
- Financial Implications
- Technology
Conducting a customer value analysis will highlight three critical concepts, namely the concept of service quality, the concept of price for the total customer value equation, and the recognition that quality is properly defined by the customer, not the company. Now it is very clear that any change in the skills of the operations division will have a radical effect on the operational capability of the organization.
STRATEGIC DECISIONS - HOW TO SURVIVE LEGAL INDUSTRY CHANGES
- Business Level Strategy
- Outsourcing
- Alliances with other law firms - Economies of Scale
- Human Resource Pool
- Streamlining non-core functions
- Virtual offices
The company should divide their customers into groups based on their needs and their future dependence on the organization. An integral part of implementing a cost leadership/differentiation strategy is to ensure that the company can perform their core services at a lower cost than their competitors. Divisions that can be investigated are those that do not form part of the company's core functions, but which are necessary to provide a complete service to their customers as well as the organization's ability to function.
It is a matter of redirecting the company's internal resources to ensure that the current competitive advantage enjoyed is maintained.
ORGANISATIONAL CHANGE - IMPLEMENTATION
- Corporate Governance
- Organisational Structure & Control
The effectiveness of the leadership team will be a product of the diversity of the team in terms of the competence and background of each member. The successful implementation of the firm's strategies will depend on the alignment of structures within the organization. Modifying or adjusting the firm's current strategy will require changes in the organizational structure.
The income generating divisions, property transfer, mortgage registrations, MVA, Commercial and Estates are all expected to contribute to the value proposition of the company.
STRATEGIC PLAN
- Proposal
- Strategic Alliance with an Integrated Cost/Differentiation Strategy
It remains obvious that the future survival of the small to medium-sized law firm will depend on the impact and consequence of legislative changes. It is in this statement that the solution to the future existence as well as financial viability of the smaller law firm can be found. If these firms react negatively, the management of Olivier & O'Connor Incorporated must make alliances with the smaller real estate agencies, because the latter have always remained the bread and butter of the organization and they do not have the financial.
Finally, the management of Olivier & O'Connor Incorporated must remain focused and ensure that the energy of the organization is directed towards producing effective service and also continuously evaluating their product offering.
CONCLUSION
INTRODUCTION
The company has good relationships with a number of real estate agencies in the area and this has given the company the benefit of ongoing support even when interest rates are high and bond approvals are hard to come by, which fortunately is not a major factor in today's housing. tree. The company has maintained a stable financial growth over the past decade and this is noted by the standard of equipment used in the offices, as well as the standard of living enjoyed by the senior management of Olivier & O'Connor Incorporated. Although the company has enjoyed relative success in the past, the current and future prospects have changed.
Linked to this are the potential consequences for the business if the proposed legislation is implemented.
METHODOLOGY AND THE COMPANY'S CURRENT STATUS
- STRENGTHS
- THREATS
- WEAKNESSES
- OPPORTUNITIES
- Strengths identified
- Weaknesses (Effects on the organisation)
- Threats (Influences on the organisation)
- Opportunities presented
The management's foresight in maintaining their IT capabilities represents a great strength for the organization in the process of strategy change and implementation. This core competency must be exploited in the organization's resistance and used to their full advantage. In the case of Olivier & O'Connor Incorporated, there is currently only one director and should something happen to him, the organization could effectively grind to a halt.
Financial institutions would undoubtedly cut all funding if he was no longer part of the organization.
RESULTS
- Time - The essence of recovery
- Staff - The backbone of the organisation
- Marketing - Promoting seized opportunities
The senior now deals with the seller and the buyer until the conclusion of the process. These will be the shareholders in Olivier & O'Connor Incorporated, the clients of the organization and the employees responsible for the output. In conjunction with the balanced scorecard, it becomes essential that this resource is nurtured and grown for the benefit of the organization.
The organisation's aim must be to ensure a joint commitment from the entire organization to achieve customer satisfaction and thereby create a focus on the customer as the core component.
CLIENT BASE ANALYSIS
- Estate Agencies
- Financial Institutions
Although it may seem profitable, there are some questions that must be answered by the management of financial institutions. me). It becomes apparent that although financial institutions have the financial strength to undertake such a venture, their decision should not be made only in the light of the financial benefits they will gain, but measured against the current expectations of the customers and the value, which they add. their user experience. If an internal transfer institution affects the current level of service and customer satisfaction, financial institutions may not take advantage of the proposed legislative changes, but rather focus on their current competitive advantage and the actions necessary to increase it.
Their takeover of the large law firm Edward Nathan and Friedlander years ago for an estimated R400 million did not produce the financial results expected in the original planning.
COSTS VERSUS INCOME
Any deviation from these established goals must be analyzed and corrected because the alternative to poor financial control will be the demise of the company. It is imperative that management is at the forefront of being constantly aware of the effects of external challenges. If a division becomes a financial burden, they should act in the best interest of the company and not perpetuate a problem because of emotional involvement or archaic business principles.
It must be remembered that in the current volatile market, the ideas and strategies of the past may not be the right path to ensure future sustainability.
CONCLUSION
MODEL COMPARISON
- INTRODUCTION
- Alliances
- Outsourcing and streamlining non-core functions
- Virtual Offices
- Model Proposal - Integrated Cost Leadership/Differentiation Strategy
- CUSTOMER VALUE ANALYSIS
- Rationale and Implication of Customer Value Analysis
- Application
- DIFFERENTIATION
- Service Differentiation
- Conveyancing Tariffs
- CONCLUSION
Furthermore, the firms performing the administrative function now become future competitors, as they have direct insight into the operations of Olivier & O'Connor Incorporated and could easily copy or establish partnerships with other law firms, thereby passing on information that are sensitive to operation. The essence of the implementation would be to focus on their core customers and this is of vital importance to the management of Olivier & O'Connor Incorporated. There are three processes that management at Olivier & O'Connor Incorporated must use to determine their customer value. i) Determine customer intimacy by making use of the following tools:.
From the above depiction of the process of customer value management, the essence of customer value is obvious.
CHAPTER FIVE
FUTURE STRATEGY - CHANGE IMPLEMENTATION
- INTRODUCTION
- Overcoming the institution of change in conveyancing legislation
- GOVERNMENT CONSIDERATIONS
- Deeds Office
- Local Municipal Councils
- Receiver of Revenue
- FINANCIAL INSTITUTIONS
- FUTURE SUSTAINABILITY
- CONCLUSION
- BIBLIOGRAPHY
The current Deeds Office provision in accordance with local councils is that all payment receipts must be paid before title is registered at the Deeds Office. This is another factor that the government should consider before making any proposed changes. The Register of Deeds Act provides that all relevant transfer duties in relation to a particular real estate transaction must be paid to the recipient of the income before any documentation relating to the transfer of the real estate is lodged.
Transfer fees are paid to the recipient of the income and can be linked to a particular transaction at any time both at the recipient and at the Deeds Office.
