The property industry is embracing change and supporting digital innovation.
Throughout the conveyancing industry, a common question arises. How can we increase productivity, efficiency and profitability at each step of a sale or purchase of a property?
Due (in part) to a unique succession of disruptions or global shocks if you will, 2020 cemented that answer, digital. And it’s now, more than ever that the property industry is embracing change and supporting digital innovation.
The world of communication and information has been changed in terms of immediacy and ease, and PEXA has certainly been at the forefront of this change. So sure, while you may be thinking that the world has already ‘gone digital’, by and large, these changes have largely been practitioner rather than customer focused.
The thinking now needs to stretch to encompass the client experience as well. Technology has come so far in fact that the digital footprint now needs to be from the moment your client engages you to the time the conveyance is complete.
Australia has been a forerunner in the idea of digital conveyancing with many companies already reaping the rewards from what technology has to offer.
So what is the difference between e-conveyancing v Digital conveyancing?
E-conveyancing is simply the way practitioners interact with each other to settle a transaction. Digital conveyancing is how the industry brings its client interactions on-line. PEXA key, being a great example of this shift; providing the consumer with their own digital experience in what otherwise has largely remained a paper-based experience for them. Despite the move to e-conveyancing, mortgages, loan contracts and client authority forms are still largely a paper experience for the end consumer.
Digital conveyancing needs to bring the end consumer, who we all work for, online so that they too can experience the security, transparency, speed and efficiency that digital conveyancing can offer.
Take advantage of the following products and make ‘going digital’ a lot smoother for your customer, and yourself.
1. Reduce human error
How many times has a client authorisation come back to you, only for you to discover that it either wasn’t signed, dated or the authority wasn’t correctly selected? These are some of the most common errors identified by ARNECC.
With digital conveyancing, there are innovative technology solutions that guarantee basic human errors, such as the above, aren’t repeated; promising you a robust and compliant execution process.
eCAF is one of the most secure digital VOI and signed CAF platforms in Australia, providing clients more autonomy when buying or selling a property. It works by synchronising the CAF and VOI at the same time, demonstrating that the CAF was executed when your client is identified – ensuring you know who’s on the other end of the digital signature.
This process not only reduces the risk of human error, it also reduces the probability for fraudulent land transactions. Request a demo here to see eCAF in action.
2. Innovative customer experience
With the types of technologies available on the market, consumers’ expectations of customer experience have increased tenfold. And the property industry is no exception. Digital platforms, in order to be successful, need to offer clients a certain standard of intuitiveness as well as being user-friendly.
Consumers no longer accept these important transactions moving online, they expect it.
Typically, the buying and selling of property produces a pile of paperwork, all of which requires binary handling, copying and filing. The adoption of digital conveyancing can eliminate this time consuming administrative process and provide clients with a pioneering user experience when signing property documents.
Kwil makes signing and returning loan documents faster and with less errors, from anywhere in the world. This platform offers you the convenience of creating documents exactly as you normally would, but instead of licking the stamp and popping them in the mail, you simply upload them to Kwil. And much like eCAF, Kwil also handles witnessing electronically. No more waiting for the post only to discover a signature has been missed, or a document hasn’t been returned at all. KWIL’s intelligent workflow makes it impossible for borrowers to miss a step in the signing process.
This process of digital conveyancing can reduce settlement timeframes by 80% and decreases the fall over rate by 75%, allowing for a smoother and more efficient transaction between buyers and sellers.
3. Peace of mind
From the client’s point of view, the buying or selling of property, as well as dealing with the physical paperwork, must be a very high-stress situation. They don’t know the process, they don’t speak the lingo and all the while they are buried in the administration of paperwork, unsure if they signed every dotted line.
Now, it’s no secret that wherever there’s paper, there’s usually at least one mistake. And to avoid mistakes, you need to cross-check, costing you time and money.
In 2019, the NSW and Vic Government made it mandatory to lodge settlements online. The regulation of mandatory e-settlement has now stretched to encompass WA and SA as well.
eConveyancing, or PEXA provides an online lodgement and financial settlement platform that reduces the risk of mistakes occurring, thereby reducing the costs and delays associated with traditional conveyancing.
While it is still an option for Qld, Tas, NT and the ACT to handle their settlements the paper-route way, more and more firms are taking the plunge and swapping to digital.
As we already mentioned, property transactions can be a confusing and complicated process, so imagine reassuring your client that they can be involved in every step of their settlement?! The PEXA Key app helps clients understand each stage of the process by allowing them to track it as it comes, reducing their stress along the way.
The act of digital conveyancing reduces the chance of error, making property transfers easier, faster and more cost effective, for everyone involved. Not to mention, conveyancing digital products provide clients with the convenience of having all their records online, making it easy to store and retrieve files.
Digital conveyancing is revolutionising the way people buy and sell property. It’s easier, it saves money, and it gives buyers and sellers back some of the power, making the sale or purchase of their home an enjoyable one.
Digital conveyancing will eventually see away the paper approach to settling property, adopting everything technology has to offer. Digital is the answer to many of your clients’ pain points so, get on board this year and see what it can mean for you and your firm.