Property transactions at the click of a button
In no time at all Kenny Spring Solicitors has ramped up double digit online property transactions on behalf of customers including Wyong Shire Credit Union and Family First Credit Union. Solicitor Zoe Bagnall explains that industry has an opportunity to get on board and voice how it wants to shape the growing digital network.
Q. Congratulations on making the move to take your business online. How did you find the experience?
A. We found the experience of moving our business to online settlements seamless. We were given excellent support and there are great resources available.
Q. Can you briefly share what was involved from your end at a high level?
A. The process for transitioning to the online system includes signing the necessary paperwork, sufficiently identifying yourself, obtaining your digital signature and passcode and creating your username and password.
All you then need to do is log on to the PEXA portal and start transacting.
Q. How does going digital compare with the paper-based way of settling property transactions?
A. The digital settlement process is quicker and more efficient than the paper based settlement. There is no more waiting on hold with the banks to book settlement, no more chasing payout figures or missing cheque directions.
The transparency of all parties using the one portal also means that the settlement process can be more collaborative with all parties able to ensure that everything is tracking to ensure settlement takes place on time.
From a regional point of view it also means money saved for the client and the practitioner as there is no requirement for CBD settlements, which inevitably means appointing a Sydney agent.
Q. What’s the feedback from your team using the system – is it user-friendly?
A. We’ve had great feedback from our team. The system is extremely user friendly. The most complicated point of the system is trying to correctly allocate the fees for the different parties.
Q. Have you had any feedback from clients after transacting online?
A. While we have not had any direct feedback from our clients, all the clients we have transacted for were interested in hearing about the system and were also pleased with the speed in which the settlement funds were made available.
Q. Consumers have had internet banking, ETPOS and BPAY payment solutions for decades now. What needs to change to take paper out of the equation for property transactions?
A. The mindsets of the people involved. We already have what we need to take paper out of a property transaction. We now have the ability to create contracts completely online, sign contracts online and settle transactions digitally. The only thing that will need to change is the participation in the online portals to include real estate agents.
Q. How can e-conveyancing help grow your business to be more competitive?
A. E-conveyancing can help grow a business by reducing the time spent on a matter therefore allowing more time for client development and marketing.
Q. If you could reach out to firms who haven’t yet looked to e-conveyancing – what advice would you offer?
A. It is coming whether you like it or not, by getting involved early you will have more technical support in the initial phase, have a greater understanding of the system and be able to better shape the process by having a voice within the system.
Q. Crystal ball gazing time. What’s your ideal future vision for your industry and clients in the digital era?
A. I would like to see as many online and paperless processes and procedures as possible. Having all that you need at the press of a button and being as transparent as possible to allow clients to track their matters at their convenience. The real catch is trying to achieve all this while still maintaining a human element and excellent client service.
Q. Other points you want to add about innovating your business with e-Conveyancing/technology?
A. making sure that all the e-technology is user friendly on all handheld devices to ensure that a more flexible and mobile business opportunity is possible.
More than 1,000 NSW- based practitioners have signed up to PEXA. If you want to bring clients secure and efficient property transactions contact your local PEXA Specialist by emailing helen.benge@pexa.com.au
