Construction of multi-lot apartments and townhouses has grown on average by 6.1% annually since 2012* carrying with it an abundance of paperwork and manual processes; a problem Property Exchange Australia (PEXA) is helping developers overcome with its ‘Projects’ functionality.
PEXA gives lawyers, conveyancers and financial institutions an online platform to lodge land registry documents and settle property, with the ‘Projects’ functionality allowing for the handling of multi-lot property deals. Projects utilises robotics to automatically create online workspaces, with mass data upload capability and each settlement status visible on one easy-to-use dashboard.
According to PEXA CEO Marcus Price,” What once took 7 minutes per transaction now takes just 6 seconds. As you can imagine, for those property developers settling some of the 210,000-large-scale allotment deals each year, this provides an unprecedented level of efficiency. In fact, not only are dealings now 166x faster but developers also benefit from substantial interest savings with billions of dollars in property transferred in minutes – not weeks,”.
Recently awarded the Best New Product or Service or the Year for RealEstate and Construction at the 14th Annual International Business Awards, judges described PEXA as “revolutionary in the sense that they have made the entire lifecycle of buying, selling and closing properties seamless and less painful… this company has shown what it means to live in this robotic world.”
Although in its infancy, PEXA Projects is already attracting attention with Australian developers reaching out to assess how they can best utilise the functionality for their larger deals.
For Pace Development Group’s in-house conveyancer Roslynne Brodie, PEXA Projects represents the next frontier in digital innovation:
“PEXA provides developers with greater certainty of a successful development handover on settlement day and this is paramount to the overall streamlining of the apartment settlement process for both the developer and their Client/Purchaser.”
PEXA Projects puts industry collaboration at the centre of its early success, with further functionality coming into play South Australia is next to benefit as encumbrances move online in November. The ‘lift and replace’, lodgement and removal of encumbrances will open the doors for online development deals in the state, freeing up approximately seven out of ten new titles created by a development to be transacted on electronically - a major cost and time saving ability for the South Australian property market.
If you’d like to know more about PEXA projects, visit pexa.com.au/property-developers.
**Timing of access to cleared funds will depend on the vendor’s financial institution.