Property Exchange Australia (PEXA) recently launched PEXA Plus Marketplace (Marketplace) to New South Wales members. Lisa Dowie, PEXA’s Chief Customer Officer, explains what Marketplace is and how you could save your client money in their property transaction.
What is PEXA Plus Marketplace?
The Marketplace stemmed from PEXA members’ direct feedback. It is an online hub that provides a choice of providers of products and services that are used to perform a conveyance. These services will map seamlessly into PEXA with a view to making the conveyancing process more efficient.
The initial iteration released late last year, offers property searches from Equifax and CITEC giving PEXA members in NSW open access and greater price transparency.
Lowering cost for consumers
Before Marketplace, lawyers and conveyancers would pay varying prices across different providers for the same service. For example, while conducting market research in New South Wales, we discovered that one PEXA member paid $14.50 for a title search. A couple of streets over, another paid $25 for the same service and provider.
Through Marketplace property search providers are able to display prices in one convenient online location. With a clear view of the different prices available to them, PEXA members have the ability to make transparent price decisions for themselves and their clients, who ultimately pay for the information.
Susanne Mosely, Managing Director at Hunter Legal & Conveyancing tested the Marketplace before its release and continues to use it to benefit her customers.
“The pricing is far cheaper than the alternatives we’ve been using. This really helps as it reduces our disbursements for our clients and our clients are so much happier when we help them save.
Price transparency is important for our market, so our quotes can be more accurate and we’re able to reduce any surprise costs at the end,” Susanne says.
Today, Marketplace is live in New South Wales. It offers property searches from Equifax and CITEC with the lowest property search price at $11.80 (ex. GST). Other property search providers will join them early this year as well as expansion into the other active e-Conveyancing states.
Soon, further products and services across the different phases of conveyancing will be added to Marketplace. In the meantime, PEXA members in NSW can access the Marketplace through PEXA Plus using their PEXA login details and access FAQs here.
 PEXA does not set prices in the Marketplace. Each provider sets their individual price.
 New South Wales, Victoria, Queensland, South Australia and Western Australia are currently active e-Conveyancing states in Australia.