Keep up with technology. Just do one PEXA transaction and then make up your mind...
Waterways Conveyancing has clocked up 15 PEXA transactions in the past several months. Lyn MacQuarrie Licensee of the Mandurah-based business explains why the company is taking its business online.
“Waterways Conveyancing is a progressive business and I’m positive about change. When it comes to new technology we don’t want to be left behind,” she said.
E-conveyancing is a service for our clients. So let’s make it work for them
“Industry as a whole has been talking about e-conveyancing for many years now and the benefits outweigh the reasons for holding back. E-conveyancing is a service for our clients and we want to be able to offer them anything we believe is a benefit.
“Let’s face it. Distance is a big issue in our state with remote and regionally-based clients. Now they a choice to settle without the need to have to send documents by post and have their settlements delayed. Remote agents, I believe, would be the best e-conveyancing advocates.
"One of our first PEXA settlements was for a Seller client. They have recently purchased a property and actually requested that it be settled in PEXA. Luckily all the parties were able to transact and the property settlement was effected electronically.
No one is nostalgic about losing paperwork in the post
“People sit on the fence because they’re scared of the change that comes with the digital era. But things are different now. No one is nostalgic for the past when it means losing paperwork in the post between regional areas and Perth. No one wants that stress.
“Like so many others I’m most frustrated about the old way of transactions because of the time I sit on hold waiting to speak with banks. This stops me from being productive. It’s time that could be better spent. The PEXA network collaboration is excellent. Real time virtual conversations occur. We can also track settlement by logging in and checking email notifications.
Other settlement agents have signed up and are now part of our network
“Some people are of an age where they feel that they are not computer literate. Instead of worrying about the impact of the new just give it a go. It’s really not that different from learning the online programs like Landgate and Revenue Online. So it’s our turn. Settlement agents should consider getting online as part of this network.
“I want to lead by example. Since we’ve taken PEXA on board other settlement agents are joining up and are now part of our local network. Rebekah from PEXA Direct has assisted others including Bouvard Settlements, Madora Bay Settlements, Mandurah Settlement Services and Dolphin Settlements.
Going online is an opportunity to price complex files
“Another benefit that presents is through fee deregulation. I see going online as an opportunity to price complex files. There aren’t that many agents promoting e-conveyancing as a point of difference. Make it a part of the innovation you offer clients. Look at it differently. We’re not cutting back on services – we’re adding on and offering choice.
“When you remove the search fees, bank cheques and attendance costs that come with paper-based transactions the PEXA fee is reasonable. The benefit for the seller is prompt payment to their bank account*. One of my clients had funds banked to their account within 30 minutes of settlement. There was no three day cheque clearance delay.
Just do one PEXA transaction and then make up your mind
“Everyone has to keep up with technology. Don’t be scared. Get on board. Just do one and then make your mind up. Be positive. Embrace the change and most of all don’t get left behind.
“My experience is to take control of your own business. Learn about going digital so that you’re ready for when it becomes widespread. In the next few years most transactions will be done by PEXA.
Real estate agents might quickly catch on that online transactions benefit buyers and sellers
“The pathway is there. My advice for agents who are quieter than usual at this time of the year is to use the down times to learn the PEXA system. That way, when it gets busier you can smoothly transition your business online.
“And don’t forget our real estate agent contacts. They’ll be part of this change too. They might quickly catch on that online transactions could benefit buyers and sellers.”
* Depending on the seller’s financial institution