Five ways we all benefit from the digitalisation of property settlement

Last month, we suggested the top three things property sellers and buyers should look out for when evaluating and picking a conveyancer. This month, we highlight the powerful impact that digitalisation brings to sellers, buyers, and all other parties involved in the conveyancing process.

THE OLD WAY

Traditionally, property settlement involved a lot of manual data entry, phone calls, coordination, in-person meetings, and paperwork travelling back and forth among sellers, buyers, lawyers, conveyancers, finance brokers, banks, and regulators.  

Embedded in the nature of the convoluted process were high business and personal risks, like typing errors from repetitive data entry, delays in document sharing and signing, exposure of sensitive or confidential information, and monetary fraud. This resulted in impatience, confusion, frustration, overwhelm, and sometimes financial disaster for buyers and sellers.   

THE NEW WAY

Since the seeds of eConveyancing were planted in Australia in 2005 with the formation of the National Electronic Conveyancing System Committee (NECS Committee), the vision of a new single national eConveyancing system has started to take shape across Australia, and several states have made eConveyancing mandatory in the last decade. 

Today, digitalisation of the property settlement process has made it possible for all parties involved to reduce or eliminate the risks inherent in the old way of doing things, and enjoy multiple new benefits. Depending on the extent that conveyancers replace old systems and processes with tested new digital alternatives, their conveyancing business, their clients, and associated parties can enjoy some or all of the following advantages of a digitalised property settlement process.

#1 – Sellers and buyers save time and effort – They no longer need to have physical meetings; wait to receive, sign, and return paper documents; or transfer funds and pay fees and taxes in person.  

#2 – Conveyancers save time – They can use secure integrated software to securely share information among real estate agents, fellow conveyancers, clients, finance brokers, banks, and the title registry. This replaces repetitive error-prone paper-based tasks.

#3 – Buyers and sellers get more responsive service – Because conveyancers who leverage smart SaaS software can get things done quicker and better, this results in less delays, more convenience, tighter security, higher client assurance and better client satisfaction. Buyers can be more confident about things progressing without a hitch so they can receive their new keys and move in as planned.

#4 – Buyers and sellers feel less stressed – Using technology, buyers and sellers can complete, sign and return documents online anytime anywhere at their convenience, have better peace of mind and faster responses corresponding with their conveyancer and other parties, and be instantly notified when milestones in the property settlement process are met. Sellers can share their bank account details securely, enjoy more transparent settlement progress tracking, and receive proceeds from the sale instantly through electronic banking.

#5 – Finance brokers and real estate agents are better informed –  They no longer have to wait for emails or phone calls to find out how a transaction is progressing, as timely notifications can be automated. 

HOW KDD CONVEYANCING HELPS

KDD has a passion for property, and we are constantly innovating to provide excellent customer satisfaction. Let KDD help you succeed in all your property transactions:

• We’re licensed professionals.
• As a business, we have two decades of experience in conveyancing, and our team has over 150 years’ collective experience.
• We are caring about getting the best outcomes for our customers, whether you’re a property buyer or seller.
• Every team member was handpicked for their career achievements, passion, and great personality.
• We are active and innovative thought leaders who are grateful to be recognised by our peers and industry associations with multiple industry awards.
• We are entrepreneurial in bringing breakthrough proptech to our fellow conveyancers, with the vision of making things easier, faster, and safer for all parties in the property ecosystem.  

Contact us to explore what we could do for you!