The Impact of Digitisation on Property

July 8, 2016

Digital solutions for the buying and selling of property in Australia have lagged behind other sectors, such as financial services and advertising. This is due primarily to the lack of integration among the various components of the property supply chain.

Each state has its own rules and regulations, which means  each state has a different land registry and associated processes. Unlike a national system for security interest registration and searching that emerged in 2012 through the Personal Property and Securities reforms, there is no national standard and no existing software or national registry that overcomes this lack of uniformity for real estate sector.

In addition, the complexity of bringing all four parties (buyers, sellers, bankers and conveyancers) to a property transaction together remains a hurdle for the industry to overcome. There are some tools emerging,  such as Settlement Room, offered free as a service to the property industry.

For many conveyancers that are either in solo practice or small law firms, process that adds cost in a competitive environment can be damaging. It is vital for them to be able to access free digital tools to help support core business processes.

With the complexity of end-to-end property transactions and the number of people involved, there has not been a grassroots clamouring for comprehensive solutions that we have seen in other industries. However they are beginning to emerge. The benefits of digital transformation include increased collaboration, greater efficiency, lower costs in the long term, improved customer service, and better outcomes for property buyers and sellers.

A good digital solution will turn raw data and documents into meaningful information that enables business professionals to improve and automate many of the routine or mundane tasks that don't offer much value to their business or for their clients. Digital tools, combined with mobile devices and greater connectivity, also improve the speed of business and enable greater collaboration. It will enable you to help your clients get the answers they are looking for more quickly, and to communicate with the people you do business with more effectively and at the times that suit you.

Settlement Room can help to eradicate any opportunity for settlements to fail while also making the business of arranging settlement more efficient, If you would like to find out how Settlement Room can help you to achieve efficiences in your business, get in touch with us.