Technology innovation counters rising interest rates to keep home buyers and sellers’ market active
The convenience for home buyers and sellers to enter the property market has considerably improved with the adoption of technology from their conveyancers.
This has been an essential ingredient in keeping the Australian property market interest from plummeting despite eleven interest rate hikes since April 2022, leading to a current baseline rate of 3.85 per cent.
The property market has maintained a reasonably high transaction rate during the last nine months thanks to the advancement and adoption of digital conveyancing solutions throughout the COVID-19 pandemic.
Leading conveyancing technology provider triSearch, believes this trend will only continue as buyers and sellers have a far better customer experience when transacting now, compared to pre-pandemic.
The digital tools adopted have made it more convenient for Australians to enter the market with digital verification of identity, electronic signature capabilities, and digital contracts. In addition to the tools involved in the purchase and sale of land, conveyancing technology has also improved its cyber-security measures to ensure tools used are protecting both the clients and conveyancers.
triSearch National Sales Manager, Mitchell Burge explained with the popularisation of digital conveyancing tools throughout Australia, industry practitioners are becoming more efficient in their jobs, ensuring buyers and sellers have a positive property transaction.
“Thanks to the technology available, and the willingness to adapt and adopt new solutions, conveyancers now have the means to generate a contract of sale within five minutes of receiving the initial sale agreement, compared to it taking multiple days pre-pandemic,” Burge said.
“This in turn, makes it significantly faster for agents to get the property on the market, so there is far less chance of missed opportunities for the seller.”
Burge said that it’s a completely new landscape for all stakeholders in the industry, including for buyers and sellers.
“We are at a point in the industry where conveyancers are striving to offer their customers faster, safer, and more personable service, and real estate agents are only referring their clients to those who can deliver,” he said.
“During the pandemic’s property boom, conveyancing technology was able to innovate and improve its digital solutions available.
“This resulted in a transaction which could be conducted completely remotely, significantly improving the experience for all in the transaction.”
Australian homeowners and purchasers no longer need to travel to visit their conveyancer to verify identity or drop off legal documents, share sensitive bank details by unsecure means like email, or physically sign two separate contracts at exchange.
Burge explained, “instead, Australians can now work digitally with their conveyancer to sign documents on their smart phone or computer, verify their identity with their smartphone and selfie camera, and even share bank details through secure online portals rather than email.”
The improved property experience for Australians is expected to continue with many conveyancers still in the process of fine-tuning their digital workflow.
“The property transaction will continue evolve throughout 2023 and beyond, allowing agents, conveyancers and their technology providers to make the process more convenient, enjoyable, and encouraging for buyers and sellers to continue entering the market,” Burge predicts.