Technology takes us on an incredible journey and it just develops and changes so quickly from year to year. Effective from October, practitioners in Victoria must launch certain conveyancing transactions using an electronic lodgement network.
How are conveyancers reacting to this?
The legislation requires for practitioners/conveyancers to get up-skilled extremely quickly. It brings along a challenge for people who have been around for quite some time, and have been working a certain way for a number of years, only to see it all changing now.
Lee Bailie, general manager of product and innovation at InfoTrack said: “It is a challenging environment for a lot of the conveyancers and in Victoria, where the first of October mandating came into effect, they are seeing some of the biggest challenges with regards to the day to day activities of their business and their staff.
“What we're trying to do at InfoTrack Is assist them with that by providing them a solution which is essentially called Settle It. What Settle It does is enables them to continue the normal course of their business and the engagement with their clients and providing the professional service that they do, but actually outsource that challenging end of the transaction to us where we're able to assist them with that settlement process, very similar to what we've been able to do today through our manual services.”
How many clients are InfoTrack dealing with in regards to Settle It?
Lee said: “InfoTrack currently deals with clients all over the country in Australia. We've got about 7,500 legal and conveyancing clients to which we provide services from ordering searches and titles and certificates and property inquiries all the way through to settlement services. Last year financially we probably settled just over 200,000 property settlements and we want to continue to provide that service to our clients in a manner in which they want to receive it.”
How will this affect consumers?
Despite Settle It not being directly aimed at consumers, there may be some knock-on effects. Consumers want speed, transparency, better contracts, and a better feel for the transaction, but will Settle It help with this?
Lee explained: “Absolutely. Currently, we are completing roadshows around the country and we're actually out talking to our conveyancing clients and we are getting exactly that feedback. The consumers expecting the opportunity to be able to access technology, the opportunity to be able to get a seamless transaction and that transparency, and what we have endeavoured to do with Settle It is provide that solution to our clients to enable our clients to speak to the consumer in real time at a quicker pace, provide them with more information and at the end of the day, this is a particularly stressful period of time for most consumers, buying and selling property. They only go through it every five to seven years, and so the more information we can give our clients, the better informed they can be when they're speaking with the consumer.”
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