Managing director Andrew Coronis said e-conveyancing will transform settlement from what is typically a two-week process into a three- to four-day task.
“This is key in the hot southeast Queensland market, as sellers want a fast turnaround so they have the financial security to plan the next step in their property journey, and buyers want to invest as soon as possible,” Mr Coronis said.
Coronis is a 250-staff real estate group based in Brisbane that also includes a legal division. It sees e-conveyancing as a logical move given Australia’s strong uptake of new technologies.
Mr Coronis said one benefit of e-conveyancing is that parties can jump on any problems encountered during settlement.
“Clients are able to log into the online portal and look at paperwork firsthand, something that a few years ago would have required sending documents via post or having clients schedule a meeting,” he said.
A government agency called PEXA is rolling out a national e-conveyancing network, with the first online property transfer occurring in November.
PEXA chief executive Marcus Price told Real Estate Business earlier this year that e-conveyancing was the biggest change to the property industry since the land title system was introduced 120 years ago.
“Real estate agents will have a lot more information at their fingertips, they’ll get paid a lot sooner and they’ll be able to provide a lot more visibility to their clients about what’s going on,” Mr Price said.
“I think online property transfers will become as common as internet banking. We can even see online real estate agents doing online auctions, and they’ll be back-ending the settlement process as part of their solution.”
The company has also added in-house broking, planning and budgeting businesses since 2014.
[Feature: How the market will look in 2020]