Make Your Job Easier With Digital Settlements

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Gone are the days where physical contracts are needed to buy and sell property. Saving you time and effort while also helping the environment, PEXA is a world-first digital settlement exchange platform that is revolutionising property transactions.  

Now at more than eight million property transactions since its inception over a decade ago, PEXA’s goal is to phase out the inefficient paper-based property settlement process. 

But why should you utilise a service like PEXA and how can digital property settlements help agents? 

Rob Doorey spoke to Lisa Dowie, PEXA Chief Customer Officer, on the latest episode of the REIQ Property Brief podcast to help answer this question. 

Stop Making Mistakes with Paper

It’s an unfortunate truth that humans make mistakes and research has shown that by using paper, this is only amplified.  

“Research conducted by PWC demonstrated that 25 per cent of paper settlements would fall over and not occur. This often came down to human error or avoidable instances as a result of the processes being paper-based and manual,” says Dowie.  

“Now that we do it digitally, we’ve removed all of that uncertainty and created a great deal of productivity.”  

For real estate agents, the main benefit of this service is the certainty that it gives to the buyer or seller that the agent is representing.  

This certainty also extends to commission and security, with systems in place that protect transactions and data from cybercrime attacks and other negative consequences caused by human error.  

“I’m sure the real estate agent wants to know that the settlement is going to occur on the day and time that the buyer or seller wanted,” says Dowie. 

“Having certainty that funds are going to go in the right place is really important in my mind.”  

Settlements Don’t Stop for a Pandemic

The onset of the pandemic has only increased the number of people utilising digital settlement solutions and the same can be said for all digital tools across the property industry.  

With this uptake in digital alternatives, the property market in Australia has shown its resilience to the pandemic and Dowie says Queensland has been setting the pace for the rest of the country. 

“Property sales in Queensland are up 68 per cent year on year, which is way ahead of Victoria, New South Wales and Western Australia,” she says. 

“We also know that Queensland was the only state to see growth in property settlements in August, while all other states had a drop back. All in all, I think it’s hugely exciting times for Queensland.”  

Don’t Worry About Distance

The regions are rising with these areas become more popular as a result of the pandemic. Luckily for agents in regional Queensland, digital solutions have made settlements a lot easier to complete in these locations.  

“We certainly saw that uptake of PEXA happening quicker in the regional areas because of the tyranny of distance. Settlements used to be quite tricky in the regions,” says Dowie. 

“Even before COVID, we knew that the regional areas loved the digitisation of property settlements. For them, it made their lives easier for both the buyers and sellers and also for the lawyers and the conveyancers who represent them.”  

For more information about digital settlements with PEXA, listen to the latest episode of the REIQ Property Brief podcast, hosted by Rob Doorey.