Once upon a time, fish came out of the ocean and, through a series of disruptions, they grew limbs, stood upright, and learned to use tools before reaching the ultimate human endeavour of the smartphone.
In any disruptive process, there are innovators who create the possibility of change and early movers who adopt it and thrive. When the herd migrates to the new way of doing things, not everyone survives.
When I think about what the innovators and early movers have in common, it is more than bravery and more than luck. By moving early, they enjoy the gift of time – the time to experiment, the time to internalise and adapt, and the time to share knowledge and refine the new way.
The move to electronic conveyancing is a disruptive cycle, arguably one of the biggest changes to how we transact property since the creation of the Torrens title system, and yet more far-reaching because it positively impacts every milestone of the customer journey.
InfoTrack offers a range of digital products, including verification of identity, electronic contracts, electronic signing and electronic search, to make that customer journey frictionless through the sale and exchange.
The gift of time can also be conceived in the time-saving that a new way of doing things can offer. In the case of an electronic contract, the time for processing the contracts and tracking down parties for signing can be greatly reduced. The efficiency here is a gift for more than 65 per cent of agents, who said that these two tasks were the most time-consuming aspects of finalising a sale*.
Digitising, though, moves us beyond thinking in small pieces. The technology exists, using a platform like InfoTrack, for a completely paperless property transfer, all the way from the agent appointment agreement right up until settlement, incorporating the PEXA platform. For agents and solicitors, collaborating on one digital workflow enables both businesses, both brands, to execute a profound customer experience.
The referral pathways that exist through such a collaborative platform are one of its strengths and one of those insulating factors that will support and reward those who adopt this technology early.
An opportunity exists for those prepared to work collaboratively, as less than half of all real estate agents have preferred conveyancer relationships in place*.
The ultimate July 2019 deadline for mandatory electronic property transactions is established in The Electronic Transaction Act (Cth) 1999 and the legislative framework throughout the various states and territories; some of the interim deadlines have already been met. Now, before the last-minute rush ahead of mandatory electronic transacting hits in 2019, is the time when the bold can test the waters and have space to figure out what works for their business and how they can best integrate technology. After all, fortune, and indeed evolution, favours the bold.
By using the gift of time now, as an early mover, you will be sure to not only survive but thrive as we move towards a digital future.
*according to a 2017 industry survey commissioned by InfoTrack.
