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Property Exchange Australia (PEXA) recently launched PEXA Plus Marketplace(Marketplace) to its members in New South Wales. A first of its kind for the property industry, with the potential to save consumers in their property transactions, PEXA’s Chief Customer Officer, Lisa Dowie, breaks down the new conveyancing service. Lisa’s colleagues recently delivered a presentation on PEXA and Electronic Conveyancing at the Legalwise Property Transactions for Support Staff, Conveyancers and Junior Lawyers Conference.
What is PEXA Plus Marketplace?
The Marketplace is an online hub that provides PEXA members[1] with a choice of providers of products and services that are used to perform a conveyance. These services will map seamlessly into PEXA with a view to making the conveyancing process more efficient.
The initial iteration released late last year, offers property searches from Equifax and CITEC giving PEXA members in NSW open access and greater price transparency.
Property searches
Property searches have been around for years and in their simplest form are a PDF file from a state’s Land Registry holding property information required for the sale or purchase of a property e.g. owner information.
Different providers across Australia dispense this information to those who need it, at a cost. Before Marketplace, lawyers and conveyancers would pay varying prices across different providers for the same service. Now, through Marketplace property search providers are able to display prices in one convenient online location. With a clear view of the different prices available to them, PEXA members have the ability to make transparent price decisions for themselves and their clients, who ultimately pay for the information.
Market research
The past five years of feedback and collaboration with industry have bolstered PEXA’s ability to provide industry with the tools it wants to enhance the property exchange experience. The need to expand transparency across an entire property transaction was feedback given directly from PEXA members, resulting in the Marketplace.
Extensive market research further solidified this industry demand. For example, while conducting research in New South Wales, we discovered that one PEXA member paid $14.50 for a title search. A couple of streets over, another paid $25 for the same service and provider.
Lowering cost for consumers
Susanne Mosely, Managing Director at Hunter Legal & Conveyancing tested the Marketplace before its release and continues to use it to benefit her customers.
“The pricing is far cheaper than the alternatives we’ve been using. This really helps as it reduces our disbursements for our clients and our clients are so much happier when we help them save.
Price transparency is important for our market, so our quotes can be more accurate and we’re able to reduce any surprise costs at the end,” Susanne says.
Marketplace today
Today, Marketplace is live in New South Wales. It offers property searches from Equifax and CITEC with the lowest property search price at $11.80 (ex. GST)[2]. Other property search providers will join them early this year as well as expansion into the other active e-Conveyancing states[3].
Soon, further products and services across the different phases of conveyancing will be added to Marketplace. In the meantime, PEXA members can access the Marketplace through PEXA Plus using their PEXA login details.
Lisa Dowie joined PEXA in November 2012 and has held senior positions in Technology and Operations. She represents the interests of lawyers and conveyancers across Australia, assisting the market’s transition to the digital era of property settlement. Guidance is provided through the PEXA Direct program, with a national team of specialists visiting the offices of lawyers and conveyancers to offer hands-on training. Lisa has extensive experience in leading transformation, stakeholder management and operational excellence. As a senior leader in the financial and information technology industries, Lisa has successfully delivered large-scale change, driving a superior customer experience. Contact Lisa at practitioner@pexa.com.au
You can also connect with PEXA via Facebook, LinkedIn and Twitter
[1] PEXA members are lawyers, conveyancers and Financial Institutions working in the property industry.
[2] PEXA does not set prices in the Marketplace. Each provider sets their individual price.
[3] New South Wales, Victoria, Queensland, South Australia and Western Australia are currently active e-Conveyancing states in Australia.
