Using an electronic settlement service compliments eConveyancing modernisation across most of Australia – thanks to the mandates in Victoria and WA last year and in NSW this year – the benefits of electronic conveyancing are widely known.
Essentially, e-conveyancing allows conveyancers and lawyers to reduce the paperwork and manual processes associated with traditional conveyancing practices by lodging official documents and conducting settlement digitally.
As a result of e-conveyancing, conveyancing processes and settlements are faster and more predicable giving peace of mind transactions will be completed on time while reducing the costs of buying and selling property.
To put this in perspective, a report has found that electronic conveyancing is estimated to realise time savings of at least 60 per cent compared to paper-based conveyancing processes.
With everything online and trackable in real-time, there’s also greater transparency around the process while the risk of stressful delays and errors caused by manual handling is minimised.
But the question is, why stop there? While there are countless benefits of e-conveyancing compared to traditional methods, there is still plenty of opportunity to claw back more of your professional time.
For example, with electronic conveyancing, you’ll still need to set up your electronic settlement workspace, prepare forms, and contact councils and utilities to prepare settlement adjustment – among other tasks.
An electronic settlement service like the one offered by triSearch can help you maximise your business’ profit margins even further by undertaking lodgement and settlement on your behalf while you focus your skills on other core areas of the business.
Using our electronic settlement service, triSearch’s agents will simply become an extension of your business, managing the workspace and keeping you updated every step of the way.
Here are four key benefits you could look forward to by engaging an electronic settlement service to carry out your e-conveyancing processes.
Save time
Whether you’re placed on hold or you need to try multiple times to get through, phoning councils, banks and utilities to arrange adjustments can consume a lot of time. What’s more, when you’ve gathered all the information you need, you’ll still have to spend time making calculations, checking and double checking your figures along the way.
A settlement service can take those essential yet laborious tasks off your hands so you can spend time on other activities that have a more direct impact on growing or running your business.
Cost efficient
Even with electronic conveyancing in place, your business will still be dedicating professional conveyancing hours to administrative tasks each year. But this isn’t exactly the most efficient use of your business’ resources.
By engaging a fixed fee agent, you’re likely to lower your overall costs of conveyancing, which could result in improving profit margins or even help you make your fees more competitive.
Stay in control
Using a settlement service to act on your behalf doesn’t mean you’ll lose your grip or visibility over the process.
In order to maintain a close and professional relationship with your client throughout the process, you’ll remain the sole authority from start to finish which means you can step in at any time, ask questions of the support team and be provided with frequent updates so you’re always in the loop and ready to act where necessary.
Improved workflow
Having a settlement agent locked-in and always on hand means your workflow around lodgements and settlements will never be impacted or halted by time out of the office or annual leave.
With greater reliability and predictability around the conveyancing process, as well as freeing up your professional time, you could even find you have capacity to take on more clients.
To stay competitive in the market, it’s important to consider all the ways you can make the best use of your skills and time while providing the highest quality service to clients.
While e-conveyancing has been a big step forward in revolutionising conveyancing practices for conveyancers and their clients, a settlement service could be what it takes to iron out those final inefficiencies and give your practice the edge over others.
For more tips and insights in eConveyancing, subscribe to The Conveyancer Digest, today.
