In the wake of the Queensland eConveyancing mandate, which came into effect in February, Queensland practitioners have further experienced a changing property landscape as we have progressed into 2023.
Interest rate hikes and surging inflation have impacted both the demand and availability of property, making it a precarious market.
With the spring property boom upon us, firms must find innovative ways to stay agile and respond quickly to enhance efficiency, reduce costs, and, ultimately, increase profitability to continue growing their firm.
The current property transaction landscape
The property market, influenced by interest rate fluctuations has impacted on the number of properties available. However, the onset of spring brings an exciting opportunity for increased business. To keep up with the seasonal demand and to take on more property matters, your firm can use trusted technology to support the end-to-end eConveyancing process.
Daniel Petrucci, General Manager of SettleIT said amid these challenges “firms that embrace and adapt good technology will best meet their clients’ demands and expectations. Technology is no longer a “nice to have” but more so an expectation of any good business.”
Matthew Dunn, General Manager – Advocacy, Guidance and Governance at Queensland Law Society, said: “Queensland’s adoption of eConveyancing has provided valuable insights for practitioners. By mandating eConveyancing later than other states, Queensland allowed practitioners more time to transition to the electronic process and learn from the mistakes made in other regions. Queensland’s considerate approach to exemptions made the transition easier for practitioners, especially for those who had already begun the process before the mandate.”
Settlement delays are less problematic in the digital landscape, and a consistent settlement platform has provided financial institutions with more certainty. The digital end-to-end eConveyancing process holds the most potential for reaping benefits, encompassing the entire property transaction process, not just settlement.
Streamlining conveyancing in a dynamic market
Spring has sprung, so if your firm is ready to meet the uptake that the new season brings, reap the benefits of outsourcing with SettleIT. With its user-friendly interface and cutting-edge technology, SettleIT is a transformative force in the legal and conveyancing industry. It simplifies the eConveyancing process, enabling firms to manage property transactions with ease, efficiency, and precision, even in the face of changing market dynamics.
Here is how SettleIT can transform your law firm’s profitability, helping you adapt and thrive in a property market that demands adaptability and innovation:
- Time savings: On average, SettleIT saves firms four to five billable hours per conveyancing matter. The solution automates repetitive tasks, reducing the time spent on paperwork, data entry, and ordering searches. This efficiency is crucial in a dynamic market, as it gives practitioners back time to focus on growing their business.
- Error reduction: Minimising the risk of errors is vital in an environment where the stakes are high. SettleIT’s automated data filling from your matter ensures accuracy and reduces the potential for costly and time-consuming mistakes.
- Cost efficiency: By streamlining your conveyancing processes, SettleIT can significantly reduce operational costs. This is particularly advantageous when firms are striving to maintain profitability.
- Enhanced client service: Clients in a dynamic property market value a fast and error-free experience more than ever. SettleIT helps you deliver exceptional service by expediting transactions, while also providing you more time to build relationships with your clients by providing real-time updates.
SettleIT goes beyond efficiency by taking charge of settlement and lodgment administration. Take advantage of the boom in the spring property market to take on more matters and continue growing your firm.
Discover your competitive edge
SettleIT isn’t just a tool; it’s a strategic partner that empowers firms to excel in a changing legal landscape. To retain your firm’s competitive edge in today’s dynamic property market, dedicate more time to nurturing client relationships, pursuing new business opportunities, and delivering outstanding service. Book a no-obligation SettleIT demonstration to see how it can transform your firm’s profitability and efficiency, paving the way for continued growth.