e-Conveyancing platform destroys broker pain points

by Miklos Bolza27 Sep 2017
e-Conveyancing platform Titlexchange has made partnerships with two leading brokerages and is in talks with more to eliminate the pain points and inefficiencies for both consumers and brokers.

Now used by more than 1,000 brokers at both HashChing and eChoice, the platform automates the conveyancing process and matches buyers and sellers with a local conveyancer through an Australia-wide marketplace.

Gerard Healy, managing director of Titlexchange, said the existing process was highly inefficient.

“The lack of standardisation and automation in the conveyancing process is a real problem. We want to automate and streamline the process for consumers, conveyancers and the various stakeholders to the transaction, whilst adding a layer of confidence and transparency to the process that doesn’t exist today.”

Titlexchange has partnered with HashChing since June and has most recently teamed up with eChoice this month. The firm is also in discussions with “all the well-known aggregator groups, real estate groups, online portals, online lenders, and CRM systems,” Healy told Australian Broker.

“Any business that is touching a home buyer or seller is relevant to us. The real focus for us are those who are digital in nature.”

Brokers could benefit in three different ways from this platform, Healy said.

“We have a national price. If a mortgage broker has an investor client who’s buying property interstate, they won’t have connections there but they’ll be able to lock out pricing for that state.

“Similarly, we have a nationwide network of conveyancers on our platform so brokers can ensure that the client they are referring has a local conveyancer matched to them.”

Usability was another benefit, he said, with the platform eliminating “clunky” paperwork and admin tasks found in the offline world of the traditional conveyancing process.

With reforms spurred on by the Property Exchange of Australia (PEXA), the digitisation of conveyancing and the rise of platforms such as Titlexchange were inevitable, he said.

“It’s a digital solution in this digital world. PEXA is really driving the narrative for the reforms and everybody therefore is aware of it. So we’re somewhat benefiting from the slipstream effect that this has.”

By integrating Titlexchange with the CRM or proprietary software of HashChing or eChoice via an API (application program interface), this enables brokers to push data through from one system to another in a seamless manner.

Simply put, an API is a set of programming rules that allow two or more different programs to exchange information between each other.

While brokers associated with firms such as eChoice can access Titlexchange through the company’s API-linked CRM systems, independent brokers working without a franchise will be offered a web link instead, Healy said.

“We can set up that individual mortgage broker into our system. They will get a unique link which grants them access to a portal. There, they can enter the details of clients they have as they come through and need a conveyancer.”

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