Conveyancing Tech Industry reacts to Growing Interest Rates

With the property market showing clear and early signs of decline from rate uncertainty, conveyancers turn to their technology providers to ensure their success.

The Australian Conveyancing technology industry will target improved efficiency for businesses after four interest rate hikes in as many months.

Conveyancers are leaning on SaaS Technology companies like triSearch to invest in their automation and integration.

The Conveyancing workflow was traditionally carried out face-to-face, however, the COVID-19 pandemic quickly forced firms to adapt and adopt new digital solutions. After the property market boomed throughout the pandemic, technology was developed at an unprecedented rate to match the demand in workflow changes.

“It’s no secret that our industry is dictated by outside factors like the property market,” triSearch CEO, Taylah Allen said.

“When the pandemic hit and our industry had to pivot towards using more digital tools to service the property market, we were excited to help Australian conveyancers.

“Initially, we weren’t sure how the property market would react, but once it started trending upwards, we knew we’d be able to invest in more innovation to help support our conveyancers.”

The electronic conveyancing technology established allows the digital storage of business clients, digital ordering of property certificates and precedent documents, virtual verification of identity, online settlements, digital signatures on legal documents and compiling and editing of legal contracts in a digital space.

With the technology now established, conveyancers will seek the most efficient process, especially in a time where quality and speed will matter more to nervous buyers and sellers.

“While the rising interest rates and a change in government may be concerning for some, conveyancing businesses are using this time as a chance to improve their workflow efficiencies even more, and they’re looking to achieve this by utilising better technology,” Allen said.

“This is great news for the tech industry as it promotes more competition and innovation between companies. triSearch prides itself on stepping up to this challenge and continues to innovate and create solutions to help Australian businesses.

“We’re finding that more and more Conveyancing businesses are aiming to transform their operations to become more efficient. It is the responsibility of technology providers like triSearch that we continue to innovate and build more integrated efficiencies in solutions like triConvey.”

In a bid to help conveyancing business’ transition into the new age of digital conveyancing, Allen said triSearch is committed to aligning its innovation to ensure the industry’s longevity.

“As leaders in the conveyancing technology space, we will continue listening to the market, understanding what it needs, and developing the electronic conveyancing applications to help businesses reach their goals,” she said.

“New technology solutions are built around the needs of the industry, to help them compete in a challenging market, especially during a volatile time in the property market from rising interest rates.

“Despite this innovation, it is ultimately up to business owners to be open to change and the willingness to implement new technologies.”