How using technology can reduce admin and help you manage off the plan developments
According to the Australian Bureau of Statistics, over 667,000 apartments have been constructed since 2000. Currently, there are plans to build another 140,000 apartments all over the country.
Off-the-plan apartments are popular with first home buyers because it’s easier to break into the property market. Off the plan developments typically mean the owner only needs to put down an initial 10% deposit and pay the remainder at settlement, once construction is complete. The time it takes for construction to be completed (which can sometimes be years) gives buyers the time to save up more money to pay their loan faster.
The time construction takes plus cooling off periods and developer funds reinforces how important it is for all parties involved in a property transaction to conduct their due diligence. Even with off the plan developments. While technically due diligence can only be conducted on existing properties, it is important to make sure the relevant statutory protections are in place to protect all those involved.
As the property market looks to be picking up, now is the time to think about what you can do to prepare your business for the future.
Working smarter and using tools that will help your business, enables you to use your time more efficiently so you can take on more work.
In August, InfoTrack conducted a survey asking our clients what they would like to learn more about to increase efficiencies and make their firm more productive. 58% of respondents said e-signing would be a key contributor to helping them service their clients better.
To keep up with client demand and deliver on the 24/7 nature of doing business, InfoTrack developed SignIT, electronic signing software facilitated through DocuSign, the market-leader in eSignatures.
How does it work?
When you use SignIT, a secure link to the document is sent via email to your client and can only be accessed through that email, providing the added layer of security that is an email password. DocuSign tracks metadata behind each signature to verify time, place, and IP address, which can provide evidence as to who signed, on which device and where in the world.
Is it safe?
Electronic signatures provide more security and leave a strong evidence trail in comparison to ink on paper. When a document is e-signed, you can see when the document was received, when it was accessed and on what device the documentation was signed and returned.
Technology can help you streamline the mundane tasks, so that you have more time for yourself and for your clients.
PlanIT is an electronic solution that simplifies the complexities of handling multi-lot and off-the-plan developments. The PlanIT platforms allows our clients to create a master contract, which will then generate individual contracts for each lot within a subdivision. These individual contracts are easily edited from a master or lot level. When it is time for signing, contracts can be executed electronically as an e-contract from anywhere or simply printed in hard copy.
Since its introduction in March 2017, more than 80 law firms have adopted PlanIT and over 500 projects have been created containing over 25,000 lots. This strong demand has seen 250 real estate agents’ access PlanIT via the agent portal, with over 10,000 contracts exchanged electronically. 150 developers now have access to view project details and run daily reports.
Technology enables us to become more efficient and products like PlanIT help you navigate the technical aspects of our work, like managing off the plan developments. This allows your clients to have confidence in your skills and knowledge meaning they may continue to use your services.
To find out more about off the plan developments and innovative technology, click here
To learn more about e-signing and increasing efficiencies, click here
InfoTrack is the leading innovator in legal technology. We provide an integrated platform that enables our clients to find, analyse, organise and communicate information efficiently and effectively. InfoTrack has been at the forefront helping businesses through technology innovation for over 19 years and has a deep understanding of the legal conveyancing industry with over 8,000 legal clients across Australia.