Introducing Five in Five with Marcus Price - Ask your questions to PEXA CEO

[Emily Billing (EmilyBilling)]

Hi Community members, 

Join PEXA CEO @MarcusPrice on the couch for our new 5 in 5 segment!

Filmed monthly, Marcus will respond directly to your questions in a brief fireside chat with lauded Australian journalist Stephen Feneley. So whatever’s on your mind, Marcus is here to give his views and perspective.

To have your question asked, post below and we’ll select five for Marcus to answer.

P.s. While he may only have five minutes to respond to five questions, we’ll do our best to make sure things get answered directly even if they don’t make the segment.

The first edition of 5 in 5 with Marcus Price launches through Community on Tuesday 27 March – we can’t wait!

Ask away!

[Anna Hardie (AnnaHardie)]

Good morning Community Superusers! 

 @Morri @LawyersConveyancing @BGoodwin @goolwaconveyancing @Clara @DMc @jgusew @LG @nicolalambrakis @TheDoctor 

I'm keen to get your help. Do you have any questions for PEXA CEO Marcus Price? This is a new initiative and we'd love to have a selection of questions to put forward. 

P.S. Looking forward to seeing some of you at the PEXA Open Day next month  

[TheDoctor]

Hi,

Looking into the future, I have questions around two subjects..

1) PEXA's monopoly

Is there any indication of a competitor for PEXA on the horizon.

If so, does PEXA have a strategy for when that time comes.

2) Conquering the world.

Do PEXA have any plans for exporting their technology around the world?

Are there any other countries whose property recording structure would suit the technology?

thanks

Brett

[TheDoctor]

Interesting, the system ***bleeped***  m-o-n-o-p-o-l-y

[Anna Hardie (AnnaHardie)]

Thanks for the questions Doc @TheDoctor. 

I'll get that filter removed. It shouldn't be there. 

[LawyersConveyancing]

Thanks for the opportunity Anna and Marcus.

My main concern at present is the "PEXA PANIC", which is the subject of my latest post.

My staff and I are keen PEXA supporters, but I was on the back foot when I had to deal with an upset staff member who complained to me that she had spent most of her afternoon "watching the PEXA workspace" and was unable to do any "real work".

I would like to go straight to the top with this issue, as it has put a serious dent in staff morale regarding PEXA  becoming the only way to effect settlements in the future.

My staff want the certainty of having settlement locked in well before the appointed settlement date and time. Having the settlement locked in no less than 3 days prior to settlement would make PEXA superior to a paper settlement in terms of certainty. At present, only a paper settlement provides this certainty and security.

Happy to discuss further if you wish.

Lawyers Conveyancing

[jgusew]

I am sure all the hard questions will no doubt be asked so I will go with an easy one.

 What does Marcus enjoy most about being the CEO & what part of PEXA's future is he most looking forward to? 

[Anna Hardie (AnnaHardie)]

Thanks for the question Peter @LawyersConveyancing. There are some great initiatives underway to address this - I'll leave it to Marcus to answer this one. We'll also get the chance to discuss these initiatives at the upcoming PEXA Member Open Day - the audience is 50% Financial Institutions. 

@jgusew I love this question! As PEXArians (staff) we hear this often from Marcus, so it would be great if he could share his answer with our members. Another topic for the Member Open Day too perhaps.... 

[Clara]

I would love using PEXA but I have to say that I was more stressed doing PEXA settlement than doing it on paper due to the non-responsive financial institutions, thus making it uncertain as to whether settlement will ever happen.  In my opinion,  you get more response when you ring them instead of  using the "conversation".  I wish these banks immediately respond and provide information asap, like the reason for the delay,  whether they hold authority for the shortfall, the net amount available, etc.  So my question is, can you make is mandatory for financial institutions to respond to "conversation" within, say 30 minutes?

[LawyersConveyancing]

Hi @Clara what you have described is one of the underlying causes of the "PEXA PANIC" which I have referred to above.

My staff complain that they have to chase the banks for responses, only to be sent off to chase someone else.

I do believe that the locking in of settlement no later than 3 days prior to settlement will be the solution, but of course part of that solution is to receive real-time responses instead of having to become hyper-vigilant and constantly checking for updates.

[nicolalambrakis]

I would like to ask about the PEXA Support Desk and it's future strategy to grow and support a larger user base. 

We've already noticed an increase in wait/hold times when calling for support and once transfers become mandated assume that call volumes will increase further and the complexity of calls will also have an impact on your ability to service customers.  In addition, the skill set & experience of those staff answering calls must provide us with a level of confidence that information provided is accurate.

Its important that PEXA subscribers - whether banks, solicitors or conveyancers - are able to gain assistance & prevent potential customer impacts.

Thank you

[TJ]

Here's the latest episode: