PEXA was created to fulfil the Council of Australian Governments’ (COAG) initiative to deliver a single, national e-Conveyancing solution to the Australian property industry and that’s exactly what we plan to do. PEXA is in active discussions with Tasmania, the Northern Territory and the ACT to bring e-Conveyancing to life in those jurisdictions and hopes to be in a position to communicate timelines to industry over the coming 12 months. Pleasingly, the legislation which enables e-Conveyancing has already passed in Tasmania and the Northern Territory.
Beyond the Subscriber Security Policy which provides security requirements for our members, PEXA highly recommends the use of new app PEXA Key for the secure exchange of source account details and vendor bank details, removing the vulnerabilities associated with email. Further, PEXA has a dedicated Security page on the e-Conveyancing Community for PEXA members to stay up-to-date with PEXA’s security announcements, to raise security concerns and learn business tips to stay secure online.
Prior to 1 July, 85% of all possible dealings in NSW were being lodged electronically which is testament to that market in its early adoption of e-Conveyancing. As a result, the 1 July compliance date passed seamlessly.
One of the most significant metrics we measure when understanding how the industry is embracing e-Conveyancing is our Net Promoter Score (NPS)*.
NPS measures the willingness of members to recommend PEXA to others and PEXA captures this feedback directly from its members via the in-platform feedback tool. As of August, the NSP for NSW sits at an impressive 62 which is a 33% increase on March 2019. *NPS is measured between -100 and +100. A score of 50 is considered “excellent” and 70 is considered “world class”. Apple’s most recent Net Promoter Score is 47.
PEXA is actively working with Landgate on this matter and are ready to assist Western Australia in increasing scope. At present, Landgate has a number of technical priorities to assist in the introduction of competition in the ELN market. Once that work is complete, it is likely focus will return to broadening out the volume of transactions that can be completed online.
PEAK Bodies continue to be central hub for PEXA members to stay up-to-date and trained on industry and e-Conveyancing changes.
Help articles, free webinars and upcoming changes to the platform can also be found in one central location, on the e-Conveyancing Community. PEXA’s Support Centre is also available to answer any of your PEXA platform questions.