About lisadowie

Hi Community,   December  is traditionally  the busiest time of year for our industry and though 2020 has been truly unique, a number of factors  indicated that the traditional spike in volume was  likely to be seen once again.   Total visits on desktop and mobile web to the major property portals grew by approximately  16%  between June 2020 and November 2020 and are substantially up from the same time last year.    New listings in Australia's capitals grew by  53.8%  in October to hit a calendar high. While they dipped in November, they were still  7.7%  higher than the same month last year.    Sales grew over  30%  in October with a further slight increase in November to reach new calendar highs.    Auction volumes  also  grew by  21%  in November from October, the highest levels since March.    Our  industry  braced  it sel f  for  significant  volumes  and that is exactly what we saw  on  Friday  18 December 2020, with the previous  record  for digital property transactions eclipsed .     With the holidays  fast  approaching  and an unprecedented number of Australians seeking to buy or sell their home, it’s at this time consumers rely on our sector the most , for safe, secure and efficient property settlements.   The scale of work undertaken by all cannot be understated.  Navigating a day of this magnitude would not be possible  without   a  decade  of  collaboration and digital innovation .     We also saw  o ur  member  banks   go the extra mile, implementing  the following   measures  in  response to heightened volumes, in support of industry :   Extended overtime .   Proactive conversations to follow up on outstanding tasks .   Community posts emphasising timeframes for settlement tasks .   Follow-up with  c ustomers on loan documents  to ensure timeliness .     And  I’d like to take this opportunity to thank all members for your  co ntributions   both in recent weeks and throughout  2020.  It’s by working together  that we have helped so many Australian homebuyers and sellers settle their property safely.   This was a year like no other,   but it’s  been  inspiring to see industry  overcome  these challenges collaboratively.   From the team at PEXA, we wish  you and your families all the best these holidays and we look forward to breaking new ground together in 2021 . ... View more

A 10 year milestone for industry This year, thanks to the collaboration, feedback and leadership of our entire industry, PEXA turns 10. I’d like to take this opportunity to express my gratitude to each and every one of you, our members. Your contributions throughout this journey have made the property exchange experience what it is today and continue to shape what it will be in the future. Together, industry has completed more than six million property transactions on PEXA, valued at $1+ trillion – assisting 20,000 families settle their homes online, weekly. Your feedback and collaboration have resulted in close to 4,000 enhancements to the PEXA Exchange platform since 2015 and the creation of additional value-add services for our industry such as PEXA Key, PEXA Plus, PEXA Projects and more. To celebrate this momentous occasion, we looked back on some of our members’ highlights and notable moments – and what better place to start than at the beginning.   The first transaction Pioneering digital settlements for our industry, Carolyn Booth, Smart Choice Conveyancing, and Paul Denny, Paul Denny Conveyancing, completed the first electronic transfer transaction on PEXA in 2014. We caught up with Paul and Carolyn to hear their account of this landmark transaction – kick-starting a digital transformation like no other.     A solution for everyone Our members are incredibly special. Together, we’ve been able to drive change, innovate, and provide opportunities that weren’t possible 10 years ago. And on this journey, we’ve come across some truly remarkable stories. Meet Howard, now into his 80s, a trailblazing Victorian conveyancer, who adapted to the industry’s digitisation and today settles property online, from his own home.     Flexibility and transformation Our members are at the heart of everything we do. We are always proud to hear how they’re using PEXA to drive positive change. From time to time, we hear stories that stop us in our tracks – stories that are truly remarkable. We wanted to share with you a personal story from Carol Taylor, a practitioner from the Gold Coast. We are so proud to have Carol as one of our members, and fortunate to be part of her extraordinary journey.     Settle from anywhere Together, we built a world-first prop-tech solution, that has enabled people to ‘settle from anywhere’. That was truly taken to the next level when PEXA member, Mark Blair, decided he would take his laptop and digital certificate to Mount Everest. Hear from Mark as he shares his settlement experience from the skies.     Reliability during life’s unexpected moments Buying and selling your property are some of life’s biggest moments. Together, we revolutionised the settlement process, providing clarity, security and peace of mind for industry. We asked Frances McCauley at Suncorp to share a unique story with us – how, through the power of technology, she was able to help a 37-week pregnant mother urgently settle her property, all in one day.     Accelerated transformation to digital settlements And lastly, we wanted to finish on a story that has particular significance in 2020. In the face of a global pandemic, we were able to provide our members with the tools and support to keep their businesses open – to continue to settle property for Australians. We caught up with South Australia’s Ben McDonald from Fentons Conveyancing to hear their story.     We will be sharing these wonderful stories, along with some key industry milestones on our social media channels to showcase these moments that have inspired us over the past decade. We would love for you to share them with your audience and clients and reflect upon what our collaboration together has meant to you.   Once again, thank you. Kind regards Lisa   --- Lisa Dowie Chief Customer Officer https://www. facebook .com/Property.Exchange.Australia/ https://www. instagram .com/pexa.ltd/ https://www. linkedin .com/company/pexa/ ... View more

Hi Community, Our hearts go out to our New South Wales and Queensland members, their families, friends and communities as they battle widespread bushfires, with more than six million residents predicted to be impacted. To help these communities prepare, respond and recover from this disaster, PEXA will donate the proceeds of all sales made through its PEXA Plus Marketplace this week directly to the Red Cross Disaster Relief and Recovery fund. The PEXA Plus Marketplace is currently available to practitioners in Victoria and New South Wales for the purchase of title searches. You can visit PEXA Plus Marketplace here.   The current tragedy hits very close to home for many of us and we hope this initiative goes some way to supporting those affected and the brave volunteers risking their lives to protect our communities. Once again, we’d like to extend our condolences to those impacted by the bushfires. If you require any assistance in this period please reach out to me, your PEXA Partner or our Support Centre – we’re here for you. ... View more

Hi Community,   In recent months, you may have been prompted to review a PEXA transaction, asking how easy you found completing a specific transaction on PEXA.   This review involves giving practitioners and banks from your particular transaction a satisfaction score between 0-10. These scores contribute to an individual organisation’s overall ‘ Peer Rating ’ .   The Peer Rating functions much like an Uber or Airbnb review and ensures constructive two-way feedback, helping encourage industry best practice and foster a smooth settlement experience for all parties.   We’ve provided some additional detail s  below to help you better understand Peer Ratings in PEXA.   What is a Peer Rating?   A Peer Rating is the overall average score from the total ratings an individual organisation has received via PEXA’s in-platform transaction reviews.    A  Peer Score  is  a  one off  review A  Peer Rating  is  your overall rank   What does my Peer Rating mean?   Your Peer Rating is composed of scores given by firms who have been surveyed on a PEXA transaction involving you. These are between 0-10, with 10 being the highest possible score.   A high score and overall rating  indicates  that a firm is frequently marked by peers as easy to settle with, through feedback from PEXA’s in-platform surveys.   Who can see my rating?   Only you will be able to see your Peer Rating. We will be introducing this ability to see your peer rating over the next few months. In the meantime, top rated members will be recognised by PEXA.    What drives a high Peer Rating and how can I achieve one?   High scores are typified by key factors such as:    Prompt, clear  communication between parties   Timely completion of settlement tasks , with  particular reference  to the Transfer Guidelines   Additional instances of  collaboration and peer support   Firms who consistently work to meet these criteria will help facilitate seamless digital settlements and receive higher ratings.   How can I give   /   receive  a rating?   We survey a certain percentage of PEXA transactions. You may be prompted to complete a survey where you’ll be asked to rate the practitioners and banks involved in your transaction.   If you have any further questions on Peer ratings, please reply to this thread below.   Kind Regards, Lisa Dowie PEXA, Chief Customer Officer ... View more

We’ve prepared a list of the most commonly asked questions relating to the PEXA Residential Seller Guarantee. Can’t find the information you’re looking for? Reply to this post and we’ll get back to you. If you're after information to provide your customers, you can direct them here: https://www.pexa.com.au/pexa-residential-seller-guarantee   What is the PEXA Residential Seller Guarantee? PEXA has introduced the PEXA Residential Seller Guarantee (PRSG) to provide protection to sellers of residential property in the event of certain kinds of fraud. Where the PRSG applies, the seller has the option to make a claim against PEXA, rather than seeking to recover the loss by an alternative means  Why has PEXA introduced a guarantee? PEXA understands that buying and selling a home is an emotional time for your customers and we appreciate the stress that can be felt when things don’t go to plan. We’ve listened to you and we’re committed to those who use our platform and the clients you represent. As your digital property exchange platform, we understand the role we play in maintaining the security of the network. Accordingly, the PRSG has been introduced to provide protection to sellers in the event of certain kinds of fraud.  What conditions must be satisfied in order for the guarantee to apply? The PRSG only applies in respect of the sale of residential property. The following circumstances must also be satisfied: (a) The seller provided the seller’s practitioner with payment instructions (i.e. bank account details). (b) The seller’s practitioner accurately entered those bank account details into the PEXA platform. (c) After (b) a fraudster gained access to the PEXA platform and changed those bank account details. (d) After (c) the practitioner approved the settlement (including the changed bank account details) by digitally signing the financial settlement schedule by applying their personal digital certificate and PIN. (e) Upon settlement, the relevant funds were paid into the fraudster’s bank account, and not to the seller’s bank account. (f) Within 3 business days of settlement (or such longer period as PEXA in its absolute discretion will allow), both the seller and the seller’s practitioner signed and lodged the PEXA claim form with PEXA. This form can be found here. If any of those circumstances do not exist, then the PRSG will not apply.  Is entering wrong bank account details due to seller’s instructions being intercepted covered? The PRSG does not cover the situation in which the seller’s instructions were intercepted, with the result that the practitioner entered the fraudster’s bank account details into the PEXA platform. Email is not necessarily a secure method of communication, therefore practitioners should confirm all account details by some other means of communication. How can my client make a claim under the guarantee? The seller will need to complete and sign the Claim Form. The seller’s practitioner is also required to sign the Claim Form as it contains warranties that are intended to confirm the existence of the set of circumstances required for application of the PRSG. The Claim Form must be received by PEXA within 3 business days of settlement (or such longer period as PEXA in its absolute discretion will allow). The claim form can be found here. The Claim Form can be submitted to PEXA by email to claim@pexa.com.au. How quickly will PEXA make a payment once the conditions for making the claim are satisfied? If each of the conditions for making a claim are satisfied, PEXA agrees to make the payment under the PRSG within 10 business days of receipt of the claim form by PEXA. Does the PRSG cover commercial vendors? The PRSG does not apply where the seller is a commercial vendor, such as a developer. The reason for this is that a commercial vendor will not be made homeless as a result of a fraud which the PRSG is intended to cover. Also commercial vendors are carrying on a business and should be better able to protect themselves vis-à-vis their practitioner compared to a non-commercial seller. Furthermore, the PRSG does not apply where a mortgagee or other third party is exercising a power of sale (ie. ATO, confiscation orders, sheriff etc.). Again, a mortgagee or third party exercising a power of sale will not be made homeless as a result of a fraud which the PRSG is intended to cover. Payments in these cases will not generally be paid directly to the proprietor. What will PEXA pay? The maximum liability of PEXA under the PRSG is $2 million in respect of a single settlement. Assuming all the conditions are satisifed and subject to the $2 million cap, PEXA will pay the following: (a) The amount of the “vendor’s funds” paid to the fraudster’s bank account which have not been recovered, returned or frozen by the receiving bank at the time the payment is made by PEXA; (b) Interest on that amount from the date of settlement until the date of payment by PEXA payable at the published RBA cash rate; and (c) Where the fraud has resulted in the seller failing to settle on a purchase of another residential property on the due date, rescission notice fees, reasonable accommodation expenses, penalty interest, reasonable legal costs and additional storage and removalist costs. What if my client’s loss is greater than $2m? If your loss is greater than $2 million, your client should carefully consider whether to make a claim under the PRSG, or whether instead to take steps to recover their loss by some other means. If your client makes a claim under the PRSG, PEXA will have certain rights. In particular, PEXA will have the right (to the exclusion of your client) to take action in your client’s name to recover the loss and may compromise or settle any such action on such terms as PEXA sees fit. Accordingly, unless PEXA agrees otherwise, you are not entitled to take action to recover the amount of your loss above $2 million. Moreover, if PEXA recovers any amount after making a payment under the PRSG, PEXA is entitled to retain the amount so recovered up to the sum of: (a) the amount paid by PEXA under the PEXA Residential Seller Guarantee; (b) plus any interest recovered on that amount; (c) plus an amount equal to any costs (including without limitation administrative, recovery agent, funding and legal costs) which PEXA has incurred in taking any recovery action, before paying the excess (if any) to your client. This could mean that your client recovers less in aggregate than your client’s total loss. ... View more

In the first of a number of initiatives to be rolled out across PEXA, additional tools are now in place to assist you in upholding the highest possible security standards to safeguard transactions conducted via the platform.   The following new features are now available: Authentication of new users Any new users created in an existing Subscriber account will remain in an ‘inactive’ status until PEXA activates them following identity and authenticity checks. The verification process will be initiated by PEXA with a phone call to the Subscriber. Authentication may take up to two business days and the new user will not appear in your user list until complete. Remember: only users who have been assigned signing permissions and have a bespoke digital certificate with accompanying password can sign documents and the financial settlement schedule in PEXA. Workspace time stamps for modifications The financial settlement schedule now displays the date and time of the latest changes made to destination line items, as well as the specific user who made the change. This can be used as an additional method to validate details prior to signing. The document signing screen also displays the destination line items owned by you based on your role in the workspace to assist with your final checks. More information on these features and what else is to come later in Release 8.0.2 can be found in the Release Notes.   Keeping the network safe, together In the coming weeks, PEXA will introduce multi-factor verification when logging in to PEXA. Once enabled, members will be prompted to follow a simple set-up process allowing their identity to be confirmed at log in. As ever, we encourage members to continue practising security measures such as verbally confirming bank account details with clients, not using public Wi-Fi for business, keeping security patches up-to-date and importantly, checking payment directions immediately prior to signing. If you have any questions around these new features, please ask here in Community. ... View more