In this edition of Practitioner Spotlight, learn more about Tamara Grant, PEXA's developer specialist in Queensland, as she shares her market insights and knowledge of PEXA Projects.
How long have you been working at PEXA and what role did you start in?
Tamara: At the end of this month, I will have been at PEXA for one year. I started as a Practitioner Specialist, and about five months ago moved into the Projects Specialist Role.
How did you become a Projects Specialist?
Tamara: Projects and developments are a huge part of the Queensland property market, and for me it is an area I had experience in before my life at PEXA, so it was a role I was very excited to be offered. As the Queensland market grows, the Queensland team needs to be able to support our members with Projects and it’s exciting to be a part of that process.
What is a key driver for you in your role, what motivates you?
Tamara: Seeing the results for our members at the end. Asking lawyers and developers to “change” is a huge trust leap and being able to support them through it and see the growth that happens along the way really keeps me motivated to continue helping our members. The changes that are occurring within the property industry are inevitable and it’s both exciting and rewarding to be a part of it.
As a PEXA Projects specialist in Queensland, how do you see Projects delivering benefits in the market?
Tamara: Queensland as a state is undergoing substantial economic growth and development with new infrastructure, property development and growing levels of interstate migration. The uptake of electronic settlements in a market with a large amount of development keeps us up-to-date with our neighbouring states and enhances the efficiencies and processes for all parties involved – lawyers, developers, banks and buyers. From something as simple as paying GST instantly, to the complexity of arranging 100+ settlements on the one day – the benefits are enormous.
The Queensland market is progressing in its adoption of digital settlements - how do you think Projects is helping advance the uptake of electronic transactions?
Tamara: I think in a state where electronic settlements aren’t compulsory – the uptake is driven by those who see the most benefit in the change, and that is always developers and their lawyers where they are working on large numbers of lots at one time. When the practitioner market sees that developers want electronic settlements, it acts as a catalyst to give electronic settlements a go themselves and be able to provide that service and build future business opportunities from there.
Do you think the collaboration between developers and law firms on a platform like Projects helps drive efficiencies?
Tamara: Absolutely. Some of the most efficient working relationships I’ve seen using Projects has been where we have had the opportunity to show both the lawyer and the developer how the system works. From there they have had a clear idea of what information and communication is needed to make it work as efficiently as possible. It’s great to see and I look forward to seeing the Queensland market progress this year.
If you’d like to get in touch with Tamara, you can contact her @tamaragrant or at Tamara.Grant@pexa.com.au.
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Submissions for the PropertyX Awards are open!
Now in its second year, the PropertyX Awards recognise the achievements of those driving transformation within the digital settlement landscape. Award categories include practitioners, panel law firms, developers and financial institutions.
If you would like your firm to be recognised for its achievements, make sure you complete your submission by 5.00pm Wednesday 3 April 2019 AEDT.
Start your submission now: https://e-award.com.au/2019/pexa/newentry/index.php
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Join CEO Marcus Price, and Community Superuser Nick Karolidis for the first 5 in 5 of 2019.
This episode, @Karolidis_and_Co and Marcus discuss key themes raised through PEXA’s in-platform member feedback tool and new functionalities coming to PEXA this year.
Share your platform experience via the in-platform ‘Feedback’ button: https://community.pexa.com.au/t5/Help-Centre/Sharing-Feedback-directly-with-PEXA/ba-p/14211
PEXA Plus: https://community.pexa.com.au/t5/Frequently-Asked-Questions/Introducing-PEXA-Plus/ba-p/7205
PEXA Flow: https://community.pexa.com.au/t5/Announcements-Outages-Service/PEXA-Flow-PEXA-upgrade-coming-soon/bc-p/14816#M242
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Welcome to the second edition of the Practitioner Specialist Spotlight. This month, learn more about QLD team member Morvanna Jones and hear her thoughts on the year ahead for e-Conveyancing.
How long have you been at PEXA and why did you join the team?
Morvanna: I have been at PEXA for three years! I joined because I have a conveyancing and training background and I could see the potential of e-Conveyancing – I wanted to be a part of it.
Which part of Queensland do you look after?
Morvanna: I am based in Far North Queensland.
What do you enjoy about working with members of the Queensland network?
Morvanna: I get a lot of love from my job, it’s amazing how many hugs and sharing of special moments that the relationships I have bring. One of the highlights is when a practitioner becomes proactive in using PEXA and shares their excitement about their completed settlement.
How would you describe the current outlook of e-Conveyancing in Queensland?
Morvanna: It’s very positive. I can see in FNQ particularly that practitioners are being very proactive by getting themselves registered and starting to transact. They are speaking with their peers and encouraging them to start using PEXA as well, so the pool keeps getting bigger. The goal to progress e-Conveyancing in Queensland in 2019 is well and truly on track.
How does e-Conveyancing benefit regional firms and is this helping drive growth?
Morvanna: There’s a lot of electronic settlements between FNQ, Brisbane and Gold Coast firms. This volume is increasing and making a massive difference to the growth of e-Conveyancing in Queensland. For example, a remote firm, Bolt Burchill Tranter – Mossman, uses PEXA, as having to drive for paper settlements is very time consuming and costly for them. It’s firms like this that are pushing for electronic settlements because it will allow them to grow their business.
If you’d like to get in touch with Morvanna, you can contact her @Morvanna or Morvanna.Jones@pexa.com.au.
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Good news – the $99 million threshold on PEXA transfers has now been removed. The new threshold for PEXA transfers is $9 billion. This means that any property equal to or less than this amount can now be settled through PEXA.
However, when entering Source Funds in a Trust Account, please keep in mind that:
Each line item in Source Funds is to be equal to or less than $99 million.
Members should create multiple line items to cover the total Source Funds rather than enter it all together in one-line item.
The same also applies for destination line items.
For example, if the total Source Funds exceeds $99 million, you will need to create multiple line items to cover the total amount.
For any questions regarding this change, please comment below.
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For 2019’s first 5 in 5 with CEO Marcus Price, he will be answering your questions. So, if you have any questions about e-Conveyancing in 2019, post them below and the top 5 will be answered by Marcus and his guest
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PEXA’s Source Account
The PEXA Source Account is available to eligible PEXA Subscribers who do not already operate a trust account with a bank that is integrated with PEXA. A list of banks who are payment-integrated with PEXA may be found here. It enables practitioners to provide funds to an electronic settlement where they are representing an incoming proprietor. It is important to note that the Source Account is not available for use when acting in any other role to provide funds to settlement.
3 days before settlement
PEXA’s Service Charter (section 2.4) requires cleared funds to be available in PEXA’s Source Account no fewer than three business days before settlement day.
If cleared funds are not available on time, parties may be impacted by a delay in settlement, potentially leading to stress for practitioners and their clients.
What to do
You may consider over-estimating the amount of funds required to be transferred to the Source Account and recommending to your client that they transfer the estimated amount, with additional funds to be disbursed back to the client via the Financial Settlement Schedule.
Note, the sum deposited into the account must match the Source Line Item created in PEXA. If not, funds will be unavailable for settlement. Further, funds can only be received electronically. Cheques and cash are not accepted.
PEXA understands that there may be times when a practitioner’s client doesn’t complete the transfer of funds within the required timeframe for reasons outside of the practitioner’s control. In the unavoidable circumstance that funds are transferred into the Source Account on the day of settlement, there is no guarantee that they will be available for settlement.
An easy-to-follow guide and answers to frequently asked questions can also be found on Community for more information.
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Each year we recognise the superstars of the e-Conveyancing Community by making them Superusers! This year, we want you, the Community, to nominate someone you believe should be rewarded for their contributions.
Our Superusers will once again get the chance to visit the PEXAPlex in Melbourne, participate in Open Day and hang out with the Community team. We had a lot of fun with our Superusers last year, check out this post to see what the 2018 group got up to.
If you would like to nominate anonymously, please message me. Otherwise, comment below who you believe is a deserved Superuser and mention how they made a difference in Community during 2018.
We’d like to thank everyone for their contributions to the Community last year – looking forward to interacting with you all again this year!
The Community Team
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Welcome to the Practitioner Specialist Spotlight! This is a new initiative to help introduce you to our wonderful team in Queensland. Each month we will sit down with a guest to discuss their e-Conveyancing thoughts, tips and tricks.
Our first team member under the spotlight is Daniel Arnfield.
How long have you been with PEXA?
Daniel: I’ll have been at PEXA for three years in April.
In which region of Queensland are you based?
Daniel: Mainly Brisbane’s CBD, but I also work with practitioners on the Sunshine Coast and Gold Coast.
Why are you passionate about e-Conveyancing?
Daniel: My role combines technology and the opportunity to really help people and firms within the industry. This in turn allows me to form strong relationships with the people I work with. We are currently in a very exciting time as the industry is completely transformed and I’m glad to be part of that transition.
When working with practitioners, what do you love to see?
Daniel: It’s great watching the progress that a practitioner makes with PEXA. Their development, increasing confidence on the platform and the peer to peer engagement are really building the industry. Queensland is beginning to create a supportive network and it’s nice to see other firms encourage those that aren’t yet online.
What tips do you have for practitioners in Queensland?
Daniel: PEXA encourages feedback from its members on the improvements they want to see, and I urge members to share their thoughts – this allows PEXA to continually advance the platform for everyone. I also recommend that practitioners use Community and get involved with the discussions that occur there. The forum has so many educational resources and helpful guides to enhance your transactional experience.
If you’d like to get in touch with Daniel, you can contact him at @Daniel or Daniel.Arnfield@pexa.com.au .
Keep an eye out for the next Practitioner Specialist Spotlight here on the e-Conveyancing Community.
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We are excited to announce that this week is PEXA Training Week! Take advantage of the quieter period by educating yourself about PEXA and its processes. During the week, we will be posting educational materials on our social pages. Be sure to follow PEXA on Facebook, Twitter and LinkedIn for updates.
If you would like any specific educational materials to be shared, please comment below.
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