Online collaboration software set to revolutionise the property transfer process
Buying a property is something that most consumers will only go through a few times in their lives. As a result, would-be homeowners have come grudgingly to accept the arduous nature of the property transfer process, taking comfort in the fact that it needn't be undertaken regularly.
For years, this lengthy and admin-intensive process has come to be seen by many as a necessary evil, with a dearth of available options meaning that consumers have simply had to accept the long waiting times and reams of paperwork associated with it.
A new breed of customer
Yet a new breed of customer is slowly beginning to emerge, one that knows their rights and expects better service delivery. The rise of connectivity in South Africa has also led to the growth of a more informed and expectant audience, one that is no longer as willing to accept the status quo.
With a view to addressing a lack of customer-centric processes in the property industry, Korbitec, a leader in property software development for the past 35 years, recently launched GhostConvey 2012. This comprehensive conveyancing package, trusted by 80% of the South African attorney market, now includes online collaboration tools that have been designed to streamline the property transfer process, mitigating the need for excess paperwork and reducing lengthy waiting times.
This revolutionary new package allows the various role players involved in the property transfer process to interact and share information easily, using the online-based platform both to reduce hassle and to improve turnaround times.
More efficient systems and processes
We believe that the take-up of GhostConvey 2012 marks a vital first step in creating more efficient systems and processes within the industry. With approximately 16 different stakeholders involved in the execution of a single property transfer, all of whom are scattered across various industries and professions, the logistics and timings involved have created a real headache for consumers in the past. This software has been designed to bring these various stakeholders together, allowing for easier collaboration and heightened efficiency.
GhostConvey 2012 has been designed so as to integrate easily with existing systems, reducing the need for additional training and expense. As a result, all parties to a specific transaction, including estate agents, attorneys and banks, can now easily access a secure central database via their existing frameworks and stay updated on the progress of a transfer.
Whilst this will help to ease the administrative hassle for the various stakeholders involved, the ultimate benefit will be derived by the customer, who will be able to enjoy increased transparency and feedback, as well as greatly expedited service.
Of huge benefit to the customer
The electronic processes involved in GhostConvey 2012 will be of huge benefit to the customer and we expect turnaround times, currently in the region of 80 days, to be reduced by approximately 25%. Buyers can also now enjoy increased transparency and will be able to log in to check on the status of their transfer at any time, establishing how and where any bottlenecks might have emerged.
The GhostConvey 2012 system, which relies on electronic security controls, has also been designed to minimise the risk of fraudulent transactions, which sometimes take place as a result of recaptured paperwork.
Thus far, the system has already been rolled out to over 2500 of the country's top conveyancing firms, with numerous others set to follow suit.
Every month we are coming closer to a fully paperless, electronic conveyancing system. With a number of other technology providers now looking into providing similar products, it is up to the country's top service providers to adopt such a form of technology, or risk being left behind.
About the author
Dawie Verryne is the CEO of Korbitec.