Simplifying complexity and reducing risk: SAI Global’s Property Enquiry Report makes life easier for conveyancing professionals

Announcement posted by SAI GLOBAL 22 May 2017

SAI Global’s new Property Enquiry Report leverages new technology to streamline the due diligence process, helping conveyancing professionals enhance their ability to advocate on behalf of customers.

To date, technological advances have only focused on improving the settlement component of the property transaction with little consideration to simplifying the complex due diligence phase. Seeking to improve the outcome for both conveyancers as well as the property buyers and sellers, SAI Global’s new Property Enquiry Report leverages new technology to streamline the due diligence process, helping conveyancing professionals enhance their ability to advocate on behalf of customers.

The Property Enquiry Report, generates a short, easily digestible summary from the vast number of searches conveyancing professionals must obtain on behalf of a customer. Potential risks are highlighted and rated using a simple red light system to enable more productive conversations with customers about potential risks attached to a property.

“Most home buyers and sellers don’t understand the intricacies of the due diligence process and we believe the Property Enquiry Report will go a long way to help conveyancing professionals showcase the value they deliver as customer advocates,” said Amanda Baker, SAI Global’s Head of Property Industry Development.

In addition to the benefit the Property Enquiry Report provides from a customer advocacy perspective, it delivers significant time savings for conveyancing professionals. An average conveyancing matter takes around five hours to complete and we estimate that the Property Enquiry Report will reduce this by one hour. For a small conveyancing business with two conveyancers completing 28 matters per month, our estimates indicate the Property Enquiry Report would save the firm up to 9.2 billable weeks per annum.

To strengthen the Property Enquiry Report’s usability and authority, the Australian Institute of Conveyancers (AIC) assisted with establishment of due diligence minimums before it can be generated. This represents the first step towards standardising the due diligence process to help conveyancing businesses reduce their business risk and provide an additional layer of security to their customers.

Aiming to add greater clarity and consistency for conveyancing industry reporting, the Property Enquiry Report is consistent and the number of searches covers the key minimum standard required taking into account any state regulations.

With economic pressures contributing in some cases to buyers cutting corners on the level of due diligence undertaken, the Property Enquiry Report is also expected to strengthen the authority of conveyancing professionals by providing expert support to justify the number of searches required.

“The standardisation of reporting delivered by the Property Enquiry Report will assist in managing operational risk for conveyancing practices seeking to scale up operation by ensuring minimum standards are met, no matter which practitioner is completing the due diligence and no matter how many corners their customer may be trying to cut,” said Ms Baker.

The Property Enquiry Report will be available to conveyancing professionals in Victoria from Monday 22 May and progressive roll out is planned across New South Wales and Queensland over the coming months.

Conveyancing professionals wanting to find out more about the Property Enquiry Report can find out more about it here: www.saiglobal.com/propertyenquiryreport.