National law firm Mills Oakley is investing in ConvX, which is described by its owners as Australia’s first online, automated conveyancing platform.
Three ‘disruptor-type’ attributes of the service that the company has been promoting are:
- Parceling out piecework within the transaction to home-based & remote knowledge workers;
- Delivering lower cost to consumers while maintaining attractive margins and also enabling ConvX to scale with more agility than the traditional employee based model and
- Integrating with other real estate platforms to create end to end real estate solutions
“Until recently, conveyancing has been a cottage industry ripe for disruption,” said Mills Oakley CEO John Nerurker. “The time for that disruption has now arrived.”
“Mills Oakley is proud to become an equity holder in ConvX and to offer our clients a faster, more efficient way of performing conveyancing transactions.”
ConvX, according to its owners, represents an innovative, platform-based approach to conveyancing. Traditional conveyancing is labour intensive, relying on human intervention to manage every step of the process. ConvX will use AI and automated platform technology to manage transactions, automatically interacting with external parties such as banks and the State Revenue Office, to process responses and progress transactions quickly to the next stage.
ConvX has one simple goal: improve the conveyancing experience for customers by streamlining processes, reducing errors, improving communication, and making the whole process painless.
ConvX will use conveyancers, but introduces a revolutionary approach to break the process down step-by-step, to allow a network of on-call professionals to complete tasks as needed.
Chairman of ConvX, Nick Stanley, observed that Mills Oakley was particularly well placed to pass on the advantages of Convx to clients:
“Mills Oakley boasts one of the largest property teams in Australia and an enviable client base. Developer clients will be able to leverage ConvX to add efficiency and scalability to their internal conveyancing teams, while clients in the real estate agency space will be able to adopt ConvX as part of a suite of ‘value add’ services for their own clients. We are excited by the possibilities this partnership will create,” Mr Stanley commented.
The official launch of the partnership took place at the Mills Oakley offices in Melbourne, with The Hon. Philip Dalidakis, the Victorian Minister for Innovation & the Digital Economy, in attendance as guest of honour.
“It is wonderful to have startups like ConvX as part of our digital economy here in Australia’s tech city driving innovation and transforming the way our industries such as conveyancing do things. Congratulations to ConvX and Mills Oakley on their partnership and joining forces,” Minister Dalidakis said.
“ConvX is one of the long list of successful digital platforms to be launched and to operate in Victoria’s ecosystem including Redbubble, 99designs, Envato, REA Group and SEEK.”