On Tuesday 21 May in Melbourne, industry participants driving digital change gathered for PropertyX 2019. Now in its second year, the conference, conducted by Property Exchange Australia (PEXA), was headlined by high profile speakers such as Economist, Dr Craig Emerson from Craig Emerson Economics Pty Ltd, and Stephen Scheeler, former Managing Director, Facebook ANZ and the Founder of The Digital CEO.
Marcus Price, CEO of PEXA, also took the stage and wrapped up the morning session by discussing what challenges digital businesses face today and how this is relevant to the legal and property industry.
PEXA was founded in 2008 as a millennial company to deliver a single, national e-Conveyancing solution to the Australian property industry. Since its introduction, the industry has completely transformed, and digital initiatives are now carving the future for Australian home buyers and sellers.
Marcus presented comparisons between 2016 and the present-day with the percentage of PEXA transactions increasing from 4.7% to a phenomenal 60% nationally in just three years. Most interesting though, was the difference between PEXA membership, two years ago 3.6k members were registered with PEXA which more than doubled to 8.6k in 2019.
“In 2016, there were a lot of people in this industry that had faith in what we were doing, and most importantly, trust. It was not PEXA that built this network, it was you. This industry, the practitioners, the land registries, the banks and the trust you showed in us enabled PEXA to make this industry change a reality, and for that we thank you,” said Marcus.
As a digital innovation, this network transformation was not without its challenges and PEXA quickly understood that trust, humility and compassion had to act as foundations moving forward, and are crucial in securing a safe and positive future for the property industry.
“If you can’t trust the companies you’re working with, they have no place in this century. People are only interested in authenticity; they care more about actions than words and want to see open, transparent activities.
“And in terms of humility, there is this notion that big tech companies take from society, at PEXA we know that we only exist because the network wanted us to, and we are now here to serve those who use and want our service,” said Marcus.
In this day and age, major tech companies are changing the way they operate and looking at how they can participate in the societies they are working in to build trust and humility. One of the major influences these companies have is their ability to introduce change. However, the introduction of change can be difficult, especially for those who have to adjust the way they work to adopt new technology.
“Although the industry was calling for change, at PEXA we had to understand that this would be difficult in some circumstances for a lot of people, we have a responsibility to support the industry as we introduce new functionalities and show some compassion.”
The PropertyX Conference concluded with the highly anticipated PropertyX Awards which recognised those who have supported the e-Conveyancing network and are driving digital change in the property industry. Submissions were entered from across Australia and covered panel lawyers, financial institutions, practitioners and developers. A full list of the award winners can be found at this link.