INNOVATING TECHNOLOGY
The property transfer process was built to transact in very traditional ways , but digital innovation has turned it on its head in almost every respect and has an impact on everything from acquiring customers to onboarding them , from facilitating access to credit to processing transactions , and the way clients are managed through the entire life cycle of the relationship . e4 became the first PropTech organisation in South Africa to bring together key stakeholders in the property ecosystem , including buyers , lenders , conveyancers , and sellers , and manage the communication flow digitally to become a seamless , fast and transparent home for a ‘ single version of the truth ’.
Tried and tested business models in the property sector , both in South Africa and across the globe , are likely to face a host of new challenges brought on by regulatory pressures in the built environment , market demands for increased efficiency , and the expectations of customers demanding a more streamlined digital service through innovative applications and digital platforms .
In short , the property transfer process itself is ripe for more disruption , and PropTech innovations have real potential to deliver substantial benefits to businesses and their end customers . Improved efficiency leading to reduced costs are among the most significant benefits of more innovation in the PropTech space . In a process often bogged down by outdated , manual methods , automating paperwork and broadening the acceptance of already readily available solutions like digital signatures can cut delays and lower costs .
Enhanced data accuracy and security can be achieved by harnessing technology , which reduces human error and
SA Real Estate Investor Magazine APRIL / MAY 2023 84