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INNOVATING TECHNOLOGY enhances accuracy throughout the property transfer workflow . Advanced data encryption methods provide robust security and privacy , protecting businesses and their customers from data breaches and fraud .
PropTech solutions can add tangible value by offering real-time , accessible information on property transactions via transparent platforms that allow all parties to track and verify property transfers with greater ease . This speaks to the need for more transparency and trust as essential elements in a complex property transfer ecosystem .
Streamlining the transfer process provides an enhanced customer experience by reducing waiting times , increasing transparency , and eliminating redundant paperwork . Even the smallest , most incremental time savings can have a significant impact on the financial outcomes for all parties involved . A time-saving of days already has massive cost-saving implications , while reducing a 90-day property transfer process to 30 days would change the complexion of the local property market .
As the industry evolves , it is vital that all property stakeholders embrace the digital revolution to reduce costs , enhance accuracy and security , and ultimately provide a better customer experience and competitive advantage . However , there are still areas where outdated systems and processes hamper real progress , and where the full potential of these benefits has yet to be realised .
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SA Real Estate Investor Magazine APRIL / MAY 2023 86