InfoTrack this week announced a new partnership with the Real Estate Institute of NSW to offer a white labelled FastTrack Contracts service to licensed real estate agents in NSW. InfoTrack has offered this service direct to lawyers, conveyancers, and real estate agents via Securexchange.com.au since early 2021, but this new partnership will enable more agents to gain access.
What are FastTrack contracts?
FastTrack Contracts are a complimentary solution that enables real estate agents in NSW to securely request a contract from their lawyer or conveyancer of choice and to share important information about the property for sale. The service also allows for the lawyer or professional to share back a compliant contract with the real estate agent, which is then the green light for the agent to commence their sale campaign. FastTrack Contracts ensure the secure exchange of confidential information between real estate agents, homeowners, and legal representatives creating efficiency while improving the experience for all parties involved in the transaction. Importantly, it maintains that every professional performs their role, with the aid of technology.
John Ahern, InfoTrack CEO says “understanding the significant impact to face to face property transactions during COVID, we’ve focused on developing solutions to digitise processes in this space. Our FastTrack Contracts solution was implemented twelve months ago in response to your feedback for a more secure digital channel to share contracts with real estate agents.”
What are REINSW Fast Track contracts?
This solution is identical to FastTrack Contracts available via Securexchange but has been white labelled for the Real Estate Institute of NSW members. The service is also complimentary and unlike previous solutions in market, allows for any lawyer or conveyancer to be selected when a contract is being requested.
“We believe that a lawyer and conveyancer should be a part of every property transaction without exception, and so REI FastTrack Contracts allows a purchaser to select any legal representative of their choice to manage the contractual.” says Ahern
What is the benefit to lawyers and conveyancers?
Looking at this innovation, you will appreciate how it offers enhanced protection from cyber threats when sharing contracts with agents. It also enables increased transparency between parties to avoid unnecessary delays and an reduce miscommunication while waiting for information from the agent.
For firms or practices looking for ways to increase business development opportunities in conveyancing matters, this solution aims to connect vendors with their choice of legal professional faster and simpler than ever before, to open new possibilities for conveyancing matters in your area.
“A legal professional can now produce a property contract of sale faster than ever before, consequently allowing a real estate agent to put a house on the market quicker than traditional methods.” says Lee Bailie, InfoTrack’s Head of Product and Innovation
Looking at this innovation from a real estate agent’s perspective, they want to list their property as soon as possible with a compliant contract ready to go, and they also want to be able to choose which Lawyer or Conveyancer they work with. Vendors and purchasers expect transparency during the property sale, they also want security and privacy of information, and to sell or buy their property as quickly as possible without issues.
“Consumers expect that matters related to the property transaction will happen quickly and accurately, and agents must embrace technology to meet this expectation and add value to the property transaction.” REINSW CEO Tim McKibbin
When will FastTrack Contracts be available in other states?
Whilst this is currently being launched for New South Wales only, InfoTrack and its innovative products operate nationally. We are in the process of engaging with the conveyancing and real estate institutes in other states, however each state does present its unique challenge when it comes to contracts and the conveyancing process, and it is important we consider that on a state-by-state level.
