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Brokers have been promised quicker deals via a platform that links them with all the parties in the settlement process.
Conveyancing firm Lawlab has developed a cloud-based platform known as Rundl to guide clients through the confusing settlement process.
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Rundl uses a Facebook-style news feed to give clients step-by-step advice rather than dumping a mass of information on them at the start of the process.
Clients can allow their broker, accountant, real estate agent and insurance firm to access their Rundl page as well as post updates and upload documents.
This allows all parties to monitor the settlement process, while reducing the delays that come from waiting for emails and phone calls to be returned.
Lawlab managing director Ian Perkins said another reason for settlement delays was that clients often lacked the experience to manage all parts of the process.
“The consumer is effectively the conductor of the orchestra but can’t read music. Our tool removes the consumer from being the conductor,” he told The Adviser.
“It gives brokers control of the [settlement] process and allows everybody else to do their jobs too. But they’re not paying for that control.”
Mr Perkins said brokers could access Rundl and export information while remaining in their own platforms.
Brokers can also use their platforms to automatically refer clients to Lawlab, in exchange for a commission, he added.
External testing of Rundl started in late 2013, with the official launch scheduled for the end of March, he said.
Mr Perkins said Lawlab had created a Mandarin version of Rundl and hired Mandarin-speaking staff to deal with Chinese brokers, clients and agents.
