Is the South African property industry ready for electronification?
In South Africa, a typical property transaction touches 16 different verticals using various software systems. These systems suffer from poor integration and require unnecessary manual intervention and human interaction in order to progress the property transaction from one stakeholder to another. Paper processes cause transactions to be prone to human error and miscommunication plus they leave the industry wide open to fraud abuse. These manual processes incur significant administration costs and delay the transfer, resulting in a frustrating experience for property buyers and sellers.
In this day and age, Internet penetration is growing exponentially. As consumers gradually move further away from traditional media and become more reliant on the Internet, so we see the change in their house hunting behaviour. Gone are the days of paging through the papers on a Saturday morning. Nowadays, a new property that matches your criteria finds you instantaneously through automated alerts in your inbox. Over the last 18 months, Property24 has seen its audience double as measured by the Digital Media and Marketing Association.
The SA Property industry recognises this shift in behaviour and is empowering itself through the development of initiatives such as REASA (Real Estate Agencies of South Africa), which is supported by major industry stakeholders. REASA recognises the need for the industry to meet the electronic demand of consumers. The Deeds Office, Banks, Municipalities and Government are also recognising the value in a fully electronified industry and the ways in which technology can in fact enable their businesses and keep their data and critical information pure and protected.
So is the South African property industry ready for electronification? Absolutely. But it requires collaboration between all stakeholders in order to be achieved. We’d like to thank our customers for their loyal support as we strive to pioneer the digital way for the industry and we’re excited about the electronic opportunities that we’ll be able to offer you in the short- and long-term future.
Dawie Verryne – Korbitec CEO