Australian digital conveyancing PropTech start-up Property Exchange Australia (PEXA) has taken out gold in five categories at the 14th Annual International Business Awards.
PEXA’s intention is to create seamless economic reform through the digitisation of property transactions has appeared to have paid off as it also processed its 500,00th digital property transaction online before picking up the gongs which included:
Most Innovative Tech Company of the Year – Up to 2,500 Employees
Company of the Year – (Legal industry) – Medium-size
Best New Product or Service of the Year – Software – Real Estate or Construction Management Solution
Innovator of the Year (Marcus Price)
Executive of the Year – Legal industry (Marcus Price)
PEXA shared the stage with international heavyweights DHL Express, Meltwater, Goldman Sachs, Unilever and Accenture and was recognised for its leadership in innovation, collaboration and industry transformation.
Marcus Price, the CEO of PEXA and the recipient of both the Innovator of the Year and Executive of the Year Award – said this recognition is testament to the incredible collaboration underway across the property industry in Australia:
“These phenomenal results truly reflect the exemplary work of the Australian land registries, banks, legal and conveyancing firms and peak bodies in collaborating to bring a digital property exchange to life. Our success is a direct result of their efforts and of course the broader PEXA team who continue to work tirelessly in bringing Australia’s $7.2T residential property market online,” Marcus said. “These awards are a result of the efforts of an entire industry”.
The beginning of PEXA
Born out of a 2008 Council of Australian Government (COAG) initiative to create seamless economic reform through the digitisation of property transactions, PEXA boasts a robust network of 124 financial institutions and more than 4350 legal and conveyancing firms nationwide with close to $60B in property value already transacted through the network.
In reviewing PEXA’s applications, the judges described the business as
“revolutionary in the sense that they have made the entire lifecycle of buying, selling and closing properties seamless and less painful… this company has shown what it means to live in this “robotic world.”
PEXA was also recognised for its ‘Projects’ functionality for property developers which uses robotics to automatically create online workspaces with mass data upload capability.
“What once took 7 minutes per transaction now takes only 6 seconds,” Price said.
“As you can imagine, for those property developers settling some of the 210,000-large-scale allotment deals each year, this provides an unprecedented level of efficiency. In fact, not only are dealings now 166x faster but developers also benefit from substantial interest savings with billions of dollars in property transferred in minutes – not weeks.”
The International Business Awards honours organisations worldwide in an extensive list of categories, including innovation, growth, management, leadership and customer service among others.
This year, a record 3900 nominations were received from across 60 nations.
