As AI (artificial intelligence) technology advances at superhuman speed, it’s hard not to imagine a future where machines control every aspect of our lives. But what about when it comes to something as crucial as property settlement processes? Will we see the end of human conveyancers in favour of automated processes?
Conveyancers Vs AI
While AI certainly has the potential to automate many aspects of property settlement processes, it’s important to consider the human element that is necessary for a successful settlement.
“After all, buying or selling a property is a major financial decision that requires careful consideration and expert guidance,” says Kerry Cable, Business Manager for Strand Legal and Conveyancing.
Likely cost savings
One of the main advantages of AI-driven automation is the ability to reduce costs related to human resources and speed up the settlement process. However, while these may be appealing benefits, it’s essential to ask whether they come at a cost to the quality of service provided.
Human insight is not to be underestimated
Kerry explains, “While AI may be able to scan and file documents, it may not be able to interpret the nuances of legal language and contractual terms. In contrast, a human conveyancer has the expertise to navigate complex legal considerations and provide valuable insight and advice.”
Moreover, certain legal and ethical considerations come with the use of AI technology. Data privacy and security concerns are top of mind, as sensitive data related to property transactions may be stored and processed by third-party platforms or vendors.
In contrast, human conveyancers are held to strict ethical and legal standards and are responsible for safeguarding their clients’ information and interests.
Another important factor to consider is the role of trust in the property settlement process.
“Clients need to have confidence in the people handling their transactions, and trust is an important factor in the property settlement process. A human conveyancer can provide the personalised attention and care necessary to navigate complex transactions successfully and to build the trust required for a successful settlement,” says Kerry.
Lastly, it’s worth considering that property settlement processes are not a one-size-fits-all approach. Each transaction is unique and may require different levels of expertise and attention. For example, commercial property transactions often involve complex legal and regulatory considerations that require specialised knowledge and experience. Similarly, residential property settlements may involve emotional considerations such as family dynamics or sentimental attachments. A human conveyancer can provide the personalised attention and care necessary to navigate these situations successfully.
According to Kerry, AI technology will likely impact existing property settlement processes significantly, but it’s unlikely to make human conveyancers redundant.
“There are still aspects of the settlement process that require the skills and knowledge of a human conveyancer. Furthermore, legal and ethical considerations require human oversight and judgment.”
In conclusion, clients want to have confidence in the people handling their transactions, and trust is an important factor in the property settlement process. Ultimately, the role of a human conveyancer is to provide personalised attention and expertise to ensure that each property settlement is handled with care and professionalism.
So while AI may bring automation and cost savings, it’s essential not to overlook the importance of human expertise and trust in the property settlement process. By working alongside AI technology, human conveyancers can leverage the benefits of automation while providing the personalised attention and care that clients need for successful settlements.