Pictured: Contrax Founders – Judith Hammerschlag and Danny Sandler
We’ve given home buyers and lawyers unprecedented speed to analysing contracts of sale: making the conveyancing process more transparent and efficient. For the first time ever, legal reviews on contracts of sale are available before you view the home.
Did you know over 500,000 residential properties are sold in Australia each year?
As part of this, there are an estimated annual 5 million contracts of sale. This is a high level of duplicated effort: for each house sale around 10 independent legal reviews are completed. There is also a low level of accessibility: contract reviews can be costly, the home buyer usually receives it after viewing the home, and buyers often try to decipher the 60 page contracts themselves to save on legal fees.
The core challenge: how might we make it easier for new home owners to understand their contracts of sale?
We worked alongside the founders of Contrax to validate and build on their core ideas: “How might we reduce duplication of lawyer’s effort / client expenditure?” “How might we help prospective homeowners get better access to their pre-sale contracts?”
Over the course of 8 weeks, we helped the founders prototype and build the product, de-risking the project by getting it into the hands of customers quickly.
Week one: lean market research
We identified the riskiest assumptions, closed key gaps in the team’s collective knowledge and interviewed the key user groups: real estate agents, buyers and solicitors. This allowed us to prove (and disprove) existing hypothesis around the most valuable play spaces for Contrax.
Weeks two – four: solution design
Based on our research, we prioritised key service areas to build in the Contrax prototype. The team mapped the user journey from start to finish, and proceeded to low fidelity designs. We ran a light-level test with an agent, a buyer and a solicitor.
Week five: prototype test and backend build
We identified a number of no-regret moves, and commenced build on these. This allowed us to start implementing a highly integrated tech stack: assembling best-in-class tools to ensure the product would scale efficiently.
Whilst this was in flight, we ran deeper UX testing on the prototype. This is always a critical step in the project: the faster we can test real concepts with end-users, the faster we can de-risk the project. In this instance, over 30% of the user-facing product changed based on feedback. We recommend regular on-going testing of this kind as user bases grow, or as new risky assumptions become apparent.
Weeks six – eight: front-end build
Taking the learnings from prototype testing, we refined the user-facing interfaces and completed the product build. It was now ready for formal market launch.
The Contrax MVP leverages a sophisticated data flow:
assembling best-in-class tools.
Working closely with senior decision makers allowed us to move extremely quickly and deliver market-changing results in just 8 weeks:
- We streamlined the process of contact review, this means that a process that used to cost buyers between $100 – $500 per contract is now down to less than $80.
- Contracts that used to average over three days to deliver are now instantly available.
- We’ve demystified the contract of sale: removing conveyancing jargon and other perplexing terminology, condensing an average of 60 pages down to 2 pages. This means buyers can know their obligations and risk areas up front.
- Home buyers and lawyers now have unprecedented speed to analysing contracts of sale. This means, for the first time ever, legal reviews on contracts of sale are available before you view the home.
Selling a home? Contrax is a free tool for real estate agents. Arm your buyers with all the information they need to move forward with an offer. With a pre-reviewed contract for sale, your buyers can move fast.
Looking to buy a home? You can now get quick, inexpensive legal reviews. These are written in plain English by a team of highly experienced solicitors. They are also available before you view the home, so that you don’t miss a thing during the site visit. Contrax increases your understanding of the important details and reduces your required time and legal fees.
Are you a lawyer or conveyancer? Contrax gives on-demand access to professionally reviewed contracts for sale. These contracts are pre-drafted: ready for you to customise as needed and send to your clients in one click. Contrax brings efficiency to your business, reduces risk and helps you focus on what matters most – your relationships with your clients.
Visit the Contrax website: https://contrax.com.au/