Class has enhanced its software for SMSF practitioners with the addition of a title search tool and access to historical valuations and comparable sales information, which will receive input from three property data providers.
The cloud-based software provider stated it was now working with InfoTrack to provide nationwide property title searches and certificates, which would reduce the time taken to verify ownership.
At the same time, it has expanded the valuation capabilities of its software beyond CoreLogic and would now also integrate data from PropTrack to provide residential property valuations, including retrospective figures, directly from the Class platform.
Class noted its recent “Benchmark Report 2024” found direct property accounts for 21 per cent of SMSF assets on its platform and 30.2 per cent of funds, as at 30 June 2024, invested in direct property, with around two-thirds holding commercial assets and about a third holding residential property.
Class chief executive Tim Steele said the new property-focused capabilities will boost productivity by reducing the manual processes involved in searching for this information and replace it with real-time access to trusted data.
“Given resource costs and constraints, our clients rightfully continue to demand more from their technology partners. Class is committed to delivering innovative cloud-based solutions that simplify workflows, enhance compliance and deliver greater value for financial professionals,” Steele said.
“These enhancements follow the release of direct registry connections to Australia’s largest share registries and an industry-first, directly sourced document feeds from major financial institutions.”
The need to have accurate valuations and a valid title have been emphasised in audit guidance and public statements from the regulator, including the need to ensure there are no charges over an SMSF property asset.
The primacy of a title was also confirmed in a recent court ruling that found council rates notices, bank loan statements and rental statements were insufficient to prove property ownership in comparison to a title search.
