Technology has become the driving force behind business processes in nearly all industries and sectors. The title industry is no exception. Advancements in technology have allowed title companies, loan companies and realtors to work together more efficiently to streamline real estate transactions. Though it was slow to adopt technology, the title industry has become a tech-driven industry.
Here’s a look at how technology has impacted the title industry.
Online Title Searches Make Title Research More Efficient
Gone are the days when running a title on property required someone to physically go to the records office to obtain title evidence. Now, most of that research can be done online from anywhere at any time, saving title companies both time and money. This also shortens the overall process, allowing title companies to work through the closing process more efficiently.
Some companies have gone further and created their own software systems that allow them to access consumer information needed to complete the transaction – title reports, mortgage reports, credit reports, flood determinations, and other relevant financial data.
Communication Tools Allow for Greater Collaboration
Open, transparent communication is the key to accelerating real estate transactions. Buyers, especially those in the younger generations, expect to be able to communicate with stakeholders in the process at any time. Their mobile devices give them the hardware to do so, but the title companies, lenders and realtors have to adopt technologies enabling more efficient means of communication.
Many are turning to applications or platforms that holistically address correspondence between all parties. Such tools facilitate greater collaboration by allowing the stakeholders to not only communicate, but also send and receive documents that can be signed electronically.
Digital Transactions Increase Efficiencies in Closing
E-signatures, e-closings, and online notarizations have transformed the real estate process. These technologies make it easier for real estate transactions to close more quickly as they eliminate the need for all parties to find common dates and times of availability to sign paperwork. This also increases transparency in the process so all stakeholders know where each other stands and what actions are driving the transactions. This helps to keep all parties engaged throughout the process as well as builds trust with buyers.
The Industry Must Prioritize Security
As the industry works through this shift to a more digital workflow, it is essential to prioritize security. All technologies must protect consumers and their information throughout the process. Financial fraud and data security issues are a real threat that can hinder and derail real estate transactions if technology systems aren’t built with firewalls against these threats.
All of these technologies provide title companies the ability to meet their ultimate goal – providing a positive customer experience for all customers. Some customers expect to do everything digitally while others expect a traditional in-person process. Technology ensures that everyone is able to get the experience they want while also streamlining the process for title companies.