Title companies are integral to the closing process for a piece of property. Examining the history of a title and providing the necessary insurance is critical to the homebuyer’s future. Real estate agents also have an important role to play. They advocate on behalf of their client and ensure they have everything they need for the closing process. It stands to reason that if a real estate agent is successful, so is the title company.
A real estate agent must work closely with a title company when closing on a house. The more successful a real estate agent is, the more referrals the title company is likely to receive. It’s in the best interest of the title company to help real estate agents any way they can. That’s why many businesses are starting to incorporate a virtual closing assistant into their operation. Let’s go over how this can help real estate agents during the closing process.
Assist With Closing Costs
In addition to the price of a home, buyers have a lot of fees to take care of. This can be a stressful process, especially for first-time homebuyers who may be surprised by extra expenses. Closing costs can be especially stressful. They can add up to anywhere from 2% to 5% of the total price of the home. Once buyers understand the potential cost involved, they’ll want to get an estimate as soon as possible. Real estate agents can help their clients by getting this estimate from a title company. By using a virtual closing assistant, a title company can generate fast estimates for the real estate agents they work with. All they have to do is enter a few pieces of information and the virtual closing assistant does the rest.
Real estate agents have the huge responsibility of walking their clients through the closing process. This can be difficult if they’re unclear about the process themselves. They’ll need to work with the title company and relay documents and information back to the buyer. In these situations, AI can be an invaluable title company resource. Title professionals can direct real estate agents to their virtual closing assistant to get the answers they need in real-time. This means the agent never has to pick up the phone and can get information 24/7, even from their smartphone. Assisting real estate agents like this will result in a great reputation for the title company, meaning more agents will choose to do business with them.
Facilitate Effective Communication
Many parties must work together to ensure a successful closing. Real estate agents, their clients, lenders, and the title company all must be on the same page. This means communication needs to be flawless. A lot of this responsibility falls on the real estate agent, but the title company can make things much easier for everyone. With an AI-powered virtual closing assistant in place, the title company provides a solid line of communication for every party involved. Getting answers to closing questions is easy, and because the virtual assistant is always available, nothing has to wait until the next day to get addressed.
Provide Real Estate Agents With the Means to Succeed
As a title company, you want the real estate agents you work with to facilitate a smooth closing process for their clients. Help them out by providing an AI resource on your end.
Alanna.ai develops flexible software for the title industry. To learn more, request a demo today.