The closing is the most important part of a real estate transaction. It can also be the most stressful and complicated. Many times, buyers and sellers have no idea what to expect from the process. In fact, even real estate agents sometimes need help navigating their clients through a successful closing. In these situations, title companies have an opportunity to make the process much easier.
Because title companies deal with so many aspects of a closing, they can put tools and processes in place that will make for a more memorable experience. Doing so will help improve their business reputation and foster future growth. One tool that can be a game-changer is an AI-powered virtual closing assistant. By integrating this technology into their operation, a title company can vastly improve the closing experience for all parties involved. Let’s break down how.
Poor communication will quickly disrupt a closing, sometimes drawing the process out for much longer than necessary. To avoid this, buyers, sellers, real estate agents, and mortgage lenders need to be on the same page during each step. A title company’s AI-powered virtual closing assistant can ensure this happens. This tool acts as a hub of communication, allowing all involved parties to get answers without having to reach out directly to the title company’s agents. The great part is, a virtual closing assistant can be reached via chat or text on a 24/7 basis. If someone thinks of a question in the middle of the night, they don’t have to wait until the next day to get answers. This results in peace of mind, which is a key component of a good closing experience.
Real-Time Information at Any Hour
A title closing involves a wealth of information about the buyers, sellers, and property. Much of this information, such as title search, insurance, and closing costs, comes from the title company. A virtual closing assistant can help provide real-time information in the form of either files or basic details. For example, a title company can allow secure access to files related to the property transaction to the appropriate recipients. These files can be accessed through the virtual closing assistant. Buyers, sellers, and real estate agents can also interact with the virtual closing assistant to get answers to things like a title company’s hours of operation, deposit wiring instructions, and closing date verification. By ensuring everyone has accurate information, a title company is facilitating a clear, straightforward closing experience.
The Power of Automation
One of the biggest benefits of using an AI-powered virtual closing assistant is automation. This allows a title company to focus on complicated tasks without having to worry about providing necessary updates to their clients. For example, when a file reaches a milestone, the virtual closing assistant can send a text notification to all involved parties so everyone stays up-to-date on the status of a closing. Not only does this real-time information help keep everyone on track, but it also streamlines the title company’s internal operation.
Let AI Help You Provide a Great Closing Experience
If your title company needs to enhance the closing process for your client base, artificial intelligence can help.
Alanna.ai develops AI-powered software for the title industry. To learn more, request a demo today.