How the Past and Future of Technology are Changing the Title Industry

How the Past and Future of Technology are Changing the Title Industry

Businesses of all kinds have experienced a complete evolution over the past 20 years. Technology seems to have changed the way organizations operate at every level. From enhancing customer support services to automating daily tasks that used to require manual oversight, technology is now the backbone of most industries. 

Even the title industry, which has maintained many of its traditional business practices during the technological revolution, has undergone massive changes in recent years. Title companies are now embracing tech tools that allow for a more efficient closing process and the ability to provide a better experience for their client base. The result – title companies can take on more clients and gain an edge over their competition. Let’s take a look at some specific ways technology is making an impact. 

A Faster, More Secure Process

Closing on a piece of real estate requires the transmittal of a number of sensitive documents. In the past, faxing or mailing this information worked, but technology has made the process much faster and more secure. For example, a virtual closing assistant allows a title company to give its clients access to documents based upon security that is being enforced by the title production system. This means the documents are only accessible to certain parties involved in the closing. The virtual closing assistant delivers secure documents directly, making the entire process faster and easier. As a title company resource, a virtual assistant can also help agents generate closing cost estimates with only a few pieces of key information. This saves time and allows agents to concentrate on keeping the closing process moving forward. 

A New Way of Communicating  

One of the biggest changes brought on by technology in the last 20 years is the way we communicate. We’re now able to interact with each other around the clock with our computers and mobile devices. Title companies have started using this capability to their advantage to create a better customer experience and make the closing process clearer and more efficient. This is done with the use of a virtual closing assistant. This technology allows buyers, sellers, lenders, and real estate agents to get answers to questions via a real-time chat feature. The virtual closing assistant can provide a dynamic, customized interaction by accessing client records to provide up-to-date information regarding a closing. This eliminates the need for time-consuming phone calls that slow down the process and interrupt the workflow at a title office.  

The Growth of eClosings 

As the title industry continues to embrace technological advances, eClosings will start becoming the norm. The COVID-19 crisis, which has prompted the use of Remote Online Notarization (RON) and other remote technologies, has shed light on the potential future of the title industry. This may very well lead to more and more title companies using eClosing software to streamline real estate transactions. Furthermore, tools such as a virtual closing assistant will start to be the go-to title company resource for organizations that want to bring in more clients and overhaul their reputation in the industry. Any way you slice it, technology is now a permanent fixture in real estate. 

Tech Tools for Your Title Company 

If your title company is still operating in the past, it’s time for a change. Integrate a virtual closing assistant and start providing a level of service your clients will remember. 

Alanna.ai develops flexible software for the title industry. To learn more, request a demo today.