Automation and Millennials
There has been a lot written about the graying of the appraisal industry over the past decade, but less so about the same dilemma in the title insurance industry.
As escrow officers and title agents age out of our industry, companies scramble to replace the experienced elders of their staff – elders who hold decades of knowledge about title issues and regional real estate, as well as deep relationships within the community of real estate professionals.
Unfortunately, despite what Hollywood portrays, we can’t yet download that information into the minds of our young recruits. Title and escrow wisdom and relationships are learned along the way and will always be difficult to pass along. Our inclination, then, is to hire from within the industry.
But maybe we are approaching this from the wrong angle – looking back over our shoulders instead of peering into the future to see how we can staff our agencies in a way that embraces how the industry is changing and will continue to morph into the future.
Change is on the way
Technology, automation and artificial intelligence are rapidly changing the substance of our work. Companies who embrace these new tools also face the challenge of teaching their existing staff how to maximize their use.
We can’t think of a generation better equipped to adapt to the increasing use of automation and AI than millennials.
Time for youth to be served
Millennials have a lot to offer the title industry. They bring a lot of positive energy that could catapult your agency to new heights of success as we become increasingly automated in our processes. Here are a few common attributes of this vibrant generation of workers that could pay off for your agency:
Hungry and Eager: They are at the beginning of their careers and will be looking for opportunities to gain experience and learn for the future. Encourage them to learn every aspect of the agency.
Technologically Adept: They are fascinated by the new and the possible. Put them in front of your latest program or automation system and they will embrace it and want to show everyone on staff what it can do.
Like to Challenge the Status-Quo: Young employees are more apt to ask, “Why are we doing it that way?” bringing a more intuitive look at existing processes.
Highly Adaptable: Having been reared in an environment of quickly changing technology, they are dauntless in the face of change.
Love Social Interaction: If you are concerned about their lack of knowledge, turn them loose with your customers, encourage them to network at local events, and sign them up for an associate membership at the real estate and mortgage associations in your region. This is still a service-based industry. Tools like Alanna don’t eliminate the human touch but, rather, enhance it, freeing your people to do what they do best—interact with customers on a higher level.
Let’s not underplay the challenges. Hiring younger professionals means you have a longer learning curve in an industry that is highly technical.
But here’s the exciting news: If you can successfully mine their energy in this new more automated environment, the other stuff will come along over time. They will meet customers, learn how to network in the industry and overtime, the combined wisdom and technological facility will make them a powerful force in your company.