The real estate industry is currently undergoing massive change. This is due largely to Millennials. Members of this younger generation are nearing or entering their 30s, which means they’re starting to buy homes. This is great news for the housing market, real estate agents, and developers. It also signals a need for a shift in the way the real estate industry operates. Why? Because Millennials have grown up using technology and now expect businesses to offer a digital experience.
One area of real estate that’s seeing a quick evolution is the title industry. Title companies are having to integrate more technology into their operation to provide a level of service that’s becoming the standard for Millennials. If a title company doesn’t embrace this change, they risk losing business to their competition. Let’s go over some examples of how younger people are forcing positive change.
An Emphasis on Simplicity
Technology is allowing businesses to provide faster, intuitive, more convenient service to their customers. Millennials grew up at a time when this was becoming the norm for all industries, which means they expect it now. Closing on a home is a complex process. A title company that wants to remain competitive needs to do everything they can to simplify it. That’s why the use of virtual closing assistants is becoming more and more popular in the title industry. These tools allow access to real-time information so all parties involved in a closing know where they are in the process and what’s needed of them. Whether it’s downloading secure closing documents or getting answers to questions, a virtual assistant can make things fast and easy.
One of the biggest impacts technology has had on the business world is communication between consumers and an organization. Individuals (especially Millennials) now expect to be able to communicate with a business digitally and with a high level of convenience. Title companies are facilitating this demand by using virtual closing assistants as a hub of communication. Instead of having to call a title company with questions, real estate agents, buyers, sellers, and even lenders can chat or text with the virtual assistant. This means strong engagement with a title company remains available 24/7 and from mobile devices. The result is a smoother closing process and less confusion for the client.
Customer Experience Expectations
Millennials have unknowingly raised the bar regarding the customer experience businesses provide. Online reviews and social media can now hurt an organization’s reputation, which means it’s imperative to meet or exceed the level of service of the competition. For a title company, this means providing a faster, clear, and positive closing experience. Younger people buying homes need to have a trusted partner who can help them navigate a closing and provide real-time information and answers without complications. This is why virtual closing assistants are becoming integral tools in the title industry.
Ensure Your Title Company Stays Up-to-Date
With more and more Millennials buying homes, operating using old-school techniques isn’t an option. You need to incorporate the tools that will allow you to provide innovative, modern service.
Alanna.ai develops flexible software for the title industry. To learn more, request a demo today.