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The world is becoming more technology-based than ever before, and the real estate industry is no exception. From checking the weather on an app to asking Alexa for a recipe and going to Google to find a restaurant open for delivery, convenience has become second nature.
Will obtaining title, such a pivotal part of a real estate transaction, become a more modern experience in the industry’s future? The title process is the final piece of the puzzle for the acquisition of property. We get to see our clients’ joy and anticipation as they’re handed the keys to their new homes, properties, or businesses. We work hard at keeping this process as pain-free as possible, while making it comfortable and personal as well.
We continue to be in one of the hottest housing markets on record, and contactless closings became a necessity during the peak of COVID-19. Because of this, we pivoted to drive-up closings, mobile notaries, and social distancing in the workplace. Unfortunately, when there is a lien on a property, the lenders tie our hands and require “wet signatures” on certain documents so the process cannot be completely digital.
COVID-19 created a need for more digital closing options. But even with huge leaps in real estate technology, the title process can be time-consuming, depending on the difficulty of the transaction.
With few digital options to manage the underwriting processes, tracking the progress of a file, and creating more convenient closing options for consumers, it is difficult to increase efficiency.
Companies such as Fidelity National Title are implementing portals where agents can receive notifications and check the status of their transaction so that title teams must no longer choose between fulfilling the necessary responsibilities to conclude the deal or spend most of their time responding to emails, texts, and calls from clients requesting updates.
With tools such as online portals, the benefit of cutting numerous hours out of our processes each week has been enticing, but the idea of removing a reason to touch base with clients seems problematic. It eliminates some of the personal touches on which we pride ourselves.
Taking baby steps to enhance the customer experience by creating, sending, and signing forms through digital signature platforms is providing a great segue into the digital world. However, with that said, banks and counties currently require “wet signatures” on certain documents, and that may prevent closings from going entirely digital.
Our customers’ experiences will always be at the forefront of any business decision, and we never want to take away the ability to bond with clients and customers. So, the question is, will the impact of going digital — for buyers and sellers — make for a better consumer experience or take away the ability to build relationships?
By using technology, there is no doubt we can fine-tune the experience of working with title companies. But will there be a point where face-to-face interaction will be missed and customer relationships suffer? I know you will agree with me that this is indeed an interesting question to ponder.
Troy Moncrief is president, Fort Worth Team, Baker Firm PLLC, Fidelity National Title.