How Automated is Your Title Process?
As a real estate professional, you rely on a wide array of vendors and partners to see a transaction through to completion. Ideally, all parties would work together like a well-oiled machine. But unfortunately, this state of affairs is often not the case. It is your responsibility to make sure that every person in the process is performing optimally—if a single vendor creates a bottleneck, your company will waste time and resources with every transaction it performs. Inefficiencies can crop up for any number of reasons. A vendor might perform unnecessary extra steps, taking too long to move through the process, or simply spend more time on individual tasks than necessary. But whatever the reason, the result is the same: rising costs and decreased revenue for you and your company.
What should you look for when you choose your title partner? In a word: automation. Order entry should be automated. The appropriate forms should auto-populate; an agent should never have to enter the same bit of information twice in a well-designed software system. Everyone involved in a transaction should have the ability push files into the software and automatically append them to the appropriate documents. The HUD-1 and GFE should be automatically delivered up front, and all parties to a transaction should be able to quickly apprise themselves of the documents’ status on a platform that automatically updates itself as each milestone is hit. Ideally, title agencies would work with individual clients to create a customized system in which emails were sent at key points in the transaction. These types of seemingly minor capabilities add up to a sleek, streamlined process for everyone involved.
Unfortunately, many smaller agencies simply don’t have the infrastructure to support such conveniences. Small agencies run by individuals or small groups don’t perform the volume of transactions necessary to allow them to implement the latest technology into their system. Real estate professionals must be wary of this type of inefficiency, because aligning themselves with partners of this kind can severely hurt their bottom line.
At First Title, we take special care to ensure that our technological innovation constantly improves upon industry best practices. We work with individual clients to create fully customized process maps that mesh with their way of doing business. Because we have our own proprietary software system, FirstVision, we are able to tweak our process flow at each step in a way that helps our partners achieve the most efficient and accurate title possible. We have an IT department dedicated to ensuring that each client receives a personalized title experience. Thanks to their tireless work behind the scenes, our clients are presented with an easier, more intuitive, and more streamlined process.
Call us today at 866-484-8537 for more information about how First Title & Escrow uses automation and technological innovation to make the title process easier than ever.