In the business of selling and buying real estate, title agents don’t just process the transaction, they also work to safeguard the interests of both parties. Buyers want to move in to their new home quickly, while mortgage lenders expect the transaction to be safe and regulation-compliant. Title agents identify and rectify errors to the title and ensure the lien is enforceable via a process that meets the expectations of both parties. For title agents, the major difference between having a successful closure and a failed transaction is the turn time. Here are three initiatives that title agents can take to improve their turnaround time.
Title agents undeniably have complex jobs with unpredictable workloads, which can be primarily attributed to the cyclical nature of the real estate domain. The first two months of the year are peak periods for buyers, whereas the end of spring through the start of summer is popular among home listers. Thus, it is essential that title agents plan their workload effectively to cater to these periods of high volume. Moreover, if title agents are accepting cross-state verification requests apart from interstate transactions, they should plan the requisites more carefully, in fact, even before accepting the request. This is advisable as every state has different federal processes and regulations, which makes it necessary for title agents to stay up-to-date with the compliance process. Therefore, it is extremely important that title agents plan their workload carefully as per the seasonality and complexity of processes to ensure a quicker turnaround time.
Partnerships and outsourcing
As already mentioned before, the seasonality and cyclicality of the real estate sector increases the volume of unpredicted workload, and many a times, despite planning carefully, title agents are not able to meet these high volumes. During such stressed times, partnerships and outsourcing can come in handy. Outsourcing offers the flexibility of scaling up or scaling down a team to manage seasonality effectively at minimal incremental cost. As per their requirements, title agents can choose and leverage the cross-state federal knowledge and connections of outsourcing firms, as quality service providers have a multi-state presence, thus ensuring a faster turnaround for title agents.
Technology can make life easier for title agents. Software solutions help automate the complete process while meeting industry regulations. Solutions can also be customized to meet specific buyer/lender requirements. Moreover, automated technology solutions ensure a zero-error transaction, thereby eliminating the hassles of manual corrections, which can be pretty time consuming.
Visionet’s D-TRAC solution is one such leading technology solution that can help title agents process bulk volumes. It helps expedite the verification process while ensuring processes are error-free. With online access to property records from 2000+ counties, a preconfigured middleware that automatically directs researchers to appropriate available resources, and built-in reports, it is an integrated solution for bulk title processing.
Apart from D-TRAC, Visionet also offers post-closing process support that considerably brings down the operation costs while cutting down the number of vendors required to get the job done.
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Shamit is a vibrant and highly accomplished professional with rich experience of more than 10 years in Sales, Business Development, Service Delivery, and Operations Management, Project Management, Transition, and Process Re-Engineering in the BPO / ITES sector.
He has a thorough understanding of business environments and evolving business needs, change management, the capability to work with large and diverse skill-sets.