The traditional, and often complex, home buying process has revealed significant gaps over the past few years as buyer demands evolve. The most common pain points include a lack of communication, organization, and security, and the real estate industry as a whole has been slow to adopt new tools and technologies that help alleviate those nuisances and streamline the homebuying process. These stresses are felt by all stakeholders, but especially by first-time buyers who are unfamiliar with the process. Title and escrow agents have become increasingly eager to implement new strategies and technologies to create a reimagined home buying experience for clients and pioneer a modern wave of real estate transactions.
The goal of today’s title insurance and escrow companies is to eradicate these pain points and help each client enjoy and understand the closing process on their journey to buying or selling real estate. Below are three ways technology can modernize, simplify, streamline, and expedite the closing process:
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1. One, Permanent Document Database
I remember my first closing as a buyer – it felt like a constant ping-pong of emails from the title company asking for various financial and personal documents. Throughout the process, I had only prior emails to reference what was sent, when, and to whom. There was no clear, consistent way to view all of the documents of my transaction, and I felt as if I had zero control over the process. Now, with enhanced closing technology and automated databases such as - Qualia, a cloud-based title, escrow, and eClosing software, buyers and sellers can easily upload and organize documents for their transaction within one place. From the database, consumers can leave notes, directly ask questions to a team member, and have access to this cloud-based document repository forever.
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2. Team-wide Communication
Effective digital tools can enable the consumer, buyer, and seller to feel empowered about the progress of their transaction, and easily communicate with team members, giving them a sense of control in real-time. Consumers can easily view “who’s who” on their transaction, comment on any aspect throughout the process, or directly communicate with any person involved. With streamlined communication from all parties, shown visually, consumers are provided a step-by-step guided interaction through every aspect of the transaction.
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3. Automated Workflow and Collaboration
To be most effective, and help reduce the complexities and confusion inherent in real estate transactions, you must have a data-enabled system in place. This technology supports the closing process for all transaction types by incorporating comprehensive automation, workflow, and decisions, including systematic timing and dead-lining of various tasks. For instance, once a transaction is entered into Qualia’s system, whether a purchase or refinance, the system automatically, through a rules-based approach, calendars the multitude of tasks needed to be complete, creates a list of tasks and items needed, and folds in all pertinent team members, including the buyer and seller, when needed.
A great consumer experience is essential for good business and is especially important when it comes to title agents. Being able to promptly service customers, answer their questions, address their concerns, and perform a thorough review can be the difference between gaining repeat and referral business or not. Even the most minor error can halt the closing process, so it's essential to identify those errors and fix them right away. A smoother customer experience is possible with the utilization of technology not only because documents are shared digitally but because real-time notifications allow title agents to keep things moving, quickly identify errors, and correct when needed, all while automatically keeping the client informed.
It’s inevitable that digital closings will one day become the norm, and this new reality will lead to greater attention to detail and efficiencies, reduced costs and time, better access to resources and tools, and overall improved client experiences. DMT Transact, a South Florida-based title insurance and escrow company, is at the cutting edge of incorporating the technology, eliminating countless inefficiencies, errors, and delays in the closing process. Ultimately, the team is creating a more modernized approach to real estate transactions with the use of technology.
Naomi Ayala is an experienced attorney focused exclusively on real estate and business law. She has represented many individuals, organizations, and businesses with a wide range of real estate and property law matters including construction disputes, purchase and sale disputes, title disputes, lease agreements, and real estate fraud. Prior to starting DMT Transact, Naomi was a litigation associate at a major law firm in Miami handling large commercial, construction and real estate cases.
In addition to her practice, Naomi is passionate about the I/DD (intellectually and developmentally disabled) community and currently serves on the board for The IDDeal Foundation, a local non-profit organization serving the I/DD community. She's also involved in Lawyers for Children, a pro bono organization, serving as the Attorney Ad Litem for a young girl. For several years, she also supported the Streetlaw program, which partners with local schools to provide interactive methods to teach students practical law lessons.
Naomi earned her bachelor’s degree from the University of Central Florida and her law degree from Boston College.
