For the fifth year in a row, PropLogix has launched its latest State of the Title Industry Report, highlighting many of the experiences and challenges faced by title professionals in 2022. To help us dissect what happened this year, we invited some industry experts for our 2022 State of the Title Industry Roundtable, where we discussed the results of our survey. Here’s a recap of that webinar in case you missed it!
— Prefer to watch the webinar? Click here to view it.
A Little Bit About Our Panelists
We invited three notable professionals to our panel of experts for this year’s discussion. The first guest; the American Land Title Association (ALTA) CEO, Diane Tomb. Diane has over 20 years of experience in the housing industry and has served as ALTA’s CEO since 2019.
Second to join us was David Townsend, founder of Agents National Title Insurance Company. David also serves as a board member of ALTA and has worked with the University of Missouri to create learning opportunities for college-age adults and students coming out of high school interested in the title industry.
Our third panelist was Brent Scheer; our very own Chief Financial Officer at PropLogix. Brett has served on various ALTA committees, including serving as the chair of the ALTA’s Accounting Committee from 2010 to 2016. He also serves as a Board member of the Title Reinsurance Corporation.
Who Are Today’s Title Professionals?
As Diane acknowledged, we have an aging workforce, with more than half (56%) of professionals between the ages of 45 and 64. Over the past few years we’ve started to see a larger share of younger people in the industry, but still, about a third of the industry is over the age of 55, which is far more than the national average in terms of the overall labor pool. Below is a quick glance at today’s title professional:
This Year’s Primary Challenges
Juggling Too Many Responsibilities & Finding New Business
As title professionals have learned to do more with less this year, finding new business has become increasingly more difficult within the last few months. We took a pulse check based on a sample of 170 attendees during the Roundtable to see how our August SOTI data has changed over the past few months, and this is what we’ve found:
Data from our August SOTI Report (Ranked):
- Juggling Too Many Responsibilities: 46%
- Unexpected Delays: 44%
- Not Enough Time: 28%
- Educating other parties: 26%
- Finding New Business: 24%
Data from our Recap Poll (Ranked):
- Finding New Business: 51% 🔼 (+27%)
- Juggling too many responsibilities: 22% 🔻(-24%)
- Unexpected Delays: 7% 🔻 (-37%)
- Not Enough Time: 11% 🔻 (-17%)
- Educating other parties: 9% 🔻(-17%)
As Diane pointed out, when this pandemic first hit, we weren’t sure what it would look like for our industry. And since then, most title professionals haven’t had time to come up and breathe. Other industries had opportunities to sit back, bake bread from scratch, and learn new languages, while title professionals were trying to learn new technology to keep up with volume, and find new ways to work around the several obstacles that come with being an essential business in a pandemic. And then, in 2021, the insurance premium volumes increased by almost 36%. With the volatility the title industry has dealt with over the past couple of years, it’s safe to say it has been exhausting for all of us.