Every professional has constant hurdles to improving their workflow efficiencies that will ultimately lead to business growth. It can be difficult, though, to best assess where to invest in improvements, from technology to third-party support services, there are a lot of options to explore. Especially, in the title insurance and real estate industry where we're seeing technological advancements like blockchain, biometrics, automation, e-Closing and cyber security being developed and adapted at a high-speed around the world.
In our State of the Industry survey of title professionals from around the country, time management was in the top three challenges across all sizes and types of companies as well as job roles.
Title agents and real estate attorneys reported the following as their top 3 hurdles to business growth:
1. Not enough time/rushing through tasks
2. Finding ways to generate new business
3. Juggling too many different tasks
Law firm vs. Title company
The 3 biggest hurdles for those who work for law firms were not enough time/rushing through tasks, juggling too many different tasks, and dealing with various vendors and turnaround times while those who work for title companies cited not enough time/rushing through tasks, finding ways to generate new business, and juggling new tasks.
69% of respondents said they are personally involved in up to 25 closings a month.
Of those who are involved with 10-25 a month, they said that not enough time/rushing through tasks, trying to reach all parties involved to get property information, and educating buyers, sellers, and realtors were there top 3 hurdles.
Other professionals commented on how the lack of communications from lenders often slow downed their process.
With the overwhelming majority of respondents saying that lack of time is a hurdle for accomplishing their goals, what are some ways to alleviate these feelings of being rushed and risking errors that could cost companies thousands in title claims?
In addition to expanding the implementation of new technologies, an investment in additional due diligence support services could be the key to winning big.
Teaming with a third-party title service support provider can help catapult struggling professionals and their companies to higher levels of success. From lightweight association research to the heavy-hitting, full suite of services like municipal lien searches for unrecorded debt, release tracking, HOA certificates, tax certificates, and more, this may be a great way to reach their goals.
What are the biggest hurdles that you face? And what solutions are you considering to help you surmont them? Let us know in the comments below.