The past year has presented unprecedented workloads, changes to the way title professionals operate, and new growth opportunities as well. You may have already seen the results from this year’s State of the Title Industry Report, but in case you haven’t, there were several key issues that industry professionals identified in 2021.
Major challenges among industry professionals:
- Unexpected delays
- Juggling too many different responsibilities
- Not enough time to complete tasks
- Hiring and training new staff
- Educating buyers, sellers, and real estate agents
A few strategies can help tackle these challenges as the market doesn’t appear to be slowing down in the near future. Outsourcing helps save title professionals time and combat a lack of resources. A fresh approach to hiring counters the industry workforce nearing retirement. More intentional education efforts speed up closings and prevent hiccups. Consider the following solutions to this year’s industry hurdles.
Solution One: Take Advantage of Outsourcing
Outsourcing is an excellent solution for many of 2021’s problems. Respondents of the SOTI survey vocalized the fact that outsourcing simply allows them to focus on other important tasks in their day.
Other benefits of outsourcing include:
- Gaining back precious time when workloads are high
- Flexibility in using the services on an as-needed basis
- Helping prevent delays in the closing process
- High-quality results from dedicated teams
- Counteracting a lack of resources or employees in smaller companies
However, just as with any change in a business strategy, outsourcing needs to be carefully considered to maximize those benefits – ask these six questions to help determine if outsourcing is the right solution. Choosing the right provider for due diligence, applying a cost-benefit analysis, and looking at the future vision for your title company will help your company make the right decision.
Solution Two: Improve Your Hiring Strategy
Hiring and training staff ranked as a challenge over the past year, and for a good reason. Attracting new talent is difficult when workloads are also incredibly high. Earlier this year, we spoke with two experts about hiring within the title industry. As the current workforce approaches the age of retirement, a more effective method to attract fresh talent needs to be used.
Market Career Opportunities
It’s often said that “the title industry finds you” rather than you finding it, but that needs to change in order to attract new talent – specifically Millennials and Gen Zers. The title industry offers people fantastic career opportunities, but those opportunities need to be marketed to candidates effectively.
Key benefits of working in title:
- No college degree to start
- High demand
- Great pay and benefits
- Upward mobility and career development
Point out these benefits in carefully crafted job descriptions, on websites, and other digital platforms. Don’t forget to highlight your company’s culture too as this is equally important for young professionals.
Match Position to Personality
Part of attracting and retaining employees involves following a well-thought-out strategy that makes sense for the title industry. Instead of taking a one-size-fits-all approach, candidates need to be matched to their ideal role within the industry based on their personalities. This creates happier, more engaged employees and reduces time wasted on training and turnover.
Diversify Your Hiring Approach
Hiring new talent should involve a diverse approach as the industry’s customers become more diverse. This diversity in your employees helps facilitate cultural connections where customers feel more comfortable asking questions and a title agent can better understand their unique needs.
Furthermore, in attacking the issue of finding fresh talent, a diverse workforce will bring in new people that may not have been exposed to the industry beforehand. It’s a long-term solution to hiring rather than an immediate one.
Solution Three: Educate With Intention
Whether you’re speaking with a homebuyer, a seller, or a real estate agent, it’s essential to make the most of your educational efforts by communicating intentionally. Reinforce your in-person education with digital communication channels, like social media, to effectively drive awareness of the role a title agent plays and industry trends.
Start the Conversation Early
It’s important that customers understand the role of a title agent and stay smart about every part of the real estate transaction, especially cybersecurity. The sooner you open up channels of communication (whether digital or in-person), the more likely a customer will feel empowered to close on the home of their dreams. In short, be proactive rather than reactive.
Share Helpful Resources
Just as title professionals don’t seem to have enough time in the day, a title company’s customers are busy individuals as well. Offering resources in emails, on social media, in an office, and on a website can be incredibly helpful for all parties because it will speed up the closing process altogether.
ALTA’s Homeowner Outreach Program is a great place to find resources if you don’t have time to create them yourself. The key to offering these resources is to not overwhelm them – start with the basics. Think from their perspective by answering the questions they commonly ask.
Utilize Digital Marketing to Reach More People
Digital marketing is a more efficient approach to sharing resources and connecting with your customers – especially Millennials and Gen Zers. In-person conversations are time-consuming and have a limited scope. While you should start with the basics when talking to buyers and sellers, use your digital platforms to educate real estate agents on changes that affect the industry.
Creating good content doesn’t have to be complicated. Think of writing prompts that spark people’s interest, collaborate across departments on the content you produce, and recycle your content to reduce time spent on brainstorming new ideas.
Title agents have voiced their opinions in the 2021 State of the Title Industry report, bringing attention to areas for improvement. Many of the above solutions have been discussed throughout the year in our blogs, so if you missed them, now is a great time to check them out. Working to improve in these three areas will help your title company prepare for next year with more efficiency and less stress.
If you’re ready to start outsourcing your due diligence, check out all of the services offered by PropLogix. Our dedicated teams of specialized professionals have been trained to tackle tasks with efficiency and precision. Watch this demo today and get a quote tailored to you!
