There are four key reasons to consider automation in the title industry: to reduce errors, to manage escalating business, to maximize workforce hours, and to reduce costs. The last one may be the most critical when navigating a decelerating real estate market.
Every time you add an application, you add the staff hours needed to input the information the application feeds on. This tech stack can become unwieldy and ineffective unless you can get these applications, systems and software to talk to each other and share data to cut down on all that manual input.
I recently spoke on a panel at ALTA ONE. It was a great conference and the session was attended by a number of curious title agents. The one thing that surprised us throughout the entire conference, however, was the number of title owners and executives who asked us, repeatedly, “Bots can do that?”
Let’s face it, trying to get accurate data from deeds, contracts or legal descriptions continues to hobble the real estate industry, with inaccuracies still abounding. It’s also time consuming and, at times, even mind-numbing for staffers who’d be better utilized facilitating closings or generating marketing leads.
While our industries thrive because of the data available to us, the challenge our industry faces is ensuring the data is accurate. The need for accurate data in the transaction itself is a paramount. But we also heavily rely on the data, as do all companies, to run and grow our businesses.
While our industries thrive because of the data available to us, the challenge our industry faces is ensuring the data is accurate. The need for accurate data in the transaction itself is a paramount. But we also heavily rely on the data, as do all companies, to run and grow our businesses.