In the ever-changing landscape of the title industry, organizations need to employ the right business practices and tools in order to succeed. If they don’t, they risk getting buried under the competition. This is something title companies must keep in mind when considering the way they operate. There are certain building blocks that can increase the chance of success and help promote growth. Let’s have a look at some of the most important of these components.
An Excellent Client Experience
The quality of service a business provides its client base has never been more important than it is today. Title companies must offer a client experience that lives up to today’s standards or they risk staining their business reputation. One way a title company can improve the quality of their customer experience by incorporating resources such as an AI-powered virtual closing assistant into their current infrastructure. This software provides a wide range of capabilities including 24/7 chat or text interactions. When a buyer, seller, real estate agent, or lender has a question regarding an upcoming closing, they can go straight to the virtual closing assistant for answers. This helps streamline the closing process during each step, which clients will appreciate.
Security
Cybersecurity is an issue all businesses need to consider today. This is especially important for title companies that regularly handle sensitive personal and financial information. Fortunately, an AI-powered virtual closing assistant can provide a level of security when delivering documents to clients. This tool uses measures such as two-factor authentication to ensure secure documents are only accessible to certain parties. For example, a buyer or seller can interact with a virtual closing assistant to request the information they need. When this happens, the virtual closing assistant can authenticate their identity via mobile number or email. If their permissions allow them access, they can receive the information. If they don’t have the right permissions, they’ll be considered a visitor and will only be able to ask questions of the virtual closing assistant. This level of security ensures only the appropriate parties can view closing documents.
Solid Business Partnerships
Healthy relationships are critical to a title company’s success. Forming lasting partnerships with lenders and real estate agents will make each closing much smoother and add to the customer experience. Using the right tech tools can help form and build business relationships that will foster growth. For example, when a title company incorporates a virtual closing assistant into their operation, lenders and real estate agents also get to take advantage of it through chat or text communication. Providing this type of service instills trust and promotes a better business relationship. In essence, a title company is inviting the lender and real estate agent into their internal operation, which benefits everyone. Plus, a title company will gain a reputation as forward-thinking and innovative, which can result in more business.
Let AI Provide the Advantage Your Title Company Needs
Incorporating the right tools into your title company will provide you with the building blocks you need for growth. An AI-powered virtual closing assistant may be just what you need to take your business to the next level.
Alanna.ai develops flexible software for the title industry. To learn more, request a demo today.