The staff of a non-profit organization that caters mostly to an older cohort was mulling over a website update when the director noted dolefully that their target audience wasn’t very tech savvy. One staffer said while that was true today, the purpose of improving the website was to reach the client of the future, and that age group – currently employed – would bring far more sophisticated technology skills to the process of interacting with the nonprofit.
It’s a cautionary tale for title agencies. Agencies who are stuck in the rut of “this is how things are” are going to miss the opportunities that are coming online as technology advances into the future, and more importantly, as consumers and employees demand more sophisticated solutions.
Title agency owners who want to strengthen their businesses and build market share over the next couple of decades must look ahead to how title, escrow and closing services may be delivered in revolutionary ways in the future.
Here are some ways to enhance your approach today to prepare.
Hire smart
Title agencies are going to need tech savvy employees who are not only educated on the use of technology but eagerly embrace fresh solutions. Nimble employees who enjoy learning and adapting are going to be key to taking your agency into the realm of artificial intelligence.
Study the landscape
It’s important to be aware of innovative technologies coming online that are geared for the title industry or are easily adaptable to the type of work you do. But it’s equally important to pay attention to advancements in other industries, especially those most closely associated with title, such as real estate, mortgage and recording offices. As you take advantage of new innovations, you want to ensure they connect seamlessly with your clients and service providers.
Stay open-minded and flexible
As you contemplate a strategy for the future, openness and flexibility will become a necessity. This includes paying attention to and responding to what your clients are telling you about their needs as well as what they hear from home buyers and sellers. Keeping your ear to the ground will help you more successfully navigate consumer expectations and build in the type of technology that will satisfy a new generation of clients.
Create a data plan
Perfecting your data is an imperative. Make sure you understand where and how your data is entered and stored. Create a matrix identifying where key data resides and ensure the data is accessible, as it will become a vital component of future technological solutions.
If you intend to be in business a decade from now, it’s critical that you keep your eye on where technology is headed. Put a plan in place now that will help you build a solid foundation to take advantage of the changes to come.
At VizionX, we understand the pace of technological change in the real estate, lending and title insurance triad, and we are dedicated to developing technology that will help title agents future proof their companies. Contact us today to learn more.
