As remote work has become increasingly prevalent, the real estate industry has undergone a significant transformation, with the title insurance sector being no exception. The COVID-19 pandemic has had a profound impact on how employees approach their work, and it’s essential for title companies to keep up with the changing times. Failing to do so can result in being left behind in a fiercely competitive market. In this article, we’ll explore how the title insurance industry is responding to these changes and what it means for the future of real estate.
Luckily, remote work has brought many benefits for individuals and agencies in the industry. One major perk is that companies are able to expand their talent pool beyond geographic boundaries. As employees can be hired from any location, a more diverse and increasingly productive workforce is born.
Incredibly, remote work has reduced overhead costs for employers too. Rent, utilities and physical office spaces are no longer necessary, allowing companies to redirect funds and be more strategic with their spending. Employee trainings, developments and improving client services are valuable areas many are choosing to invest in.
Remote work has catalyzed the implementation and development of new technologies as well, forcing title companies to be more resourceful and innovative with traditional services. For example, digital signature software was initially adopted to overcome isolation and location barriers, but the system subsequently streamlines document signing and reduces the time it takes to complete transactions. Virtual tour software was also introduced to let clients view properties remotely. Not only has this increased efficiency and convenience for all parties, but creates a more engaging viewing experience.
Despite these extraordinary advantages, remote work has presented plenty of challenges. Possibly the greatest is maintaining communication between employees, clients, and the parties involved in a given real estate transaction or deal. Losing the personal quality of conversation and human interaction along with scheduling difficulties and physical distances has been difficult. While collaborative programs like Microsoft Teams and Zoom, and project management tools such as Basecamp and Asana do keep employees connected and informed, they fail to replace in-person work.
Cybersecurity and data privacy are other significant barriers with remote work. To mitigate risks, cybersecurity protocols are essential to protect title insurance companies, especially given the highly confidential nature of the industry. Firewalls, antivirus software, and data encryption have become standardized, along with employee trainings on best practices to ensure the safety of sensitive client information. Moving forward, remote work policies will most certainly become a permanent fixture in the title insurance industry. Adapting to new modes of working, embracing technological advancements, and staying on top of trends are absolutely paramount in the current hybrid work environment.
Appellate National Title is a world class Title Insurance Agency who specialize in title insurance and settlement services nationwide. Driven by a passion for innovation, we utilize cutting-edge technology, local expertise and national services to provide the highest quality experience. Our results driven methodology and customer-focused closing services have set an industry-wide standard of excellence and secured our place as market leaders. With Appellate National, you’re not just getting a partner, you’re getting a team of dedicated professionals who are passionate about your success. Contact us or place an order today and experience the difference!