In an effort to make themselves more relevant, Title Companies are offering document storage and communication platforms for agents and loan officers to use. I understand why they are doing it but if you take a step back it does not make much sense for real estate professionals to utilize these services.
In order for this to be effective you would need to use the same title company on every deal. What are the odds of you using the same title company on every deal? According to ALTA (American Land Title Association) there are at least 15 in Las Vegas that only has a population of 596,424 people according to the 2012 census. The amount of title companies is staggering in larger populations. You would need to manage multiple title company systems on top of already having to manage multiple customers, transactions, vendors, and communications. The other issue is that the title company is introduced later in the transaction for their systems to be useful. As a loan officer and agent you need to keep all of you correspondence for auditing purposes. Have two sets of records does not make much sense and the FTC now requires you to have encrypted email. Making many email services obsolete.
So what are you to do?
You need to find a system that that you control and manages your correspondence, transactions, documents, and signatures. You need a system that is yours and you can keep records all in one spot. This will give you the independence you need to operate in this ever changing environment. This will save you from using multiple systems at one time and possible loosing your mind in the process. There will only be more regulations in the future and you need to adapt now. These type of systems are becoming the wave of the future. Become an early adopter and cover yourself and give your clients the type of experience they deserve.
Today’s clients are looking for product that differentiates from the rest of the pack. If this were not true then the everyone would have the same phone, car, or house. We would all wear beige clothes, drive practical nondescript cars, and have black generic phones. Would you settle for that kind of product? Why should you clients? Like it or not, you are a product.
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