If you’re launching a title agency, the timing couldn’t be better. Low interest rates and amplified homebuying activity have ignited a real estate boom that shows no sign of slowing down.
Whether you own an established title agency or a fresh startup, title agency process improvement is a wise investment in the future of your business. Upgrading title processes now can guide you smartly through an uncertain industry future.
Fear of change keeps many companies locked into outdated business practices that have always worked in the past. A reluctance to embrace new technology can limit efficiency, and it does nothing to improve your bottom line.
Coronavirus restrictions have ushered us into an era where digital transactions are rapidly becoming the norm. For title agencies especially, process improvement that includes the implementation of new digital technology is the only way to stay competitive.
What Is Process Improvement?
Process improvement means developing faster task completion, upgrading output quality and reducing waste. The goal is to automate processes and restructure operational resources to maximize efficiency while cutting costs. This process is designed to reveal existing inefficiencies and eliminate them with cutting-edge software and reduced manual labor.
By streamlining practices that keep your business running smoothly, your team can offer better service to existing customers while developing effective marketing campaigns to attract new customers. Here are some of the ways by which your company can benefit with title agency process improvement.
Expedited Productivity
According to a recent survey, employees spend 520 hours annually performing tasks that could easily be automated. Filling out forms and generating reports using systems with limited performance capability slows everything down. A custom application can perform these tasks in a fraction of the time while freeing up employees to focus on more important matters.
Streamlining business procedures can reduce employee frustration while increasing motivation. Tedious and repetitive tasks can take hours to perform. They drain the energy of your people and provide very little return on investment (ROI).
When employees can devote more time to the most valued aspects of their jobs, they report greater satisfaction. Happy employees are more productive, and productive employees generate more revenue.
Risk Curtailment
Manual data entry systems have no protection against human error. Some mistakes can take hours to fix. Others can cost you your business. Manual data systems have no built-in controls, and that opens the door for fraud. To make matters worse, employees performing data entry may not be backing up and storing information properly.
Title insurance process improvement identifies activities that should be automated. This greatly reduces human error and gives private agency data an extra layer of protection.
Effortless Compliance
Maintaining compliance doesn’t have to be an ongoing headache. With process improvement, you can implement in-house compliance management software to handle the matter for you. A third-party consultant can also be brought on board for this task. Your team will have more time to execute title searches, and you won’t have to stress about noncompliance violations and associated penalties.
Building compliance into your title agency process improvement helps to establish transparency. It allows you to quickly implement regulatory requirements to avoid compliance delays and resulting fines.
Happy Employees
According to a Microsoft study, 90 percent of consumers would bypass companies with outdated technology. State-of-the-art technology frees your people to focus on serving customers instead of on administrative tasks. Your team will have the time to develop customized solutions that deliver real results.
System Flexibility
With ever-evolving technology, your business needs integrative systems that can grow with your company. With title agency process improvement, you can continually upgrade your processes to sync with shifting industry needs.
How Title Agency Process Improvement Works
This practice aims to customize software and applications to precisely meet the needs of your agency. An inventory of inefficiencies is the first step in any process improvement.
The inventory identifies systems in your business that need to be streamlined. The next step is to identify and implement the most efficient solution for each system.
An onsite audit performed by a process improvement specialist will include interviews with key members of your team to get a feel for the structure of your business.
Your existing processes, systems and resources will be identified, examined and analyzed. The objective is to reveal any inefficiencies or performance gaps within your business.
After an in-depth evaluation, your consultant will develop a plan to streamline procedures, maximize ROI and employ technology designed to stimulate growth. The plan that’s developed will include the advantages and disadvantages of each potential solution.
Title company process improvement helps your company serve more clients while maintaining a high standard of service. The more clients you please, the more successful your company will be.