By now, you’ve likely heard of “the cloud.” It’s a term that’s nearly ubiquitous in the age of smartphones and big data. In the past five years, the cloud has come to touch nearly every industry — making it the second-biggest contributor to business efficiency after smartphones.
Now, it’s real estate’s turn to take advantage of the benefits of cloud-based technology. As we’ve discussed in the past, cloud-based software provides businesses the ability to centralize communication and integrate securely with partners outside of their walls. In effect, cloud-based technology is a cornerstone for successful communication and operations involving multiple stakeholders, making real estate a perfect use case.
How the cloud is creating a competitive advantage for underwriters
Underwriters and agents have long established positive and symbiotic partnerships, yet the technology to facilitate these relationships has largely been lacking. The underwriter-agent relationship has been held back due to technology limitations that inhibit cross-collaboration. The solution? A cloud-based platform that brings underwriters and title & escrow businesses into one centralized system.
Below are a few ways cloud-based technology is leveling-up the underwriter-agent relationship.
Centralized communication
Before, underwriters and agents exchanged information via multiple email threads and sometimes even paper documents. Now, with cloud-based systems, title agents and underwriters communicate on a single platform.
Improved partnership management
Centralized communication also enables underwriters to view all of their accounts on one platform to prioritize their own tasks and better manage relationships.
Streamlined compliance
Underwriters can partner on authorized agent files with a secure single-sign-on. An underwriter can collaborate with an agent on their accounting through a secure, permission-based system that the agent controls.
Security
When it comes to security, cloud providers are typically more secure than on-premise servers. Cloud-based providers usually employ off-premise data storage at centers with physical security standards including security staff, video surveillance, and intrusion detection systems. Data is also stored in multiple locations, providing extra security in the event that one data storage center experiences a loss in the form of a fire or other disaster.
Scalability
A core advantage of the cloud is its ability to scale economically to meet growing business needs. Put simply, with cloud-based technology, there’s no need for physical software to be installed as new members are added to a team.
Flexibility
Cloud-based software gives employees the ability to prepare and deliver files anywhere using web-enabled devices. This encourages more real-time collaboration and better flexibility for employees.
The Formation of the “Real Estate Cloud”
All the benefits of the cloud are available for agents and underwriters to use right now. Qualia built a suite of real estate closing products to lay a foundation for a “real estate cloud” — the infrastructure designed to increase security and efficiency in real estate transactions.
A variety of products fit into Qualia’s interoperable ecosystem, including our underwriter product: Assure. Click HERE to learn more about how you can leverage Assure as a competitive differentiator.
