There are more technology offerings to the real estate industry than ever before. Escrow agencies can feel empowered by this but also overwhelmed if they use too many fragmented systems to run their operations. An integrated, single platform is ideal for escrow agencies due to the complexity of work and the amount of partners working together to complete an escrow. Below are a few key benefits of a single platform for your escrow operation.
1. Centralize communication
Escrow agencies hold an important position at the center of a real estate transaction. Escrow officers handle funds between buyers and sellers, real estate professionals, mortgage lenders, homeowner associations, and the list goes on. There are many moving parts to manage for one escrow, let alone hundreds a month.
A single, integrated platform seamlessly connects all parties in the real estate transaction to one system of record for efficient and secure transaction management. Businesses with a single, unified system can centralize information and tasks so that all transaction details are available in one place. With cloud-based platforms, the benefits of centralization are extended. With the cloud, all relevant and approved parties can access transaction information anywhere there is an internet connection and securely share documents digitally for real-time collaboration.
2. Power greater workflow efficiency
Many escrow agencies use a number of manual processes and systems on a daily basis. Escrow officers may be jumping around to upwards of 6 different systems throughout one order. This leads to a lot of inefficiency as agents second guess if they uploaded the right document in the right system at the right time.
A single platform eliminates the need for multiple systems or rekeying information to complete an order. When everyone uses a single system, task and workflow management are simplified. With Qualia Core, escrow agencies can easily manage and edit multiple workflows, automatically assign tasks to individuals or groups based on contingencies, and improve overall workflow management processes.
Escrow agencies that use a single platform report 75% less time and effort spent on closing tasks. For example, the team at MT Escrow was spending hours completing data entry for each order on a previous system. With Qualia, when an escrow agent enters data into Core, the data populates across all relevant fields within the order. By reducing the amount of rekeying within an order, escrow agents can save time while also reducing the chance for error.
3. Reduce technology infrastructure expense
Investing in multiple single-purpose technology tools inevitably results in higher costs. Most technology providers offer seat-based subscriptions; this means that as your team grows, so do the expenses for each platform you use. In addition, calling support centers or fixing bugs for each tool can result in productivity losses and maintenance costs over time. And if this patchwork of systems is not all cloud-based, it further limits accessibility and makes it challenging and costly to install updates, maintain security, and introduce new features.
Escrow agencies that move to a cloud-based, single platform enjoy the benefits of predictable costs over time. Unlike a patchwork of systems, escrow agencies can rely on one software provider to manage backups, updates, and enhancements.
4. Provide optimized service to clients and consumers
Transaction parties today expect immediate access to status, data, and documents. To manage these requests, escrow agents spend a good percentage of their day fielding phone calls, emails, and texts. When an escrow officer uses a different system to communicate with each transaction party, it creates many different communication silos that fracture communication. As a result, information can fall through the cracks, resulting in order errors that can delay closings and deteriorate the client experience.
With an integrated, single platform, clients can access information or provide information electronically all in one place. Plus, they can receive real-time progress updates, making their life easier and more organized throughout the escrow.
Meet with a local Qualia expert to learn more about how an all-in-one software system can help your escrow agency scale, optimize operations, provide more consistency, and exceed consumer expectations.