Consumer expectations continue to drive digital transformation across all industries, and today’s always-on consumers want to connect, engage, and transact seamlessly. These expectations are no different in real estate. In recent years, PropTech companies have taken notice and have set their sights on providing a seamless end-to-end experience for consumers, all the way through the home closing process. However, PropTech companies require a digital ecosystem infrastructure to do so. Each part of the infrastructure needs to integrate well with other systems so that all core business functions can take place in a single, unified system.
According to McKinsey & Company, the pandemic has accelerated the trend for companies to create or participate in digital ecosystems of interconnected sets of services that fulfill a variety of needs in one integrated experience. In fact, six of the world’s top seven companies ( Apple, Microsoft, Amazon, Alphabet, Facebook, and Alibaba) are ecosystem companies. Successful ecosystems offer products or services that one company could not provide alone. And according to insights from McKinsey & Company, it “can unleash distributed innovation and create new efficiencies along value chains to improve customer experiences while opening new avenues of value creation for a wide range of participants.”
Barriers to creating an end-to-end homebuying transaction experience
A truly end-to-end homebuying experience becomes increasingly difficult when each real estate transaction involves multiple parties and siloed software systems that do not integrate or speak to one another.
While PropTech companies have increased in count to help meet consumer demand, they generally hit a barrier with their offerings at the closing stage. At this stage in the transaction, they often send off a transaction to a title company that is using its own software and has its own client communication tools. For the consumer, this can oftentimes lead to a disjointed experience. In order to streamline the experience, PropTech companies are increasingly working with tech-enabled title companies that are able to facilitate a continuous transaction, sometimes even with a white-label experience. So, from the perspective of the homebuyer, it all feels completely seamless.
Create an end-to-end experience with Qualia
This is where Qualia bridges the gap. Qualia Core is the system of record for thousands of title & escrow operations across the country. Through Qualia Connect, Qualia’s digital closing platform provides the comprehensive infrastructure to streamline home purchase, sale, and refinance experiences not just for title and escrow operations, but for real estate businesses and their clients as well. Qualia’s suite of products provides the digital ecosystem to bring together homebuyers and sellers, lenders, title & escrow agents, and real estate agents onto one secure, remote platform.
Qualia Scale, our program for PropTech companies, enables businesses to attach title & escrow to their core offerings in order to provide custom, on-brand, and modern closing experiences for their consumers. PropTech companies can leverage Qualia’s flexible technology and services infrastructure to access a network of tech-enabled title & escrow companies across the United States or integrate their own internal title operations directly.
One prime example is Qualia’s integration within the realtor.com® ReadyConnect ConciergeSM Agent app. This relationship gives real estate agents and their clients a unique ability to collaborate online in real-time with their title provider of choice as part of a fully integrated digital experience, making it beneficial to all transaction participants. For title companies, they can win more business and have a direct integration with their customers to deliver a differentiated, streamlined digital closing.
For companies interested in more information on delivering a modern, end-to-end digital closing experience, click the link below.