Consumer expectations have changed dramatically across all industries. Providing exceptional client experiences is now the prerequisite. To remain competitive, PropTech companies have increasingly turned their attention to the closing process and are attaching title to their service offerings in order to provide the home purchase experience consumers have come to expect.
Earlier this week, Qualia announced a new full-service program for PropTech companies called Qualia Scale, which powers PropTech businesses to deliver end-to-end homebuying experiences. With Qualia Scale, PropTech companies can leverage Qualia’s platform and national footprint to build white-labeled title & escrow operations at scale.
At our Future of Real Estate Summit (FORES21), James Lipton, Director of Strategic Accounts at Qualia, spoke about Qualia Scale, delivered a 360-degree look at the full-scope of Qualia’s products, and discussed how they work together for a solution that operates as a businesses’ technology infrastructure.
Title & escrow are at the heart of the transaction and the super connectors of real estate
The infrastructure for real estate is broken. It’s a patchwork of systems that make connections with the entire closing team difficult. It’s time-consuming, expensive, lacks transparency, and requires much manual follow-up.
Qualia’s core thesis is that title & escrow agents are at the heart of every real estate transaction. “If you’re going to fundamentally change the way the transaction works and make it easier, more transparent, and less painful, then you’ve got to do it through [what we call] the super connectors, and that’s the title & escrow professionals,” Lipton said.
Qualia started with title & escrow software and has since built Qualia’s digital real estate closing platform, which provides the infrastructure to streamline the home closing experience. Qualia brings together homebuyers and sellers, lenders, title & escrow agents, and real estate agents onto one secure, shared platform.
Built to streamline the home closing process
Lipton outlined Qualia’s suite of solutions designed collectively to streamline the home closing process.
- Core is the central system of record for the title & escrow companies at the center of the transaction
- Marketplace provides a network of vendors (i.e., notaries, title searches, etc.) for the services needed to close a transaction
- Connect is the system of engagement to drive meaningful client relationships with built-in communication and document-sharing tools
- Post is designed for mortgage lenders, streamlines and automates document collection, and take the hassle out of document fulfillment from real estate partners
- Reconciliation Services provides dedicated Reconciliation Specialists who perform daily reconciliations and completes month-end, three-way reconciliations
- Assure is an underwriter management system that allows underwriters to seamlessly interact with title agents and other parties involved in the transaction
- Partner API was the first of our PropTech solutions which enable businesses to tap into a network of tech-enabled title & escrow businesses to deliver white-labeled closing experiences
A flexible technology infrastructure
Qualia Scale encapsulates all of these solutions, plus additional services. By leveraging Qualia’s flexible tech infrastructure and closing expertise, PropTech companies can build end-to-end transaction experiences that match their unique business needs.
With Qualia Scale, PropTech companies have the option to build title operations from the ground up with Qualia or tap into a network of tech-enabled title companies and build a white-labeled closing experience.
For example, in order to create a consistent experience from home search to close, Orchard took title operations in-house. Orchard uses several of Qualia’s products to create an end-to-end homebuying experience.
Realtor.com® took a different approach to attaching title services. With Qualia, they built a branded experience within their native application that enables real estate agents and consumers to tap into a network of tech-enabled title & escrow providers.
“Everything Qualia is bringing to the table is feeding into the plan to bring all of the parties in the real estate transaction into one [digital] room to collaborate,” Lipton said. “[This will] bring the real estate transaction process up the 21st century and on par with everything else we do in our lives today.”
If you missed the Qualia as Your Tech Infrastructure session, or want to see it again, watch the video.