Title & escrow is a heavily regulated industry on both the federal and state level. Building a title operation requires selecting a business model and a corporate structure, getting licensed, selecting underwriters and vendors, hiring staff, renting office space, and more.
Organizations with plans to launch a title operation that will later scale to cover multi-state operations face an additional layer of complexity. Setting up a pilot market that has the capacity to scale and ultimately integrate into an enterprise model without a major workflow, reporting, or support services retrofit requires careful upfront planning. Without a well-defined direction, post-launch course corrections can quickly eat up resources, create negative customer sentiment, and risk damage to your brand.
An expansion plan that considers local markets
As I mentioned above, title & escrow is a heavily regulated industry. Significant attention should be spent upfront with legal counsel to define the requirements for not just the initial market entry plans, but also those of markets you will enter later. These considerations impact the corporate structure of the organization and also impact workflow, centralization of core functions as the company grows, accounting practices, reconciliation practices, and more.
Local customs also play a key role in delivering a superior customer service experience. Consumers tend to get nervous when they perceive a lack of expertise. As an example, if an organization decides to centralize customer service operations with a call center in Pennsylvania, a call center operator speaking to a resident in Texas and referring to a Texas T-00 form as a “T Zero Zero” instead of “T Double Oh” immediately identifies themself and their organization as outsiders who lack familiarity with local practices.
Structuring operations & workflows with growth in mind
Adopting and conforming to local custom is vitally important but only half of the equation. Focusing too much on a single market without considering the structure of the organization at scale almost inevitably leads to restructuring later on.
Creating workflows without the ability to support enterprise-level reporting, centralizing functions in one state only to realize later that others in your expansion plan do not allow for out-of-state centralization, etc. These are the considerations that, when planned ahead of time, can save an organization the time and trouble of restructuring once high volume has made the current system unworkable.
Launching scalable title operations with the right technology partner
With the Qualia Scale program, businesses can leverage Qualia’s platform, team of engineers, and national footprint of existing Qualia users to build white-labeled title & escrow operations at scale. Our team of experts can help you build your own title operations or integrate with independent title agencies across the country.
To learn more about how you can attach title to your offering with Qualia, click below to schedule a time to speak with one of our experts.