Over the past year of slower real estate activity, many title & escrow professionals have remained resilient, finding solace in the common refrain that “real estate is cyclical.” While some patiently wait for the storm to pass, other industry veterans are using the slower market as an opportunity to adapt their strategies and hone their teams’ skills so they are well-positioned for a competitive market when it rebounds.
At Qualia’s 2024 Future of Real Estate Summit (FORES24), Landon Smith, Chief Strategy Officer at Kriss Law/Atlantic Closing & Escrow, and Adeline Gibson, SVP, COO at Fidelity National Agency Solutions, joined moderator Jewel Quintyne, Senior Title Operations Consultant at Qualia, to discuss strategies for title businesses to navigate market volatility and come out ahead during an upswing.
Capitalize on a multigenerational workforce
One of the most under-recognized opportunities for title & escrow companies is taking advantage of current workforce dynamics. Smith noted that the current workforce presents remarkable generational diversity, with four distinct generations collaborating side by side.
Navigating different generations’ communication styles and work preferences may be challenging, but this generational mix also offers fertile ground for innovation. By harmonizing the strong fundamentals and industry knowledge of seasoned professionals with the fresh perspectives of millennials and Gen Z workers, title & escrow companies can unlock new avenues for growth.
While the market is still slow—and even as it picks up—Smith encouraged leaders to foster fresh perspectives to reimagine traditional business models and streamline processes for exceptional service to clients.
Embrace a bias toward action
The past few years of economic unpredictability have underscored a crucial lesson: businesses cannot solely rely on economic analysis to make strategic decisions. For example, economists predicted multiple rate cuts from the Federal Reserve in 2024 that have so far been unfulfilled. “We don’t have to predict the economic future; we have to adapt,” Smith said.
Gibson echoed this sentiment, emphasizing the importance of swift decision-making and a willingness to “start somewhere” rather than striving for perfection. She recommended that leaders start by immersing themselves in day-to-day operations to discover where things could be improved. For example, she sometimes gets involved in a case escalation or participates in a sales call to better understand how tasks get done across the business.
“Don’t be afraid to try things as you get feedback. Even if it doesn’t result in an ideal outcome,” Gibson said. This iterative approach encourages continuous learning and adaptation, enabling title & escrow businesses to pivot and refine their strategies in response to market dynamics.
Document processes before investing in new tech
A recent Qualia survey found that 90% of title professionals already use artificial intelligence (AI). Despite the initial excitement surrounding this technology, AI is still in the “early innings” of realizing its full transformative potential.
Given the current limitations of AI tools, Gibson recommended that title companies take a measured approach rather than rushing headlong into AI adoption. She urged leaders to start by documenting their processes as a foundational step to identify areas where AI can be seamlessly integrated for maximum impact. “If you don’t understand how [AI] will impact your core business, it’s just a shiny object,” she said.
This approach ensures that AI investments align with business goals and also fosters a culture of continuous improvement and innovation. By documenting existing processes and updating procedures regularly, title companies can more readily identify opportunities to integrate new tools and technologies as they emerge.
Smith echoed Gibson’s advice, noting that agents should focus on solutions impacting their core business. “Get back to the basics…[and ask yourself] does this add value to the customer?”
Focus on your customers to capture opportunities
While it’s tempting to observe the real estate market through a macro lens, the reality is that the industry is local. Even in periods of a broader market slowdown, there are still pockets of activity and opportunities to be seized. Smith urged leaders to “stay grounded” by understanding their agency’s position in the market relative to its size and geographic footprint.
In an industry where local dynamics and relationships are paramount, title & escrow companies must cultivate strong connections within their immediate spheres of influence including real estate agents, trusted technology vendors, underwriters, and lenders. By building deep relationships and delivering exceptional value to customers in their markets, title & escrow companies can establish a solid foundation to proactively adapt their strategies, anticipate shifts, and respond swiftly to emerging markets.
To hear more from Gibson and Smith, watch their entire conversation from FORES24.
