During high volume, challenges with processing power can make it difficult for companies to accept new orders, provide consistent customer service, and grow to new markets. In a recent Qualia-hosted webinar, industry experts provided insights on how to increase scalability through vendor partnerships, reporting, and automation.
Matthew Bachner, Title Operations Manager at LemonBrew, Bharat Das, Co-founder & CEO at Pippin Title, and Chuck Haney, President & CEO at Signature Xcel (formerly known as Sign X), offered their perspectives on scaling vendor management to increase efficiency and deliver a consistent customer experience.
Using automation to improve turnaround times and customer experience
Due to record low refinance rates in 2020, title professionals saw a significant increase in order volume. PropLogix’s 2021 State of the Title Industry Report found that title companies responded to increased demand by leveraging automation, updating current processes, and increasing the use of mobile notaries, among other changes.
Bachner explained that his team at LemonBrew transformed operations and created time savings by partnering with vendors and automating manual processes. “We automated small processes here and there that saved around one to two to three minutes per file.” Ultimately, these savings resulted in hours back in his employees’ days and overall faster timelines for a more seamless and consistent client experience.
In addition to automating many parts of the internal operations, Bachner explained that automating aspects of vendor partnerships were vital to delivering on LemonBrew’s customer service promise—especially as his team grew to new markets. “We have to make sure that when the volume is high, the client doesn’t feel an effect of us losing efficiencies or turn times increasing. So we need to partner with vendors that have the same mindset as us.”
Bachner encouraged title companies to leverage tools like Qualia Marketplace that enable teams to manage vendors through a single system and automate many of the tasks involved in vendor relationship management, such as order placement and invoicing. Developing vendor relationships one-to-one is challenging, so using a system that integrates with core workflows and allows title companies to order services and manage vendor relationships through an automated system is essential.
Leveraging vendor reporting to create a data-driven business strategy
Maximizing data and reporting can help title businesses assess vendor performance and create a data-driven business strategy. Das of Pippin Title—a vendor in Qualia Marketplace—encouraged title companies to take advantage of vendor data, such as turnaround times and reviews, to help understand what’s working and what’s not. He emphasized that the “continuous process of improvement and relying on data” can ensure that teams are delivering on their goals for business growth and client satisfaction. He encouraged title professionals to leverage data and reporting to assess performance and improve client experience.
Expanding nationally by partnering with high-quality vendors with local expertise
When setting up operations in new states and regions, consistency of service from region-to-region is key. By tapping into a network of high-quality vendors in local markets that can meet service level agreement standards, title companies can deliver this predictable process.
Vendor partnerships allow title companies to create a consistent process regardless of volume or where a client is located. “Predictability is very important. That’s what the homebuyer is looking for as they’re going through the process,” Das said. He added that predictability also means delivering on customer service expectations when things don’t go smoothly. He recommended being communicative with homebuyers and other closing parties if orders are taking longer than expected or additional issues arise.
“Predictability is very important. That’s what the homebuyer is looking for as they’re going through the process,” Das said.
As title companies look to grow, operational inefficiencies can inhibit progress. Bachner explained that as LemonBrew looked to expand operations, the team needed to figure out how to operationalize the discoverability of national vendors with local expertise. “[We asked ourselves] how can we find a vendor that has the same vision as us, has access to all 50 states, and how can I confidently become a national agency without having to find a new vendor in every state?” Leveraging Marketplace enabled Lemonbrew to easily discover vendors in new regions through Qualia’s network of vetted vendors.
Customizing offerings to increase customer success
While predictability is key to providing a consistent client experience, our panelists also explained that customization is necessary to provide the ultimate customer experience for homebuyers and other closing parties.
Haney of Signature Xcel explained that as a business, adaptability and flexibility are essential traits for growing operations and managing obstacles along the way. He recommended that title companies search for vendors like Signature Xcel that can tailor their services to the needs of their clients. By identifying technology tools and vendor partnerships that allow for customization, title companies can scale operations and provide an outstanding client experience.
Please find a recording of the “How to Scale Your Vendor Operations Quickly” webinar here and click below to schedule a demo of Qualia Marketplace.