The real estate industry is in the midst of a major technological transformation. Consumer expectations and technical literacy are driving change, resulting in an influx of new tools promising greater productivity and efficiency.
Qualia CEO, Nate Baker, contributed his thoughts about how technology is driving process efficiencies, yet also warned that too many technology tools can have the opposite effect. “A lot of new options have come about that attempt to solve a single problem for a single audience,” he said. “Increasing efficiency through technology isn’t merely about adopting many different new technologies; it’s about adopting the right technology.”
Nate added that integrated, flexible platforms are the best investment. Instead of jumping from system to system to complete a series of tasks, seamlessly integrated platforms connect everyone in the real estate ecosystem to one system of record for efficient and secure transaction management.
The Downfalls of Too Many Tools in Your Techstack
On-premise title & escrow software solutions were the starting ground for digital transaction management some 20 years ago, and since then, a lot has changed with tooling. New, disjointed tools saturate the market for e-signing, accounting, task management, vendor management, billing, and reporting. There are a few issues with this patchwork approach:
- Inefficient workflows: Investing in multiple technology solutions that aren’t integrated results in longer closing turn times and isn’t scalable. To complete a single task or series of tasks to process a closing, an employee must understand the value each tool provides (and there’s often overlap), remember login credentials for each tool, and navigate different user interfaces. Switching from application to application wastes time.
- Escalating costs: Investing in multiple single-purpose technology tools inevitably results in higher costs. Most technology providers offer seat-based subscriptions; this means that as your team grows, so do the expenses for each platform you use. Additionally, maintenance requirements (e.g. calling support centers or fixing bugs independently) for each tool can result in productivity losses and maintenance costs over time.
- Technology tools that don’t “talk” to each other: Real-time transaction and vendor management require tools that seamlessly work together. When technology is segregated based on who you are communicating with, it silos information exchange and causes redundant data entry. Additionally, when tools do not “talk” to one another, highly sensitive information can fall through the cracks of the fractured communication system, resulting in vulnerabilities that cybercriminals can prey on.
Evaluating Your Tech Tool Kit
New technology solutions are popping up frequently promising productivity improvements. With so much noise, it’s hard to decipher which tools will provide the flexible infrastructure that powers the efficiency and scalability you need to drive business growth. Each part of the infrastructure should integrate well with other systems so that all core business functions can take place in a single, unified system.
Below are a few considerations to keep in mind when examining technology options.
Invest in integrated tools that streamline entire workflows without interruption
End-to-end platforms can streamline entire workflows, eliminating the piecemeal approach of jumping from system to system. Additionally, workflow automation standardizes repeatable business tasks, minimizing room for error while also increasing overall efficiency.
Title companies that use a flexible technology infrastructure report 75% less time and effort spent on closing tasks. Overall, the infrastructure is less prone to errors and creates consistency and quality throughout the closing process. Where once processors would spend hours rekeying information across multiple forms and files, they can now spend their energy collaborating in a more productive way and focus on their core competencies.
Look for a vendor management solution that provides reliable integration with other platforms
In order to manage vendor operations efficiently, partner with vendors using a tool that’s fully integrated into your core settlement software. Cloud-based vendor management solutions like Qualia Marketplace provide automated, seamless exchanges of information between parties, resulting in an improved closing experience for the end-consumer and efficiencies across the board.
The right technology stack empowers people to better serve their clients
Automation and other tech advancements are not designed to replace humans, but rather to enable them to work more efficiently by eliminating redundant, time-intensive tasks. Technology integrations should help eliminate busy work so employees can focus their energy on client management, problem-solving, and other revenue-generating tasks.
Visit qualia.com to request a demo and see how you can leverage technology to grow your business.