Are you in this constant battle of optimizing resources, yet it’s never perfect?
In our volatile housing market, you might be searching for an easier way to scale title production up and down to serve your clients best while staying profitable and keeping your team engaged and productive. There is a cycle of inefficiency that few of us talk about- yet it is elemental and a fundamental constraint to our growth and profitability.
The inefficiency deals with optimizing staffing levels and retaining and motivating top talent. It seems like what is optimal is a moving target. At one extreme, when times are great, we’re scrambling to find great people (or just people in general). As a result, you’re shorthanded and trying to maintain service levels and satisfy clients. At the opposite extreme, where the market is today, you might have excessive staff yet be reluctant to make any changes because you’re anticipating the uptick. We know that you want to be loyal to your team. So what’s essential is to maintain a “core team” that is highly motivated and engaged and to avoid the ups and downs of too little or too much staff.
What strategies should title agencies begin investing in today to find a better tomorrow and to right size staffing without the disruptive ups and downs? And what can be done to produce more predictable profits?
The good news is that there’s a way to use more innovative operational systems to protect margins no matter the season and keep your core staff member productive and engaged. Look at these three cutting-edge strategies:
Archaic manual processes can delay productivity at your agency. Whether you’re still conducting your own title research or manually prepping data for title insurance policies post-close, your agency may benefit from automating those processes.Today, our world of “as a service” providers are more ubiquitous than ever. We are seeing an influx of fractional roles, such as fractional CFOs or software as a service (SaaS) programs, where you can partner with companies, such as Action Title Research, to automate your production processes through its digital workflows. This “As a Service” model allows you to only pay for the services you need. Therefore, when you outsource time-intensive tasks to a trustworthy partner, like ATR, you now have the ability to scale services up and down as you need to ensure you’re operating leanly, which is fundamental in today’s current market. All while continuing to serve your clients and enhancing your brand by speeding up processes and improving what can be delivered. Technology and innovation have made “As a Service” models the optimal choice for many companies, allowing them to invest and assign resources in what they do best. Look to partner for the rest of it.
Over the last few years, we’ve witnessed the accelerated digital transformation in our industry. This includes not just automating tasks or using an outsourced model but unveiling critical workflow information in real-time and through a digital lens, making it visible to key stakeholders inside and outside your agency. Having a transparent look into title search activity and ensuing title production workflow is more important than ever. After all, what you can’t measure, you can’t improve on. Offerings such as ATR’s SmartSearchTM provide transparency into the title research process. SmartSearch provides order tracking from receipt to delivery, so you know exactly where your client’s order is, allowing you to communicate timing expectations.
Additionally, SmartSearch integrates with the leading title software in the industry, so you can automatically get a digital record of the title search as soon as it’s delivered.
Finally, the most strategic thing you can do to protect against volatile seasons is to find strong partnerships. You can scale faster and stronger when you find partnerships that align with your business goals, including striving for that perfect close.
Action Title Research has over 20 years of experience serving underwriters, title agencies, and attorneys. We know this industry and have lived through the ups and downs. Through feet-on-the-ground experience, we worked very hard to become one of the top independent title research companies in the Northeast in one of the country’s most challenging and fragmented markets. We appreciate the faith our clients have put in us and strive at every turn to exceed expectations. We built our technology and processes to streamline and simplify title production while improving quality while providing transparency at every turn. We partner with the most experienced title searchers in the Northeastern corridor, and we’re dedicated to helping title agencies become efficient, digital, and scalable.
Implement the three key strategies above, and you’ll be well on the path to creating a sustainable model for growth and profitability. Reach out to Action Title Research today to find out how our technology and services can serve your teams.
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