Title and settlement agents play a very important part in every real estate deal as they are responsible for coordinating all aspects within a transaction, from producing the title evidence to ensuring that all stages of the transaction are carried out in a timely manner.
However, as volume of work increases for any title company, there have to be arrangements to handle the influx either by enhancing in-house capacity or outsourcing certain parts of the title process. Given the challenges faced by Title agents, a mature partner can provide lift to the daily production needs. Their involvement can streamline your Abstracting, Examination, etc., needs so you can focus on the core of your business, i.e., Clients.
Currently, several title agents consider outsourcing as an integral part of their work to expedite the process which benefits both the customer and the provider. According to a statistic from the 2020 State of the Title Industry report, 71% of title professionals outsource their title searches, and 75% outsource municipal lien searches.
But once a title agent decides to outsource work, there are a number of detrimental factors when making a choice to partner with a provider. While exploring options on this front, one of the most seminal aspects that come into play is the work culture of the partner company — a critical element in every business partnership.
Work culture finds its genesis in a company’s mission, vision, and values. For a field like title insurance, it makes a big difference on how partners communicate with each other, make decisions jointly, manage errors, drive innovation, embrace the relationship and most importantly take ownership of the opportunity and pride in catering to it. Specially in this industry, an outsourcing relationship requires more thought as it involves several interested parties along the way and decisions made by any one personnel can create an impact on everyone involved including the ultimate consumer.
Hence, title agents need to pay careful attention to who they choose to collaborate with or bring onboard as an outsourcing partner. The partner company’s work culture can give a glimpse into whether they are the right associates to synchronize, find common ground, and develop an effective collaboration process.
In general, work culture is a powerful asset. It is the DNA and soul of any organization. Having the right work culture can foster innovation, encourage quick decision-making and provide an openness to new ideas, resulting in high team performance that will ultimately contribute to the financial returns of a business. Partner organisations with an effective work culture, teams who love what they do, and why they do it are without a doubt the most partner-friendly and will lead to the most successful engagements.
A crucial aspect that title agents need to look into their partner company’s work culture is the right kind of attitude. If the partner company’s team has the wrong attitude, getting them to fit into the partnership can lead to clashes, disrupt teamwork and impact overall performance. Having the right attitude and following it up with action when the workload demands is necessary in the title industry considering the dynamic nature of the business.
Integrity in business is another essential ingredient for sustainable, long-term business growth and success. Integrity should be a part of the partner’s work culture as they should be able to adhere to best business practices with complete transparency and honesty. When homebuyers choose a title company to handle their closing, they are choosing more than just a service, they are hiring a team. Hence, all the team members who participate in the transaction need to be ready to provide an exceptional experience to the consumer.
This also means that any partner that the title agency chooses should be able to commit to mutual deadlines and key decisions. The title agent as well as the partner must be able to commit to the same purpose, the same vision and must share the same goals for the business. This leads to better understanding between the partners and in turn would mean better results.
Accountability is another key element to look for in the partner agency’s company culture. Accountability entails having an agreement and committing to a clear plan of action. In an industry like title where everything is time sensitive, and a RUSH missed deadline or inappropriate actions could lead to mediocrity and poor performance. The partner should be able to hold up and deliver as expected and committed.
The cyclical nature of the origination and servicing domain directly impacts the title industry. Title agents need to explore how they can yield more efficiency out of their partners while managing costs. Choosing a partner with a robust work culture can make a major difference to impact the business’s ability to not only sustain itself during hard times, but also flourish. Partners with the right attitude, commitment, accountability, and integrity as part of their work culture tend to stand apart from competition.
At Fugo Services, our culture is our Brand. We have managed to bring in an efficient and transparent working system that has enabled us to offer great partnership to our clients. Aspects like attitude, commitment, accountability and integrity are an intrinsic part of our culture which has helped us stand apart from competition. By establishing a solid work style, we have successfully been able to generate the most value to our clients.
Get in touch with us today to know more about us.