Changing consumer needs have driven major technological improvements in our daily life. We order our food and house goods on apps, products are delivered to our doorstep with a few clicks, we date and socialize through our phones and computers, and we have vast libraries of music, entertainment and books on devices small enough to fit in our pocket. Life has gotten easier with the tap of a button.
Staying Relevant in A Changing Industry
It is no wonder that these changes and advancements in making our lives easier affect client expectations. Consumers now demand companies keep up with what makes their world as easy as possible, while still providing them exactly what they want. Buying and selling a home has historically been a complex process, but the expectation today is that the real estate industry delivers the simplicity the consumer expects, regardless of the complexities behind the scenes. If we want to remain relevant, it is our responsibility to provide a user-friendly settlement experience.
The Path to an Efficient Closing
To provide consumers the closing experience they have come to expect, most companies offer a variety of solutions where a portion of the signing be completed in advance remotely. Closings have condensed to having the client sign only a few documents, and the time at the table has been drastically reduced. This has worked to answer some consumer expectations, but it has had an unexpected consequence. A typical closing is no longer a transaction that happens at the table, but rather an involved process that leads to that moment when the last few documents are executed.
Is a Fast Closing Really Better?
Allowing clients to sign much of the needed paperwork in a virtual environment in advance of closing, simultaneously created an anxiety within the industry over how to remain relevant throughout the process and caused clients to lose the value a traditional closing once provided. While the consumer benefits from an efficient closing, they still want to be well informed. We have challenged ourselves to meet the value of a traditional closing with increased efficiency expected in today’s world.
Our solution: The Exchange, a new closing platform brought to you by the Long & Foster’s settlement partners: Sage, Sage Premier, RGS, and Infinity Title Agency. The Exchange allows agent, clients, lenders and the settlement team to interact in a secure portal, stay up to date through a series of events and milestones, transfer and share documents needed for closing, and digitally sign. This keeps agents involved in the pre-closing process completing many of the administrative tasks prior to closing, leaving time at the table to focus on walking the consumer through the most important documents.
Ask your local settlement team to learn more about The Exchange and how you and your clients can benefit from it today.