- December 23, 2020
- Posted by: michellene
- Category: eRecording, Mortgage Industry
Our world is enhanced by tech and innovations that make life easier. Your phone is probably within three feet of you, right? We have powerhouses of communication and organization at our fingertips. And that’s incredibly beneficial for the real estate industry.
Think about Artificial Intelligence (AI) in particular. For title and mortgage companies, AI can provide a welcome support system. But it’s easy to write off AI as too strange and futuristic for an industry that historically relies on person-to-person interaction. Fortunately, AI isn’t all self-driving cars and robots. Take remote online notarizations (RONs) for example. While not fully AI, these tools provide a doorway into a fully streamlined, virtual process.
As the pandemic and social distancing continue, real estate professionals, will need AI to help with things like electronic closing (eClosing), electronic recording (eRecording), client communication, project management, and more. AI wouldn’t replace people. But it would streamline efficiency, automate repetitive tasks, and help people focus on the more complex responsibilities of their jobs.
Here are some of the most common ways AI can be leveraged in real estate:
- Chatbots: Have you visited a real estate website and been prompted to type your questions or feedback into a popup box in the corner of the screen? That’s a chatbot – and they offer near-immediate communication between the user and real estate company.
- Self-service portals: These applications take on the burden of things like payment processing, file sharing, and other project management tasks. Typically, self-service portals are a blend of AI and “machine learning,” which makes it easier to fill out forms quickly and accurately.
- 3D home tours: Without ever stepping onto a welcome mat, people can virtually “walk through” a home they’re interested in buying. Earlier this year, Zillow increased its creation of 3D tours by more than 500%.
- Virtual closing assistants: These AI “coworkers” can reduce human error and reduce risk during the closing process. They can also ensure consistency by sharing accurate, updated documents with all parties – even after hours.
Earlier this year, an impressive AI-driven real estate transaction took place in the Mid-Atlantic region. Similar to the first AI transaction in 2018, the property was selected by an AI algorithm’s “soon to market detection.” Clearly, AI is here to stay.
Higher efficiency + better client relations: AI for title professionals
For title and mortgage companies in particular, the shift toward AI is especially helpful during recording. There are nearly 4,000 recording jurisdictions across the US. This means recording procedures and fees can be vastly different, depending on the county. Now add COVID-19 regulations into the mix. Things can get pretty complex.
Recording can be especially stressful because title professionals do everything in their power to make it as stress-free as possible for their clients. They must absorb the impact of even the most stressful closing situation. So for busy title agents who need to delegate admin-related tasks, AI and other tech services can be the perfect rescue strategy.
By the way, did you know that AI platforms have “neural networks”? This means that every AI interaction has the potential to be better – and more efficient – than the last. That’s because AI programs can recognize patterns and solve problems. It’s easy to see why they’re becoming a trusted partner in real estate transactions. In fact, here are some at-a-glance benefits of real-estate AI:
- Better client relations with detail-oriented, customized customer service
- Higher efficiency with automated administrative tasks
- Risk mitigation and error-free documentation with document management
- Competitive edge with algorithms that drive growth and innovation
- Better time management with real-time, cloud-based sharing
- More client loyalty with predictable user experiences across all parties
AI is the disruptive innovation the real estate industry needs
Think about the overwhelming end-of-month workload. AI could enable title companies, closing agents, and others to free up some of that organizational bandwidth. Remember, it wouldn’t replace humans. It would support them. It’s simply another way to delegate.
Real estate professionals have always adapted to an ever-changing landscape. The transition to AI is no different. In fact, it’s a much-needed leap into a more innovative mortgage ecosystem. Want to learn how SYNRGO’s services can help you make that leap? Let’s chat.