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How to Select Technology Partners to Improve your Title Business

Tyler Adams, Published on March 12, 2020

Transcript:

– Alright, good morning everyone. Welcome to our Security Observer webinar series, each month we promise to provide you with trends and tips that will help position you as the most trusted title company or provider when it comes to not only the transfer of money cybersecurity, but now we’re branching into even broader technology, which is the theme of this month, so super excited.

– So last month we talked about, how to prepare for your next insurance renewal. If you were not able to attend, all of our webinars are posted on our resources page, at certifid.com/resources.

– We’ve had a lot of companies that have signed up and taken advantage of the new insurance endorsement, that is exclusive to Certifid customers. So nice work to all of you, that are essentially doubling not only the limits, but the scope of the protection, that’s offered in market. And if it’s something that you’re interested in, just connect with us and we can read you into how to get started, down that path a really important issue.

– And for those of you who are joining for the first time, stay engaged ask us questions along the way. We give away free swag to anybody, who asks good questions during the webinar, And we’ll send it to you in the days that follow.

– Alright, so what are we talking about? This year’s theme is how to make 2020 the year that everyone protects and prospers. Today, we’re super excited about covering the topic of selecting a technology partner or partners that help you improve the business. So we’ll take a deeper dive on how to properly vet technology providers and we’re gonna unveil the industry’s first title tech- scape, right? So we’re gonna cover areas that in the business are influenced by technology, how to think about selecting a new solution and it cross cuts into all different categories that you’ll see in a minute. We’re gonna unveil the tech scape, we’re actually gonna do kind of a dry run, in two different categories, one operational one security, security related so.

– So why are we excited about this one? a little bit of background on Tom and myself, we actually met working for a fortune 100 company in tech procurement space. So we were responsible for sourcing global providers of technology that we’re gonna be implemented into this organization, spent over 10 years sourcing tech and all segments and we went all the way from, you know, identifying proper technology, there’s vetting it, to working with those providers, ultimately contracting and then onboarding them all. So although we sit as a technology provider today, we actually have extensive experience, in embedded technology for organizations of all sizes.

– So before we get started, for those of you that don’t know, Certifid protects the transfer of money, both in and out of the escrow account. In doing so, it lowers the risk of Wire Fraud and social engineering, not only for you, but for everyone in the transaction, we stand behind our product, in each wire with our million dollar guarantee.

– Yeah, don’t forget that we are officially now integrated with Red Square, RamQuest and SoftPro Select. So we can have your team up and running with our software and integrated into any of those in less than an hour.

– Yeah, now, it’s super fast, if you’re not using Certifid and want to become the company that provides, that highest level of protection for money transfers, we should connect. If you are a current customer, we’re only getting started and we’ve got some next level benefits that are coming your way in the next month again, so recommended to unveil those.

– Alright, so let’s dig in. Tom, what do you think are the most influenced areas in title biotechnology, you’re kind of like what buckets would you put them in as a title in Agent owner?

– Yeah, so those of you that don’t know when, or new to the webinar series, are not only welcome, but I’m also a large title agency owner here in Michigan along with co-founder Certifid, and I think of technology in the title industry, in three primary buckets, one is more of that consumer experience, almost referral partner outbound experience phase. The other is internally, of how do I manage my operations? How do I manage and create more efficient processes and procedures? How do I just basically create more bandwidth to get more work done or do it more efficiently? And then I think the other is just the surface area from a security perspective. We all have to have this new category over the last decade with the new auto best practices that have come online court cases, insurance requirements for coverage. So I think of it as again, consumer, outbound facing, how does that experience look and how can we improve it? Second, I think of it in terms of like internal Ops and then third, the just the attack vector landscape, and how secure we are from a digital perspective, cool.

– Now that makes a lot of sense. So let’s take each one of those three and let’s break them down a little bit further. So what do you think are the most important factors of each?

– You know, we describe ourselves on title as, a communication company that happens to sell title insurance. I was reading email this morning and it said, hey, can you can you impress? Can you educate? And can you guide me? I think that is just a really great theme, that all of us should think about. So I think above anything else, I think consumers want information, they want to be communicated with at critical points in the transaction. And they want that done in a convenient and kind of logical way. And I think that higher state of communication comes when you can sequence communication, that anticipates the needs of a consumer and puts it into their hands conveniently before they even have to reach out. I think that’s what we’re always striving for, is that anticipatory?

– What was that? You want that example you were talking about before about the car?

– Oh, yeah, so I don’t know many of you have seen Carvanha in your March crits or in Grand Rapids. So I saw a billboard popped up a month ago, where essentially Carvanha, I could pause my binge watching on Netflix, I could order a car to my driveway, they would drop the car off on a flatbed, I could drive it for two weeks and then I could send a signal back to Carvanha says that the seats don’t fit, or I don’t really like, you know I’m kind of a taller guy. I don’t like the way the views are on the, you know, the window glass lines. Take your car back, and they will, and it’s just that’s the society that we live in, is yeah, that’s instantaneous.

– And the grooming expectation, right? So when you have those sorts of expectations, it’s great that you started that example by, you’re sitting there watching Netflix, right? That’s creating a whole another set of expectations. And all of this is now flowing down into title and into the closing experience, and how does that gonna compare not only the other title companies, but to all of these other consumer experiences that we’re having as individuals?

– Will think about it, right? We talk about experiences that impress us. And in the title industry, we are simply fed by the referrals that our partners provide. So if we can empower this experience that makes the agent look great, that makes the lender look great, that makes the lawyer look great, or the developer, that’s gonna come back tenfold to us because we’ve created this framework, where they’re just simply top of Mind, they’re getting that referral, because the process blew them away. They’re not ever gonna care about what title and settlement does? They’re gonna say that this was so quick, easy. I felt informed and empowered. And we were in and out of there in 30 minutes and I love my new home.

– So let’s go from there, If you’re getting 10 extra referrals, what do you gotta do in your internal Ops?

– Not only 10 extra referrals, but 90 actually refiled right? Looking at my IT manager. Alright, so I think of those in again, three buckets, we have to get resourceful. Because we’re gonna be, the industry has been resource constrained for quite a while, because we’re just not developing new talent as quickly as we need to for the industry and every industry is constrained. So the three things from an internal perspective to think about is, one, have I taken a clinical review of my internal operations? And do I have everything kind of streamlined, from my title software, to the communication that are either internal or external? How can I take some of the sand out of those gears and make them run a little smoother and the next is just organization in your accessibility? Have I created an environment where I can support integrations and third parties, that if I’m getting overheated, I can engage them and they can provide some lift? And then efficiencies, you know things like e-recording and integrating with digital document platforms of MLSs. How can I, just through integration or thinking a little bit different? Just avoid the need for keystrokes all the time?

– Now that makes a lot of sense. Alright, so your third bucket was security and protection.

– Security and protection, so that’s quickly the three that we all have to think about. I don’t want to beat a dead horse. But we’re gonna continue to take massive losses in this area until we get it right, or atleast step up the game, data network security, employee readiness and training. And then money transfer protection. Those are the three buckets, that I feel the industry should be focusing on.

– Great now I think those are awesome. Alright, so now that we’ve broken down those areas of impact, let’s help our viewers really understand how to select technology providers.

– Yeah so you’re the procurement tech guy. I want to hand that over to you.

– Alright, let’s run them through, because this is a process that some large companies actually have. We’ve seen that we’ve had a procurement department that, you know, you have to go through the onboarding and that but many of, you know most of the industry just doesn’t. It’s the owner, the Ops manager, walk them through how you think about procurement.

– I’m happy to and like Tom said, I mean it really does depend, on the size of your organization, and how you, you know want to feel this process, but I just wanna make it easy. It doesn’t matter really what size, or a couple key components, that you just need to think about. So the first one is, identify requirements for the technology. Simply put, what problem are you trying to solve? Right, and once you know what problem you’re trying to solve, you can start to think through, like what features would really make that problem go away? Or what sort of things there would be, but just focus right there. What’s the problem I’m trying to solve? Number two, is to identify your stakeholders. So simply put there it’s, who will this decision or technology impact? So we’re going to add a new piece of tech, is it going to impact the CEO or is it gonna have a way greater impact on operations? If it’s gonna have impact on operations, then we should probably pull some people from those teams that have a seat at the table, to help us make that decision. To get their input, to agree or is the problem that I’m seeing in our business, the same problem that you’re seeing? Because if we’re seeing it differently, let’s align on what problem we really are trying to solve. Now once we have the right people in the room and we’ve identified the problem we’re trying to solve? Now we wanna sit down and say, what makes a winner? What will make this problem go away? So agree on your selection criteria. And I’ve seen things that, you know, I’ve created them when, we created huge matrices across all areas of a business and we waited how certain areas, you know would impact our business. And then we created the weighted averages to make a very seamless decision across a ton of different partners. You don’t have to go that deep. You really don’t you can, by all means, but as long as you have a sort of your set of criteria, and you kinda outline them, you said all right, we want a great user experience. We wanna make sure we reduce our costs, from where they are today. We wanna help eliminate, you know, a specific procedure kinda come up with your top three to 10, things that would really make a winner for you and your organization. Now, those three are where you spend the bulk of your time, if you can get aligned as an organization on those three components. Now you’re ready to actually go and talk, you’re ready to go and see, who are the other organizations we should talk to who can actually help us solve this problem? Call, you know, anybody in your network call anybody you know, who is in the industry and say, hey, are these the right players? we’re gonna show you a title tech scape today, or to help you kind of jumpstart the who to talk to, but they’re not gonna have all the providers on there, there’s gonna be others you can reach out to. And finally, you’re gonna to select a winner. So after you go through, you have these conversations, you see a demo, all your stakeholders have gotten to vote by saying yep, these fit all the criteria for what we had aligned on what makes a winner. Now you’re gonna select the winner and you’re gonna move forward with that provider. And I think it should really feel like a partnership. Sometimes we even feel you know, from a certified perspective, it’s like, you know, there are companies that are prepared and are ready to have the conversation. There are others, that aren’t sure what questions to ask or how to ask them or even timid to ask them. We’re here to be a partner, you know, and when we wanna be consultative and answer your questions and we’ll tell you if we can’t solve the problem and hopefully other vendors will do the same.

– Now, I couldn’t agree more. I think the first three is probably 70% of it to get it right. Because the owner may say, hey, I need to reduce risk in this area. But down at the operational level, he said yeah, that’s great but that’s gonna cost me an extra 30 minutes of file, unless we figure out some way around what you’re describing and you just have to have all aspects. I think the other thing is, the pull through and the buy in when you do that, get that consensus all the way down to the total user employee level. But then also, it’s so much easier on the vendor partners to be able to speak to your needs and describe how they may or may not be able to address them. You just save so much time both, in the selection and then the implementation.

– And when you come up with that criteria for what makes a winner, it could be as simple as five questions that you’re gonna ask all of the vendors the exact same way. And then at least you can sit down and you can compare those five answers. And it’s not this, oh, well, I have this conversation, I had that conversation and this kinda felt good. But you know, there’s a lot of bias sometimes, that happens with just even the last conversation that you have, or the first conversation that you have. So doing a little bit of that work beforehand, will set you up for really feeling comfortable about the decision you’re gonna make. So one more time, you’re trying to figure out first, what problem are you trying to solve? Second, who are the decision makers of technology that this technology is gonna impact within your business? What makes a winner? Who should we talk to and then select for a win-win relationship?

– Love it.

– All right. We gonna dive,

– Into the tech scape.

– Into the text scape.

– Let’s do this.

– Alright before we show this, we just wanna emphasize that we know this is not perfect. It’s tough, it was a tough task, for our team, to properly classify all providers, we know that a lot of technology does a lot of different things. And we tried to move them and put them in the buckets that seemed most appropriate. And it is hard, so maybe that’s why no one has done this before. But we did our homework, we looked at ALTA registry, we reviewed integration partners with all major pieces of software. So we went out there and looked and saw who was integrating currently. And then we also talked to some leaders in the technology space.

– We went out and I want to thank, you know, Matt Rigid authority and Bills Bowser of close symbol and Becky Tassel PropLogic and some others that just kinda gave us some more texture and insight, because to your point, there’s a lot of companies that have a suite of products and we tried to really narrow them into into their kind of core that we identify within the title industry, but by no means is this of full tapestry. of really good, good start. Alright so, without further ado, drum roll, let’s show that title tech scape. And we’ll kind of walk through our, thesis around this. Alright, so as you can see, we have kind of an all encompass not all encompassing, but we’ve got 17 different categories, 81 companies represented. We’re certainly taking feedback on that. On the left hand side, you can see those that are more title company centric. And what we try to do there is those that will impact more, the title company organization, operations, their internal operations,

– Those kind of things.

– And then on the far right cast over to what’s the consumer experience? So those that bleed in kind of the middle, to the left to the right of that kind of center axis line, Imagine it would be those that affect both. So we try to do a good job of tiling out, where they kind of trended,

– And that’s kinda how you would, spoke to it before right. We talked about the consumer experience, so far right, we talked about the title, internal operations more far left and then the security kind of some of those filter into the middle. But again, it’s a little tough sometimes to get them all in the perfect place ,

– But this was fun. I mean.

– It was a great reminder that…

– And here’s the other thing. There’s so much more technology out there this year, than there was five or 10 years ago.

– Now, I can’t wait to do this again next year and see what’s been added and make edits and refinement and keep doing it every chance that we get.

– And I can tell you that we know a lot of the owners of these other tech platforms and they they’re as passionate as what we are, in solving for creating that benefit to your organization. I mean, they truly are.

– Yeah, so now that we showed the total tech scape, we thought it’d be fun to run just a little bit of a simulation to give you a real example of how you might go out and source a piece of technology for your organization. So in this one, let’s pretend your title company owner. And I guess we don’t have to pretend that but you are title company owner.

– And I’ll be head of Ops organization. And let’s start off with, what’s the problem we’re trying to solve. Alright, so the challenges are getting heated up the purchase market has been hot, inventory has been low, and now we have these is,

– Might we need more bandwidth.

– You’re coming to me, we got to have more bandwidth.

– We’re just working. There’s a Tsunami of work coming in and we just can’t get it all done.

– Alright so we’ve aligned on our problem.

– Yep okay.

– So who are stakeholders? So the two of us maybe we pull another individual from the extra team.

– Let’s take post closing, let’s just take your post closing team, where things can get bottleneck to get funding out and recordings done. And ultimately final policy issued even if you’re doing short form or long form. So let’s take post closing is an easy one. And we wanna make sure that those crazy Fridays are seamless Mondays for those teams so they can get the workout.

– Alright, so we got our problem. We know who our stakeholders are. Now what what’s gonna make a winner for us? What do we think is the answer? What are we hoping to solve here?

– Let’s just take. How could we create more time per file? What’s the lowest hanging fruit of things that our people are touching?

– Right, touching is a very manual process. I’m going to take recordings. So again, we could do five different categories and post closing but let’s take recordings. So on average, a manual recording, if we’re not using some of your recording platform, we’re spending somewhere between 15 to 25, maybe even 60 minutes of it, gets kicked back from the register deeds. So let’s say it’s 15 minutes of file. And we wanna streamline that.

– So one will say turn time, right. Can you get turned time down? Yeah, that’s the first thing that we’re trying to make that would make a winner. Take our,

– Knowing that it’s been recorded properly and there’s no exceptions. What about I would say, for my team’s perspective, it needs to integrate. I wanted to make it easy for us, right?

– 100% of that needs to be seamless and can we get the documentation that’s in the system? Can somehow we just repurpose that to get the recordings to register deeds.

– Alright, so we got need to be integrated. You gotta have a good turn time. It has to have ease of use for my team, and then

– You have to group it by the county.

– Well, Oh, yes group by the county. The recordings.

– You have to make sure it does the county. What platform or platforms does the county, each county that you typically operate in, recognize.

– Right there’s a nuance there county by county.

– And then cost.

– And then costs, right.

– So I mean, just like that, obviously an example. But we came together, we have the right team in the room, we’ve identified what our biggest problem is, and we came up with our top five criteria, that’s gonna help us make a winner. That’s before we’ve even gone and gotten sold or spoken to or started asking questions, because all of those vendors are going to give us more information over and above that right. But as long as we know, okay, what are our core elements, these are the must haves. Everything else is just kind of a nice to have that we can add on top of that.

– And as you approach those vendor, I mean, just speaking as a vendor if you were to lob or tee up those five issues that said, Look, these are our must haves. I want these clearly described, 15 minutes or less to show me. And then you know, we can move on to the next task.

– Love it yep and so then you say, alright, so who should we evaluate? So obviously, we put together the tech scape for all of you and you have a few in the bottom left hand corner of the filing. So a great place to start again, by no means the only options. I’m sure there’s others. But that’s where you go and you say, alright, we needed a solution. Here’s sort of the things we’re trying to solve. Tell us how you can help us solve this?

– 100% but again, what Tyler mentioned was getting the stakeholders buy into understand that everyone’s must haves, I want, you know, a balance between creating bandwidth but not losing my shirt from a cost perspective. You don’t want people to go on suicide watch, when they’re overheated, or the overtime goes crazy, or we just can’t get the work done.

– You don’t want the whole department blowing up.

– May be you can’t get it done and customer’s screaming.

– And the employee just wants a better experience like, I’m just taking too much time in this area. So everyone’s input is key.

– Alright, we got time for one more, but we’re gonna run through it. So let’s say that our problem is, We just had a fraud.

– So we just had a fraud, we had a buyer. And this, unfortunately, is a daily event or a daily occurrence right now, we learned that a buyer wired their funds to a fraudulent account.

– Use our industry for an example.

– And now we’re trying to figure out okay, how do we prevent this from happening again? And the reason why is, it’s bad for business, it increases my risk, I could get sued as a title agency owner, the deal doesn’t close. We have entire everyone loses on this scenario.

– Totally agree, and stakeholders, I would say are the same. So we’ll keep those and then what makes a winner? So I think one thing that we hear sometimes is that people aren’t so sure of this new sort of money transfer protection space that we’ve created. And I think that it’s important that they still sit down and alright, What does make a winner? Well, we wanna have a great user experience internally. We don’t want our teams operation or workflow to be inhibited by moving from encrypted email to a new type of solution. I think the next is what is that? You know, take buyer, for example, what does that mean buyers experience? How is that experience gonna look? How are they gonna, you know, be expected to either log into a portal or just access it via a secure message or whatever that case might be. But breaking down, you know, what will really make a winner for you, again before you ever even see the software, just have a have a thought internally to say, these are the things that are important. We don’t wanna be bogged down internally. We want our consumers to have an excellent experience. And we want additional coverage. We want to further distance ourselves from this risk, how are we going to be able to prevent this? Even if you know there isn’t, 100% protection from it happening again? How are we gonna be able to make sure that our business is still gonna be able to stand open, in the event that something were to occur.

– I think that’s it. Balancing, we need protection as an industry, we have to make sure the buyers are empowered and educated and they don’t fall prey to this. But ultimately, it fits well within the workflow.

– Yep and who should we evaluate? So we know that area well, especially in money transfer protection, we’re excited to say that ourselves certified closing lock, safe chain and safe escrow all great options, definitely worth having conversations with all those providers, think it’s been a cool space to see grow over the last couple of years. And we think that anyone who’s interested in trying to find a solution should take the time to speak to all of us, and really make sure you get the solution to your specific problem at your company.

– Yeah, 100% in whether you choose us or you choose one of the other providers in the space, just make sure you’re doing the reps and doing the legwork on this. I think we’re past the time where you we can rely on just email or callbacks or even secured email, because there’s just so many vulnerabilities baked into that. So a tech enabled experience, with more security adds that additional distancing, especially on the buyer side.

– As you gonna save time.

– I mean, all these platforms, you’re going to save time in the operation from what you’re doing right now. It’s just time we’re not tracking. So it’s hard to quantify it on the front end.

– Absolutely alright, we know we’re running a little bit over but real quick, just want to tease out that we are releasing a new product here, it’s certified to further protect buyers and reduce your risk. It is also going to include a new pricing model.

– Love it.

– So if you’re interested and you would like to learn more about what this could mean for you and your business, we would love to hear from you. As always, we will post this presentation full webinar to our site. We’ll also be producing a blog post that will outline all the key points that we talked about today. That will help you as you look to potentially vet and find and source a new technology provider for your business.

– Great Well, everyone, thank you for attending, we hope that you’ll attend next month as Tyler mentioned, in lieu of presenting, we really don’t have a deck to share with anybody anymore. But the blog post will hit all the high points that we talked about, and I hope you guys have a great and safe, you know, start to spring market. And if you’re ever interested in learning a little bit more about what we’re doing, We’re here to help. We’re here to walk you through this process. So until next month, take care guys.

– Thank you, have a good one. That was fun.

– That was good.

– Alright, good morning everyone. Welcome to our Security Observer webinar series, each month we promise to provide you with trends and tips that will help position you as the most trusted title company or provider when it comes to not only the transfer of money cybersecurity, but now we’re branching into even broader technology, which is the theme of this month, so super excited.

– So last month we talked about, how to prepare for your next insurance renewal. If you were not able to attend, all of our webinars are posted on our resources page, at certifid.com/resources.

– We’ve had a lot of companies that have signed up and taken advantage of the new insurance endorsement, that is exclusive to Certifid customers. So nice work to all of you, that are essentially doubling not only the limits, but the scope of the protection, that’s offered in market. And if it’s something that you’re interested in, just connect with us and we can read you into how to get started, down that path a really important issue.

– And for those of you who are joining for the first time, stay engaged ask us questions along the way. We give away free swag to anybody, who asks good questions during the webinar, And we’ll send it to you in the days that follow.

– Alright, so what are we talking about? This year’s theme is how to make 2020 the year that everyone protects and prospers. Today, we’re super excited about covering the topic of selecting a technology partner or partners that help you improve the business. So we’ll take a deeper dive on how to properly vet technology providers and we’re gonna unveil the industry’s first title tech- scape, right? So we’re gonna cover areas that in the business are influenced by technology, how to think about selecting a new solution and it cross cuts into all different categories that you’ll see in a minute. We’re gonna unveil the tech scape, we’re actually gonna do kind of a dry run, in two different categories, one operational one security, security related so.

– So why are we excited about this one? a little bit of background on Tom and myself, we actually met working for a fortune 100 company in tech procurement space. So we were responsible for sourcing global providers of technology that we’re gonna be implemented into this organization, spent over 10 years sourcing tech and all segments and we went all the way from, you know, identifying proper technology, there’s vetting it, to working with those providers, ultimately contracting and then onboarding them all. So although we sit as a technology provider today, we actually have extensive experience, in embedded technology for organizations of all sizes.

– So before we get started, for those of you that don’t know, Certifid protects the transfer of money, both in and out of the escrow account. In doing so, it lowers the risk of Wire Fraud and social engineering, not only for you, but for everyone in the transaction, we stand behind our product, in each wire with our million dollar guarantee.

– Yeah, don’t forget that we are officially now integrated with Red Square, RamQuest and SoftPro Select. So we can have your team up and running with our software and integrated into any of those in less than an hour.

– Yeah, now, it’s super fast, if you’re not using Certifid and want to become the company that provides, that highest level of protection for money transfers, we should connect. If you are a current customer, we’re only getting started and we’ve got some next level benefits that are coming your way in the next month again, so recommended to unveil those.

– Alright, so let’s dig in. Tom, what do you think are the most influenced areas in title biotechnology, you’re kind of like what buckets would you put them in as a title in Agent owner?

– Yeah, so those of you that don’t know when, or new to the webinar series, are not only welcome, but I’m also a large title agency owner here in Michigan along with co-founder Certifid, and I think of technology in the title industry, in three primary buckets, one is more of that consumer experience, almost referral partner outbound experience phase. The other is internally, of how do I manage my operations? How do I manage and create more efficient processes and procedures? How do I just basically create more bandwidth to get more work done or do it more efficiently? And then I think the other is just the surface area from a security perspective. We all have to have this new category over the last decade with the new auto best practices that have come online court cases, insurance requirements for coverage. So I think of it as again, consumer, outbound facing, how does that experience look and how can we improve it? Second, I think of it in terms of like internal Ops and then third, the just the attack vector landscape, and how secure we are from a digital perspective, cool.

– Now that makes a lot of sense. So let’s take each one of those three and let’s break them down a little bit further. So what do you think are the most important factors of each?

– You know, we describe ourselves on title as, a communication company that happens to sell title insurance. I was reading email this morning and it said, hey, can you can you impress? Can you educate? And can you guide me? I think that is just a really great theme, that all of us should think about. So I think above anything else, I think consumers want information, they want to be communicated with at critical points in the transaction. And they want that done in a convenient and kind of logical way. And I think that higher state of communication comes when you can sequence communication, that anticipates the needs of a consumer and puts it into their hands conveniently before they even have to reach out. I think that’s what we’re always striving for, is that anticipatory?

– What was that? You want that example you were talking about before about the car?

– Oh, yeah, so I don’t know many of you have seen Carvanha in your March crits or in Grand Rapids. So I saw a billboard popped up a month ago, where essentially Carvanha, I could pause my binge watching on Netflix, I could order a car to my driveway, they would drop the car off on a flatbed, I could drive it for two weeks and then I could send a signal back to Carvanha says that the seats don’t fit, or I don’t really like, you know I’m kind of a taller guy. I don’t like the way the views are on the, you know, the window glass lines. Take your car back, and they will, and it’s just that’s the society that we live in, is yeah, that’s instantaneous.

– And the grooming expectation, right? So when you have those sorts of expectations, it’s great that you started that example by, you’re sitting there watching Netflix, right? That’s creating a whole another set of expectations. And all of this is now flowing down into title and into the closing experience, and how does that gonna compare not only the other title companies, but to all of these other consumer experiences that we’re having as individuals?

– Will think about it, right? We talk about experiences that impress us. And in the title industry, we are simply fed by the referrals that our partners provide. So if we can empower this experience that makes the agent look great, that makes the lender look great, that makes the lawyer look great, or the developer, that’s gonna come back tenfold to us because we’ve created this framework, where they’re just simply top of Mind, they’re getting that referral, because the process blew them away. They’re not ever gonna care about what title and settlement does? They’re gonna say that this was so quick, easy. I felt informed and empowered. And we were in and out of there in 30 minutes and I love my new home.

– So let’s go from there, If you’re getting 10 extra referrals, what do you gotta do in your internal Ops?

– Not only 10 extra referrals, but 90 actually refiled right? Looking at my IT manager. Alright, so I think of those in again, three buckets, we have to get resourceful. Because we’re gonna be, the industry has been resource constrained for quite a while, because we’re just not developing new talent as quickly as we need to for the industry and every industry is constrained. So the three things from an internal perspective to think about is, one, have I taken a clinical review of my internal operations? And do I have everything kind of streamlined, from my title software, to the communication that are either internal or external? How can I take some of the sand out of those gears and make them run a little smoother and the next is just organization in your accessibility? Have I created an environment where I can support integrations and third parties, that if I’m getting overheated, I can engage them and they can provide some lift? And then efficiencies, you know things like e-recording and integrating with digital document platforms of MLSs. How can I, just through integration or thinking a little bit different? Just avoid the need for keystrokes all the time?

– Now that makes a lot of sense. Alright, so your third bucket was security and protection.

– Security and protection, so that’s quickly the three that we all have to think about. I don’t want to beat a dead horse. But we’re gonna continue to take massive losses in this area until we get it right, or atleast step up the game, data network security, employee readiness and training. And then money transfer protection. Those are the three buckets, that I feel the industry should be focusing on.

– Great now I think those are awesome. Alright, so now that we’ve broken down those areas of impact, let’s help our viewers really understand how to select technology providers.

– Yeah so you’re the procurement tech guy. I want to hand that over to you.

– Alright, let’s run them through, because this is a process that some large companies actually have. We’ve seen that we’ve had a procurement department that, you know, you have to go through the onboarding and that but many of, you know most of the industry just doesn’t. It’s the owner, the Ops manager, walk them through how you think about procurement.

– I’m happy to and like Tom said, I mean it really does depend, on the size of your organization, and how you, you know want to feel this process, but I just wanna make it easy. It doesn’t matter really what size, or a couple key components, that you just need to think about. So the first one is, identify requirements for the technology. Simply put, what problem are you trying to solve? Right, and once you know what problem you’re trying to solve, you can start to think through, like what features would really make that problem go away? Or what sort of things there would be, but just focus right there. What’s the problem I’m trying to solve? Number two, is to identify your stakeholders. So simply put there it’s, who will this decision or technology impact? So we’re going to add a new piece of tech, is it going to impact the CEO or is it gonna have a way greater impact on operations? If it’s gonna have impact on operations, then we should probably pull some people from those teams that have a seat at the table, to help us make that decision. To get their input, to agree or is the problem that I’m seeing in our business, the same problem that you’re seeing? Because if we’re seeing it differently, let’s align on what problem we really are trying to solve. Now once we have the right people in the room and we’ve identified the problem we’re trying to solve? Now we wanna sit down and say, what makes a winner? What will make this problem go away? So agree on your selection criteria. And I’ve seen things that, you know, I’ve created them when, we created huge matrices across all areas of a business and we waited how certain areas, you know would impact our business. And then we created the weighted averages to make a very seamless decision across a ton of different partners. You don’t have to go that deep. You really don’t you can, by all means, but as long as you have a sort of your set of criteria, and you kinda outline them, you said all right, we want a great user experience. We wanna make sure we reduce our costs, from where they are today. We wanna help eliminate, you know, a specific procedure kinda come up with your top three to 10, things that would really make a winner for you and your organization. Now, those three are where you spend the bulk of your time, if you can get aligned as an organization on those three components. Now you’re ready to actually go and talk, you’re ready to go and see, who are the other organizations we should talk to who can actually help us solve this problem? Call, you know, anybody in your network call anybody you know, who is in the industry and say, hey, are these the right players? we’re gonna show you a title tech scape today, or to help you kind of jumpstart the who to talk to, but they’re not gonna have all the providers on there, there’s gonna be others you can reach out to. And finally, you’re gonna to select a winner. So after you go through, you have these conversations, you see a demo, all your stakeholders have gotten to vote by saying yep, these fit all the criteria for what we had aligned on what makes a winner. Now you’re gonna select the winner and you’re gonna move forward with that provider. And I think it should really feel like a partnership. Sometimes we even feel you know, from a certified perspective, it’s like, you know, there are companies that are prepared and are ready to have the conversation. There are others, that aren’t sure what questions to ask or how to ask them or even timid to ask them. We’re here to be a partner, you know, and when we wanna be consultative and answer your questions and we’ll tell you if we can’t solve the problem and hopefully other vendors will do the same.

– Now, I couldn’t agree more. I think the first three is probably 70% of it to get it right. Because the owner may say, hey, I need to reduce risk in this area. But down at the operational level, he said yeah, that’s great but that’s gonna cost me an extra 30 minutes of file, unless we figure out some way around what you’re describing and you just have to have all aspects. I think the other thing is, the pull through and the buy in when you do that, get that consensus all the way down to the total user employee level. But then also, it’s so much easier on the vendor partners to be able to speak to your needs and describe how they may or may not be able to address them. You just save so much time both, in the selection and then the implementation.

– And when you come up with that criteria for what makes a winner, it could be as simple as five questions that you’re gonna ask all of the vendors the exact same way. And then at least you can sit down and you can compare those five answers. And it’s not this, oh, well, I have this conversation, I had that conversation and this kinda felt good. But you know, there’s a lot of bias sometimes, that happens with just even the last conversation that you have, or the first conversation that you have. So doing a little bit of that work beforehand, will set you up for really feeling comfortable about the decision you’re gonna make. So one more time, you’re trying to figure out first, what problem are you trying to solve? Second, who are the decision makers of technology that this technology is gonna impact within your business? What makes a winner? Who should we talk to and then select for a win-win relationship?

– Love it.

– All right. We gonna dive,

– Into the tech scape.

– Into the text scape.

– Let’s do this.

– Alright before we show this, we just wanna emphasize that we know this is not perfect. It’s tough, it was a tough task, for our team, to properly classify all providers, we know that a lot of technology does a lot of different things. And we tried to move them and put them in the buckets that seemed most appropriate. And it is hard, so maybe that’s why no one has done this before. But we did our homework, we looked at ALTA registry, we reviewed integration partners with all major pieces of software. So we went out there and looked and saw who was integrating currently. And then we also talked to some leaders in the technology space.

– We went out and I want to thank, you know, Matt Rigid authority and Bills Bowser of close symbol and Becky Tassel PropLogic and some others that just kinda gave us some more texture and insight, because to your point, there’s a lot of companies that have a suite of products and we tried to really narrow them into into their kind of core that we identify within the title industry, but by no means is this of full tapestry. of really good, good start. Alright so, without further ado, drum roll, let’s show that title tech scape. And we’ll kind of walk through our, thesis around this. Alright, so as you can see, we have kind of an all encompass not all encompassing, but we’ve got 17 different categories, 81 companies represented. We’re certainly taking feedback on that. On the left hand side, you can see those that are more title company centric. And what we try to do there is those that will impact more, the title company organization, operations, their internal operations,

– Those kind of things.

– And then on the far right cast over to what’s the consumer experience? So those that bleed in kind of the middle, to the left to the right of that kind of center axis line, Imagine it would be those that affect both. So we try to do a good job of tiling out, where they kind of trended,

– And that’s kinda how you would, spoke to it before right. We talked about the consumer experience, so far right, we talked about the title, internal operations more far left and then the security kind of some of those filter into the middle. But again, it’s a little tough sometimes to get them all in the perfect place ,

– But this was fun. I mean.

– It was a great reminder that…

– And here’s the other thing. There’s so much more technology out there this year, than there was five or 10 years ago.

– Now, I can’t wait to do this again next year and see what’s been added and make edits and refinement and keep doing it every chance that we get.

– And I can tell you that we know a lot of the owners of these other tech platforms and they they’re as passionate as what we are, in solving for creating that benefit to your organization. I mean, they truly are.

– Yeah, so now that we showed the total tech scape, we thought it’d be fun to run just a little bit of a simulation to give you a real example of how you might go out and source a piece of technology for your organization. So in this one, let’s pretend your title company owner. And I guess we don’t have to pretend that but you are title company owner.

– And I’ll be head of Ops organization. And let’s start off with, what’s the problem we’re trying to solve. Alright, so the challenges are getting heated up the purchase market has been hot, inventory has been low, and now we have these is,

– Might we need more bandwidth.

– You’re coming to me, we got to have more bandwidth.

– We’re just working. There’s a Tsunami of work coming in and we just can’t get it all done.

– Alright so we’ve aligned on our problem.

– Yep okay.

– So who are stakeholders? So the two of us maybe we pull another individual from the extra team.

– Let’s take post closing, let’s just take your post closing team, where things can get bottleneck to get funding out and recordings done. And ultimately final policy issued even if you’re doing short form or long form. So let’s take post closing is an easy one. And we wanna make sure that those crazy Fridays are seamless Mondays for those teams so they can get the workout.

– Alright, so we got our problem. We know who our stakeholders are. Now what what’s gonna make a winner for us? What do we think is the answer? What are we hoping to solve here?

– Let’s just take. How could we create more time per file? What’s the lowest hanging fruit of things that our people are touching?

– Right, touching is a very manual process. I’m going to take recordings. So again, we could do five different categories and post closing but let’s take recordings. So on average, a manual recording, if we’re not using some of your recording platform, we’re spending somewhere between 15 to 25, maybe even 60 minutes of it, gets kicked back from the register deeds. So let’s say it’s 15 minutes of file. And we wanna streamline that.

– So one will say turn time, right. Can you get turned time down? Yeah, that’s the first thing that we’re trying to make that would make a winner. Take our,

– Knowing that it’s been recorded properly and there’s no exceptions. What about I would say, for my team’s perspective, it needs to integrate. I wanted to make it easy for us, right?

– 100% of that needs to be seamless and can we get the documentation that’s in the system? Can somehow we just repurpose that to get the recordings to register deeds.

– Alright, so we got need to be integrated. You gotta have a good turn time. It has to have ease of use for my team, and then

– You have to group it by the county.

– Well, Oh, yes group by the county. The recordings.

– You have to make sure it does the county. What platform or platforms does the county, each county that you typically operate in, recognize.

– Right there’s a nuance there county by county.

– And then cost.

– And then costs, right.

– So I mean, just like that, obviously an example. But we came together, we have the right team in the room, we’ve identified what our biggest problem is, and we came up with our top five criteria, that’s gonna help us make a winner. That’s before we’ve even gone and gotten sold or spoken to or started asking questions, because all of those vendors are going to give us more information over and above that right. But as long as we know, okay, what are our core elements, these are the must haves. Everything else is just kind of a nice to have that we can add on top of that.

– And as you approach those vendor, I mean, just speaking as a vendor if you were to lob or tee up those five issues that said, Look, these are our must haves. I want these clearly described, 15 minutes or less to show me. And then you know, we can move on to the next task.

– Love it yep and so then you say, alright, so who should we evaluate? So obviously, we put together the tech scape for all of you and you have a few in the bottom left hand corner of the filing. So a great place to start again, by no means the only options. I’m sure there’s others. But that’s where you go and you say, alright, we needed a solution. Here’s sort of the things we’re trying to solve. Tell us how you can help us solve this?

– 100% but again, what Tyler mentioned was getting the stakeholders buy into understand that everyone’s must haves, I want, you know, a balance between creating bandwidth but not losing my shirt from a cost perspective. You don’t want people to go on suicide watch, when they’re overheated, or the overtime goes crazy, or we just can’t get the work done.

– You don’t want the whole department blowing up.

– May be you can’t get it done and customer’s screaming.

– And the employee just wants a better experience like, I’m just taking too much time in this area. So everyone’s input is key.

– Alright, we got time for one more, but we’re gonna run through it. So let’s say that our problem is, We just had a fraud.

– So we just had a fraud, we had a buyer. And this, unfortunately, is a daily event or a daily occurrence right now, we learned that a buyer wired their funds to a fraudulent account.

– Use our industry for an example.

– And now we’re trying to figure out okay, how do we prevent this from happening again? And the reason why is, it’s bad for business, it increases my risk, I could get sued as a title agency owner, the deal doesn’t close. We have entire everyone loses on this scenario.

– Totally agree, and stakeholders, I would say are the same. So we’ll keep those and then what makes a winner? So I think one thing that we hear sometimes is that people aren’t so sure of this new sort of money transfer protection space that we’ve created. And I think that it’s important that they still sit down and alright, What does make a winner? Well, we wanna have a great user experience internally. We don’t want our teams operation or workflow to be inhibited by moving from encrypted email to a new type of solution. I think the next is what is that? You know, take buyer, for example, what does that mean buyers experience? How is that experience gonna look? How are they gonna, you know, be expected to either log into a portal or just access it via a secure message or whatever that case might be. But breaking down, you know, what will really make a winner for you, again before you ever even see the software, just have a have a thought internally to say, these are the things that are important. We don’t wanna be bogged down internally. We want our consumers to have an excellent experience. And we want additional coverage. We want to further distance ourselves from this risk, how are we going to be able to prevent this? Even if you know there isn’t, 100% protection from it happening again? How are we gonna be able to make sure that our business is still gonna be able to stand open, in the event that something were to occur.

– I think that’s it. Balancing, we need protection as an industry, we have to make sure the buyers are empowered and educated and they don’t fall prey to this. But ultimately, it fits well within the workflow.

– Yep and who should we evaluate? So we know that area well, especially in money transfer protection, we’re excited to say that ourselves certified closing lock, safe chain and safe escrow all great options, definitely worth having conversations with all those providers, think it’s been a cool space to see grow over the last couple of years. And we think that anyone who’s interested in trying to find a solution should take the time to speak to all of us, and really make sure you get the solution to your specific problem at your company.

– Yeah, 100% in whether you choose us or you choose one of the other providers in the space, just make sure you’re doing the reps and doing the legwork on this. I think we’re past the time where you we can rely on just email or callbacks or even secured email, because there’s just so many vulnerabilities baked into that. So a tech enabled experience, with more security adds that additional distancing, especially on the buyer side.

– As you gonna save time.

– I mean, all these platforms, you’re going to save time in the operation from what you’re doing right now. It’s just time we’re not tracking. So it’s hard to quantify it on the front end.

– Absolutely alright, we know we’re running a little bit over but real quick, just want to tease out that we are releasing a new product here, it’s certified to further protect buyers and reduce your risk. It is also going to include a new pricing model.

– Love it.

– So if you’re interested and you would like to learn more about what this could mean for you and your business, we would love to hear from you. As always, we will post this presentation full webinar to our site. We’ll also be producing a blog post that will outline all the key points that we talked about today. That will help you as you look to potentially vet and find and source a new technology provider for your business.

– Great Well, everyone, thank you for attending, we hope that you’ll attend next month as Tyler mentioned, in lieu of presenting, we really don’t have a deck to share with anybody anymore. But the blog post will hit all the high points that we talked about, and I hope you guys have a great and safe, you know, start to spring market. And if you’re ever interested in learning a little bit more about what we’re doing, We’re here to help. We’re here to walk you through this process. So until next month, take care guys.

– Thank you, have a good one. That was fun.

– That was good.

    AUTHOR

    Tyler Adams

    Co-Founder. Product Manager. Design Enthusiast. Amazing Racer.

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