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To cater to customer needs, it is important for any business to have a flexible approach. There is no doubt that their expectations and market demand change. Despite implementing new processes or changes in the business’s current scenario seeming unnecessary, for a title company, the change cannot be avoided. To keep up with the competition, it is necessary that for closing deals remotely, the business offers every option to its customers.
Remote Online Notarization for Title Business
In the pre-COVID era, remote online notarization was very new and unusual. Title businesses closed deals by following the traditional method. There were very few of them who had adopted the modern way and utilized platforms that brought both certified notary officials and customers together to get documents notarized.
But after the pandemic, businesses rushed into using this tech-driven solution. By choosing platforms that are legally compliant and have all the must-have certifications, transactions became easier for them.
However, there are chances that not every real estate deal requires remote notarization. But, undoubtedly, for several reasons, it is important to offer it to your customers and partners.
Key Reasons to Use Remote Online Notarization:
- Work with more real estate investors.
- Close deals quickly.
- Stay ahead of the competition.
Real Estate Investors and RON
To work with more real estate investors, the closing of deals should increase. When remote online notarization was not in the picture, there were two ways that helped investors close deals:
- Visit the Title Company for the Process.
- Utilizing Mail.
In the first situation, that is, reaching the title company or real estate law firm, the entire day gets exhausted, and the commute takes a lot of time. During this time, investors would prefer to search for more property options.
In the second scenario, when parties are in different states, to avoid delays, the option of mailing would be considered.
But in both conditions, there are chances of long hours being consumed, higher monetary investments, excessive workload on agents, and possible deal delays. Despite overcoming these hurdles, there is still a chance that the quality of work gets compromised compared to remote online notarization platforms.
Evidently, the internet makes finding and researching options easier. In a similar manner, real estate, using both the internet and RON solutions, can not only help in finding and budgeting properties but also allow quick settlements with document notarization. No doubt, RON solutions bring a smart approach.
RON Reduces Closing Time
When there are fewer errors in the mail, time improves and more closings can be done. To save more time, choosing remote online notarization is a better option. Choosing technology helps both buyers and sellers to review documents at their own pace, and if questions arise, they can have officials’ help.
Unlike the traditional method of notarization, where the document signing becomes hectic and sometimes affects the number of counts due to office hours, with remote online notarization, the signature can be done in less than a few minutes and is not bound to fixed working hours, thus increasing the number of documents signed.
Improved Competition and More Closed Deals
While and before the pandemic, there were many consumers who were choosing a digital approach for transactions or different types of solutions. And by today, the digital way has improved to video calling and quick and secure transactions. Therefore, real estate should also consider virtual document signatures to close more deals.
The happiness of purchasing a first property should not be buried under formal document signatures to complete notarization. It should be non-negotiable, and such work should be done from anywhere and anytime.
The pandemic highlighted that many barriers to adopting a standard remote online notarization (RON) process were largely psychological. As businesses realized its potential for a strong return on investment, much of the initial hesitation from underwriters and lenders began to fade. To stay competitive, it’s crucial to follow the lead of early adopters in the real estate, title, and mortgage industries who are already embracing this game-changing technology.
