6 ways title companies can harness AI
Feeling overwhelmed by all the AI talk?
It’s understandable. Artificial intelligence (AI) has become a hot topic across every facet of life, including the real estate and title industries. Many title professionals are asking how AI can be used safely and effectively to improve daily operations.
In this article, we’ll explore practical ways title companies can leverage AI to stay competitive in a fast-changing landscape, offering actionable tips to help you integrate these emerging tools responsibly and efficiently.
(Still a little lost when it comes to AI? First, check out SoftPro’s recent blog, delving into the basics).
Marketing
Marketing is essential for building awareness and staying competitive in the title industry, yet many professionals struggle to find the time. AI tools like ChatGPT and Jasper can assist with content creation and generating first drafts of social media posts, email campaigns, and blogs. In fact, 88% of marketers now believe their organization must increase its use of AI to meet customer expectations and remain competitive. AI-based tools such as HubSpot’s CRM or Salesforce AI can also help you analyze customer data, allowing title companies to personalize their efforts better and enhance customer engagement.
Document management
Did you know that, on average, employees spend nearly 20% of their workday searching for information? For title professionals who must manage property records, closing statements and other critical documents, this time adds up. AI can significantly improve efficiency by automating document management tasks, such as summarizing lengthy documents and extracting key details. AI-powered tools can also quickly identify discrepancies and highlight essential information, reducing the time spent on manual reviews. By cutting down on these administrative tasks, title professionals can focus more time on client-focused service.
Communication
Currently, 35% of businesses leverage AI for content production, and it’s easy to see why. AI-powered tools like Grammarly and Copy.ai can help streamline written communication, ensuring emails, reports and other documents are clear, concise and professional. Natural language processing (NLP) tools can enhance tone and style, aligning messages with your brand’s voice. AI can also generate standardized email templates, speeding up routine communications and allowing your team to focus on higher-level tasks. Of course, it’s important to note that while AI boosts efficiency, it can still struggle with consistent, uniform responses. So, always double-check any AI-generated communication for accuracy.
Data extraction and indexing
Title professionals spend approximately 22 hours to close a standard transaction and 45 hours for more complex transactions, with much of this time dedicated to researching and analyzing data. AI-powered tools have shown great promise in significantly reducing this burden by automating data extraction. This might include documents like deeds and title policies. Using NLP, AI tools would then be able to organize and index essential information, making it more easily searchable and accessible. Applied correctly and strategically, this could potentially save title professionals hours on each transaction.
Language translation
With over one-fifth of U.S. households speaking a language other than English, there’s a significant opportunity for those who serve this demographic. Because of this, AI-powered translation tools may prove invaluable for title companies. Platforms like DeepL and Google Translate can help bridge communication gaps by translating emails, documents and client communications. This could be even more valuable in diverse markets, where understanding and responding to client needs in their preferred language can boost customer satisfaction. As previously stated, though these tools are good for communication, the level of accuracy may not be sufficient to translate important transaction documents accurately. So, use caution and always double-check the results.
Fraud detection
Perhaps the greatest existential threat to the real estate and title industries, fraud is increasingly becoming more sophisticated, leveraging advanced technologies to deceive and exploit vulnerabilities. And just like us, fraudsters are leaning into AI to boost their efforts. Thankfully, one of the most promising applications of AI in fraud detection and security is its ability to analyze vast amounts of data in real time, identifying patterns and anomalies that human oversight might miss. A number of the leading software security providers are experimenting with AI tools to improve their ability to detect and flag suspicious activity. While these advances are promising, it will still be up to trained professionals to interpret these alerts and take appropriate action.
5 tips for implementing AI tools
Now that you know some potential uses for AI, you might be wondering how to get started. Here are five practical tips for success:
Start small: Begin with simple, low-risk pilot projects, like using ChatGPT to draft an email response or help brainstorm social media content. This allows you to test its impact on daily tasks and refine processes before scaling.
Maintain human oversight: While promising, it’s important to remember that AI is not a definitive solution to all your title company’s problems. In fact, if used irresponsibly, it can lead to catastrophic results. Make sure you have a living, breathing human overseeing all your AI tools to ensure you’re always in control of the process.
Train your team: Once you have a grasp on the basics of AI and how you see it fitting into your operations, equip your staff with the necessary skills to use AI tools effectively. Ensure everyone understands how to maximize the benefits and mitigate risks.
Establish clear policies: Consistent use of AI tools across teams will be crucial. Develop and enforce guidelines around AI use to mitigate risks and ensure responsible implementation.
Ensure data quality: High-quality data is essential for effective AI. Clean, organized data will yield more accurate results and reduce errors. Make sure to audit your data regularly for accuracy and consistency.
The bottom line
The future has arrived, and incorporating AI into your title company will likely be a necessity in the coming years. But it doesn’t have to be overwhelming. We’ve given you some tips on where and how to get started, but the easiest way to begin is to identify a small, manageable pilot project and try it out for yourself.
SoftPro is committed to delivering superior solutions to the real estate title, closing and escrow industry. If you’d like to learn more about how you can utilize our industry-leading software solutions, reach out today.
Note: The inclusion or exclusion of a company or service mentioned above does not imply endorsement or lack thereof for any particular product or service. It is essential to thoroughly vet any vendor, product or service you choose to use.