Arranging childcare, taking the day off work, and other inconveniences of an in-person real estate closing isn’t great for the customer experience. After all, nobody enjoys disrupting their day to sign documents in person if more convenient options are available.
COVID-19 showed home buyers and sellers that an alternative was possible. They could sign documents remotely and take advantage of a streamlined closing experience with less schedule disruption. Customers still want those simplified, convenient experiences today—and who can blame them?
The good news is that during the pandemic, many states introduced temporary regulations that supported the use of remote online notarization (RON) via eClosing platforms, and today, many are making those rules permanent. So if you’re deciding whether to offer eClosing at your organization, here are several ways it can help improve the real estate customer experience.
Title companies that use eClosing software can help save customers time and money. Celebration Title’s customers, for example, who can’t attend or prefer not to participate in a traditional closing, save $150 to $200 in mobile notary fees using the Stavvy eClosing platform.
By offering a simplified closing experience to your customers, title agents and real estate attorneys have more time to provide exceptional customer support. Here’s a quick breakdown of a traditional paper closing versus the eClosing process:
In addition to providing a more convenient and faster process for closing teams, using an eClosing platform like Stavvy allows signers to review, sign, and ask questions about closing documents in real time with title agents and real estate partners present.
If you give customers an option, many will choose a remote closing because it requires less reorganization of schedules, and they can attend a closing from anywhere with a stable internet connection.
But with that said, you should also know that eClosing doesn’t have to be a one-size-fits-all option. You can offer full eClosings, hybrid closings, and every flavor in between. With all closing options available at your fingertips through an all-in-one eClosing platform like Stavvy, customers will benefit from the following:
A virtual closing allows customers to sign documents from practically anywhere, whether at home, work, or another location. Also, settlement teams and signers can avoid processing (and paying for) last-minute power of attorney (POA) requests when the seller or buyer can’t be physically present on closing day.
Real estate transactions can be confusing, and excellent real estate customer service requires clear and timely communication. eClosing helps facilitate this, enabling real-time access to executed documents from digital platforms such as Stavvy. And with the Stavvy remote closing platform, you can access customer support teams to answer questions quickly should an issue arise mid-closing.
For example, Broker’s Title uses the Stavvy platform to conduct virtual closing of real estate transactions. They needed a simplified and scalable way to provide customers with remote closings and appreciate how easy Stavvy is to use and how fast questions are answered by an accessible support team.
Title agents save significant time using eClosing platforms while improving partner communication and reducing closing times. For example, The Title Team uses Stavvy and has significantly cut closing times while enhancing the customer experience.
Real estate fraud is on the rise, and title professionals aren’t the only ones at risk—sellers and buyers worry about the complications often associated with real estate-related scams. While title professionals and attorneys are becoming more vigilant with the growing cases of seller impersonation, RON can help combat these threats due to the enhanced safety and identity verification measures of remote closings and offer customers immediate peace of mind.
Chain of custody breaches and identity theft are common concerns for title companies, as there can be many risks associated with conducting financial transactions. They can also lead to a choppy and frustrating post-closing experience for customers.
eClosing on the Stavvy platform includes knowledge-based authentication (KBA) to verify identity through credit report data and specialized software that analyzes the validity of a government-issued ID. Additionally, during a closing, an eClosing platform can ensure that every document is signed, complete, and ready for post-closing, leading to greater documentation accuracy and turnaround time.
With eClosing, title agents no longer rely on shipping packages back and forth between buyers, sellers, and notaries, removing the risk of lost or stolen packages and chain of custody breaches. Improved document accuracy can help ensure a smooth closing and post-closing experience for signers and closing teams—a true win-win.
The end of the month can be challenging for title agents. It's a constant rush to gather documents for review, communicate with various stakeholders, and meet demanding transaction deadlines. An eClosing platform can help streamline workflows, enabling title agents to stay more present, focused, productive, and less prone to real estate burnout, leading to an improved customer experience.
Impressing today’s customers is more challenging than in the past. They’re used to fast, easy, and simplified digital transactions, and providing these experiences has become the norm for businesses everywhere. Leveraging an eClosing platform allows title professionals to deliver on these expectations while lowering costs and capturing a competitive advantage.