SARASOTA, FL / ACCESSWIRE / November 21, 2023 / According to the 2023 State of the Title Industry Report, 38 percent of title professional respondents say their biggest challenge is "juggling too many different responsibilities." This is the sixth consecutive year PropLogix - a tech-enabled real estate due diligence service provider - has surveyed and analyzed results from more than 400 title agents.
The survey is focused on how industry trends impact title professionals' daily responsibilities and their title production and outsourcing practices. The most outsourced title production piece is Municipal Lien Searches (83%), which uncovers unrecorded debt and permit issues, followed by Title Searches (73%). Thirty-eight percent of respondents say the #1 title production task they are considering outsourcing is Lien Release Tracking, which beat out HOA Certificates for the first time this year (32%).
The report features insight from five different title industry experts, including American Land Title Association's Diane Tomb. In addition to the report release, PropLogix announced a special series of podcast episodes featuring full episodes with those experts where they discuss the data as well as their own insight on the state of the industry.
"Despite the tough conditions in the market, it seems surprising to see title professionals in closing and escrow roles still feeling overwhelmed by juggling too many tasks. However, it's important to remember that many companies have had to make staffing cuts proportional to their order drops - meaning those who remain are shouldering the workload. On the flip side, those in high-level positions who own or run title companies are most challenged by finding ways to generate new business. This report helps to demonstrate how outsourcing can help fix both issues by eliminating additional workload and freeing up time to maintain existing and earn new business," said PropLogix Director of Communications Lindsey Gordon.
Director of Communications