Read the headlines and you will soon learn that healthcare and technology have experienced the biggest talent gap in recent years.
That is quickly followed by construction – which lost an entire generation worth of skill development when the bottom of the real estate market fell out in 2008, leading to a decade of failure to recruit and train for that industry.
Following close behind these well-known shortages is the scarcity in the insurance industry, and more specifically, in the title insurance industry.
The talent gap in the title industry is rooted in the fact that there are no college courses to prepare candidates specifically for the industry, and title companies often lack the time and resources to get new recruits sufficiently trained to be helpful when real estate finds itself in an unexpected boom market.
We’ve all been there, and the canny agency owners are preparing for that now. Here are a few ways to optimize your agency’s ability to capitalize on an expanding market quickly.
Outsourcing
The quickest way to expand your bandwidth in a booming market is through outsourcing. The most advantageous way to do this is to have an established relationship with an external partner who can take on additional work in short order. Outsourcing requires a very thoughtful approach to ensure you are partnering with a third-party provider who offers services that meet the ALTA Best Practices standards and who is prepared to scale up your services as needed.
If you want outsourcing to be an important aspect of your growth strategy, this relationship has to be in place and ready to go before the boom hits.
For a title agency, outsourcing can also help you maintain productivity among your other departments. Title agencies are famous for pulling staff from one department into another to meet accelerating demand, which can be very disruptive to overall operations.
The flexibility and scalability of an outsource partner can prevent that disruption and ensure that productivity remains consistent across each department.
Technology and focus
One of the biggest benefits of outsourcing for the title insurance industry is that your third-party provider has the luxury of focusing on one aspect of the process, whereas in a title agency, the team has to manage a plethora of tasks and processes.
This is especially important when it comes to technology. The outsource partner will have access to the latest technological advancements for its singular focus, whereas the title agency may be scrambling to find the funds to invest in multiple software solutions across disparate departments.
The most rewarding aspect of outsourcing for a title agent is that you can focus your energy and efforts on the aspect of title that you enjoy the most and place those tasks that are most challenging in the hands of more experienced professionals.
At Positively Balanced, we believe the most rewarding aspect of what we do is to help our partners grow and expand their businesses by helping them scale up when needed. Call us today to learn more!
Please visit the website of our sister company, Real Estate Closing Path, for outsourced staff training. We are proud to share the ALTA's webinar featuring our own RECP discussing recruiting, training and retention within the title industry: Title Agent Primer for Recruiting, Training and Retention (youtube.com).
Commentaires