Report: Closing Professionals Juggling too Many Tasks

Source: PropLogix

The biggest daily challenge for title professionals is juggling too many different responsibilities, according to a report provided by PropLogix.

In the 2023 State of the Title Industry Report, 38% of title professionals surveyed said they must handle too many tasks faced with elevated expectations, but little to-no control of timelines and deadlines. This duality creates a lot of stress and frustration, according to the report.

“Despite the tough conditions in the market, it seems surprising to see title professionals in closing and escrow roles are still feeling overwhelmed by juggling too many tasks,” said Lindsey Gordon, PropLogix director of communications. “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.”

The survey included results from more than 400 title agents, with nearly half operating in the South.

The survey 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 top 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 featured insight from five different title industry experts, including ALTA CEO Diane Tomb.

“We know these are really tough times and sometimes it’s easy to just put your head down and hope you can get through it,” Tomb said. “But I think really stepping up and being part of the industry is valuable to all of us right now, particularly as we face some of these biggest challenges on the regulatory front.”