Over the last few years, the real estate industry has been forced to re-evaluate many aspects of our business in the face of market fluctuations and new expectations for closings. Some of the top drivers of these changes to how we work include shifting to a more remote workforce and conducting closings absent a physical location. In this new reality, many real estate professionals have had to adopt technologies and policies not used in the industry before.
While the real estate industry is constantly changing due to market conditions, the title insurance industry has largely remained the same regarding general business practices. Historically, when widespread change has occurred in the title industry, it has typically been a slowly adopted process. However, recent events have forced title agencies to pivot more quickly in order to stay competitive among their peers. Pivoting in this manner requires an organization to be much more open to change. It also requires title agency leaders to understand how to create a culture of continuous improvement that is open to accepting and adopting change much faster than before.
So, how does a leader create this culture? It begins with embracing the need for a change management program within your organization and integrating these concepts into your team’s mindset. When implementing new processes, you should set the groundwork for change by clearly identifying the goals for change and then create ongoing process check-ins to help integrate that change into the organization for long-term success.
Identifying the goals behind changes
When it comes to successful change management, it’s important for your business to have a clear understanding of its goals and objectives. Before making any big changes, you should ask yourself where you want your business to go in both the short and long term. Once you have a clear understanding of your goals, the next step is to evaluate the tools and resources you have at your disposal to help you achieve those goals.
By aligning your proposed changes with your goals, you can ensure that your efforts are directed toward the outcomes that matter most to your business. This approach can also help you communicate the rationale behind your changes to your team, which can increase employee adoption of your initiatives. Ultimately, taking a goal-oriented approach to change management can help you drive progress while minimizing risk and disruption.
Well-defined change management processes can create stability
As a former title agency owner, I understand why change can be intimidating for businesses—especially for employees who are carrying out new processes or using new technology. In my experience, employees tend to trust older, more familiar processes (even if they’re less efficient) because they have become comfortable with them over time. Helping your employees understand that while change may seem challenging, it is necessary for your business to achieve greater stability and longevity in today’s ever-changing market.
By updating outdated processes, companies can standardize their operations, increase operational efficiency, and improve client experience. These improvements can help businesses endure traditional boom and bust cycles to remain reliable and consistent regardless of market conditions. While the initial fear of change may seem daunting, the long-term rewards of implementing modern processes can help title agencies better navigate changing demands and maintain stability across multiple market cycles.
Reaping the rewards of continuous improvement
Businesses that are able to successfully navigate change can reap significant rewards. Embracing a culture of continuous improvement and implementing new processes can lead to greater efficiency, satisfied clients, and happier employees. All of these factors can help title agencies increase their competitive advantage.
A culture that strives for continuous improvement helps title agencies avoid missing out on process advances that others in the industry make so they can remain competitive. But processes are only one piece of the puzzle. Embracing change across your business and creating an internal culture of continuous improvement can position your entire operation to meet and exceed modern expectations and needs.