Commercial real estate closings are unique and not as standardized as residential closings. Commercial escrow, document creation, and title insurance may have their own standards. The amount of money involved is also typically less than that seen in purely residential closings.
Many commercial closing offices choose not to use closing software because they believe it is unnecessary, assuming that it caters primarily to residential closers with a more standard approach. Also, since commercial closers generally have lower volumes, the software’s cost can be hard to justify. Even so, these reasons might not be accurate. We will attempt to explain why commercial Closing Software could benefit your business later in this article.
Here are five reasons why you should consider using commercial closing software:
The real estate business has the potential to be quite profitable, as it is a volume-based industry. The more sales you can make, the more revenue you stand to earn. However, there is a limit to how much volume any one office can handle. By using closing software, your office can generate documents faster, freeing up time to take on more clients.
2. Reduction of error
You minimize the risk of human error by automating common papers. You may use a closing program to help you keep track of your balances.
3. Fraud Prevention
By adding closing software, you’re not only protecting your funds but also gaining an edge over your competitors. Positive pay and auto-reconciliations will help you monitor possible fraud so that you can differentiate yourself as a safer option to both customers and title insurance underwriters.
4. Task Management
With every closing comes a series of steps that each require their own set of follow-ups and deadlines before beginning the next task. In other words, it can get overwhelming fast if you’re not careful. And how are you tracking all of this? Post-it notes? Binders? Internal lists? Stop struggling to keep everything organized and switch to closing software instead. With this type of software, you can set up your own customizable workflows with automated reminders and next steps. Essentially, this means making your workflow work for you instead of against you. Plus, it gives your team the ability to focus on the task at hand without having to worry about remembering their entire to-do list.
5. Transparency with stakeholders
When you’re working on a commercial closing, there are many people involved and they all want to stay updated. By using closing software with a portal, you can reduce the number of emails and phone calls you get by providing stakeholders with a more transparent experience. This way, you’ll have more time to work on the actual closing instead of spending it giving updates to customers.
We also have:
- Positive Pay
- Funds Tracking & Validation
- Intraday Wire Notification
- Auditor Oversight
- Custom Reporting
- Automated Reconciliation