SARASOTA — Professionals in the real estate title industry say they have too many responsibilities and not enough time to perform their work, according to a new report from a local company.
PropLogix said it surveyed more than 400 title professionals for its second annual study on the closing experience within title agencies and real estate law firms.
“For the second year in a row, the report shows title professionals’ No. 1 challenge is facing too many responsibilities with not enough time to perform those responsibilities,” the company stated. “Not only did the survey find that 46% of title professionals say their peers could be better at due diligence, 72% think lack of time is impacting how well due diligence is being performed.”
Closers and processors said they are juggling 16 to 20 closings per month, and more than half of the company owners or top executives are handling up to five each month.
“It goes to show that many title professionals in leadership roles are balancing varied responsibilities between day-to-day closing tasks and the overall success of their companies,” the report said.
More than nine out of 10 surveyed said they have had to clean up issues neglected by a previous closer or title professional, PropLogix found. A total of 18% said others in the business do not do a thorough job of due diligence, and 46% said their peers could do better.
“With so many settlements agents cleaning up after another, the lower marks for peers makes sense,” the report said. “Clearly, when title professionals are strapped for time already, having to fix something that could have been avoided is a major point of frustration.”
The 230-employee property research company, whose CEO is Jesse Biter, offers a variety of services to help title agents and real estate attorneys perform their real estate due diligence.