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TheRealDeal • Sep 29, 2022

How to remove the pain of home closing for Millennial buyers

Millennials that were slow to make the transition from renting to owning a home are making up for lost time. 

This demographic has become a powerful force in the home buying market. The 66 million Millennials in the U.S. now range in age between 24 and 42, which puts them firmly in that “sweet spot” for homebuyers. In fact, Millennials are expected to form 25 million new households by 2025.

Whether they are shopping for a first home, upgrade or relocation, Millennials are the fastest growing group of homebuyers. According to the National Association of REALTORS, Millennials represent 43 percent of all homebuyers. “Millennials are a critical audience to win based on their buying power, and the secret to winning them over starts with understanding them better,” says Katie Smith, executive director of field excellence at Doma, a title & escrow company.

Meeting Millennials where they live – online
Millennials grew up in the Internet age, and they are accustomed to seamless, on-demand digital experiences. They use smartphones to order everything from a mocha latte to furniture, and increasingly, they are relying on mobile apps for a variety of important transactions, such as banking, financial planning and managing their healthcare. 

Millennials not only want the convenience of being able to transact at any time and from anywhere, they want that real-time result. “This is not a generation that knows what it’s like to actually drive to a Blockbuster in order to rent a movie and battle for the last copy of that latest release. They are used to clicking a button from the coziness of their couch and PJs to stream that movie instantly,” says Mini Peiris, Doma’s chief marketing officer. Millennials bring those same expectations with them when it comes to that home-buying and home-closing experience, she adds. 

This generation also demands transparency into transactions and instant communication. When they place that Amazon order, they receive that immediate order confirmation text or email, and they expect notifications every step of the way from when the time it leaves the warehouse to when it arrives on their doorstep.
Last, but certainly not least, is social media. This is where Millennials live. It is critical for real estate professionals to be familiar with and comfortable navigating the Big Four social media platforms – Facebook, Instagram, Tik Tok and LinkedIn – so that they can engage and connect with those potential clients, notes Doma Managing Director Julie Shroyer.

Streamlining the closing experience
Serving the Millennial customer requires delivering information and an overall experience that is fast, convenient and frictionless. 

Education: Many Millennials are first-time buyers. As such, it is important to explain the escrow process and answer questions. For example, not everyone knows what an easement is or why it’s important. Doma has easy-to-use guides to walk clients through important parts of the closing process, like title prelims and signing. These guides, along with consistent updates from Doma throughout the process, help agents build confidence and trust with their clients. “Being transparent and focusing on educating clients at every step of the process goes a long way to building trust with millennials and that will keep them coming back to you for any and all future transactions as well,” says Shroyer.

Technology: Real estate professionals need to be able to engage digitally with clients and leverage technology tools to provide a better experience. Doma has patented machine intelligence that can return title prelims within minutes rather than days as is the norm with most title companies. “That quick turnaround allows the real estate professional to review the document with their client more quickly,” says Smith. Doma also provides proactive notifications and on-demand digital access that gives the homebuyer visibility and a sense of control into the entire transaction, she adds.

Flexibility: When it comes to the closing, flexibility is the key. Millennials don’t necessarily want to be stuck in a small room at a specifically scheduled day and time. They want options. Some prefer to be fully in person so someone is there to walk them through page by page and answer questions, whereas others might prefer to be fully remote with a remote online notary (RON) from the comfort of their home – or a hybrid of the two. Doma helps agents accommodate the right closing option for their clients early in the process, and ensures that documents are sent to all parties with as much review time as possible so that millennial homebuyers feel prepared and comfortable on one of the most important days of their lives – closing day. 

Any realtor knows that between that euphoric moment when your offer is accepted to the celebration on move-in day, there can be a lot of pain points in between. Frankly, title and escrow can be a tedious and frustrating part of the closing process. However, it doesn’t have to be, notes Shroyer. Real estate professionals can help to bridge the gap. “Your clients look to you as the informed expert guiding them through the entire home-buying process,” she says. “Working with title and escrow partners who can help you create a differentiated experience leaves a lasting positive impression that helps to generate referrals and repeat business.”

As read on TheRealDeal (New York Real Estate News) https://trd.media/ny/Onat5Y

Do you know WHO picks your Title Company?

By Stephanie Cline • 29 Mar, 2024
Hey there, future homeowner! So, you're diving into the wild world of real estate, huh? Exciting times ahead! 🏡 But hold up – before you pop the champagne, let's talk about something crucial: choosing your title company. Now, who gets to decide on this? Spoiler alert: it's you! Sure, your real estate agent or lender might throw a few suggestions your way, but ultimately, the choice is yours. So, let's make it count! First things first, do some snooping around. Check out different title companies online, ask your pals for recommendations, and see what vibes with you. You want someone reliable, experienced, and who's got your back, no matter what. Oh, and don't be shy – ask questions! Seriously, grill them like you're on a first date. How long have they been in the game? What's their process like? And most importantly, can they handle your quirks and concerns like a champ? Remember, this isn't just about paperwork – it's about peace of mind. Your home sweet home is a big deal, so choose a title company that feels like the perfect fit. Trust me, it'll make all the difference when it's time to pop those keys in the door!

February Giveback- For The Kids

By Stephanie Cline • 29 Feb, 2024
February is not just about Valentine's Day chocolates and romantic gestures; it's also about spreading love and kindness to those who need it most. And boy, did we have an amazing time doing just that with our February Giveback! This month, we teamed up with the incredible For The Kids nonprofit to make a difference in the lives of children in our community. And let us tell you, it was a heartwarming experience from start to finish. First things first, our team rolled up their sleeves and dove straight into action. We spent a day volunteering, packing a whopping 100 meals to be delivered to those in need. The joy of knowing that these meals would bring smiles to the faces of children warmed our hearts in ways we can't even describe. But we didn't stop there! Oh no, we were just getting started. With our sleeves still rolled up and our spirits soaring, our very own Joe packed the truck with all those delicious deliveries for that Friday. The excitement was palpable as we imagined the happiness these meals would bring to families across our community. And guess what? Our amazing supporters rallied behind us in full force! Through their generosity, we collected over 100 additional items to donate to For The Kids. From canned goods to pantry staples, every single donation meant the world to us and to those we're helping. As we reflect on our February Giveback journey, we can't help but feel overwhelmingly grateful. Grateful for the opportunity to make a difference. Grateful for the support of our community. And most of all, grateful for the chance to spread love in every way we can. It's worth mentioning that our dedication to For The Kids goes way back – we supported their mission back in 2021, and we're committed to continuing this beautiful partnership for years to come. To everyone who volunteered, donated, or simply cheered us on from the sidelines – thank you. Thank you for believing in the power of kindness. Thank you for joining us on this incredible journey. Together, we're making the world a brighter, happier place, one meal and one smile at a time.

Nova Reveal 2024!

By Stephanie Cline • 31 Jan, 2024
The curtains have risen, the confetti is in the air, and we are ecstatic to share the electrifying plans Novation Title has in store for 2024! This year's big reveal event was nothing short of a spectacle. Hosted on Zoom, it was a virtual fiesta with most of our incredible team. We kicked off the event with a bang, unveiling not just launches but also insights from a unique case study involving over 250 Agents. Picture this: a backstage pass to what the real estate game-changers need in 2023. It's a report that's about to revolutionize the way we navigate the real estate landscape. There were reminders of the tools that spark creativity at Novation Title – from ecording rooms to meditation rooms. We also shared all about Nova Connect, and an exclusive savings opportunity. A mic drop moment, unveiling our Referral Program, updated Diamond Partnership and Diamond Plus perks, and our Nova Show: Real Estate Records Podcast now with fresh episodes every week. As if that weren't enough, Novation Title is officially rocking the YouTube scene as of Season 3! The website got its moment in the spotlight as we went through its hidden treasures. Real Estate Pop Bys, the Title Rate Calculator – it's like a digital treasure hunt. And let's not forget the Nova Academy Calendar, our roadmap to success with all of our class schedules. Speaking of Nova Academy, we shared the excitement about upgraded classes tailored to your needs. Learning just got a whole lot more thrilling! We put the spotlight on Nova Stories – and how we have updated this experience to help you. Lights, camera, action! Novation Title's values – the Give Backs that have shaped our community. From Primary Children's Hospital to Sub for Santa, we've been making a difference for over six years. We are so excited for all of our upcoming community services. Novation Nation, are you as pumped as we are? The future is now, and we're ready to take 2024 by storm. Stay tuned for more updates, adventures, and game-changing moments from Novation Title. Here's to an extraordinary year ahead!
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