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TheRealDeal • September 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
Welcome, 2020! We made it through the first week of the New Year and are already excited for what’s to come in this brand new decade. Anything can happen, and we have so much to create! Whether you’re a fan of long-term resolutions or prefer setting smaller, short-term goals, it feels good to start the year off with a desire to change for the better. If you know us, you know our approach at Novation Title has always been goal-centric, not only within our business but in our personal lives and out in the community. In today’s world where we are constantly connected (and distracted), it’s no wonder that we increasingly find ourselves overwhelmed mentally and physically drained. Often, the issues in everyday life are the ones that prevent us from enjoying the very same everyday life! How can we balance this out? We believe we can do better. That is why we are introducing meditation into our workspace. While meditation has been practiced for over 5,000 years, it is increasingly becoming a necessary way for us to unplug from the modern world. But what, exactly, is it? Meditation is a practice where an individual uses a technique — such as mindfulness — to train attention and thoughts. Mindfulness is awareness, it is a state of peace. It is being in the present moment, intentional and serene. It is the process of being aware of your thoughts while also disconnecting from them so you can connect within. Connecting within is the highest form of intelligence and results in proven mental, emotional and spiritual health benefits. Here are just a few science-based benefits of meditation: Reduces blood pressure Increases serotonin production that improves mood and behavior Improves immune system Increase in energy levels Lessens stress and anxiety Increases happiness and creativity Clarity and peace of mind Increased memory retention and recall Enhances self-awareness and self-acceptance Each one of us, regardless of gender, age or other factors, undergo daily stress and tension at some level or the other. That’s why we’re so excited to introduce #NovationMeditation into our business and we encourage others to join us this year. We can ALL benefit from improved mental and physical health in 2020. Who’s with us?!
“Feeling gratitude and not expressing it is like wrapping a present and not giving it.” —William Arthur Ward ‘Tis the season for giving! November officially kicks off the holiday season with America’s favorite foodie holiday — Thanksgiving. It is the month where we are once again reminded of all of the things we are thankful for as we gather with family and friends, stuff ourselves with turkey and pumpkin pie, and watch (a lot) of football. It’s fitting, then, that November has been dubbed National Gratitude Month here in the United States. Americans are encouraged to ‘practice gratitude’ which goes beyond just feeling thankful, and actively showing gratitude by giving back. While ideally it is something we should be practicing all year long, people are more likely to give more generously during the holiday season than the rest of the year. According to the annual Holiday Giving Survey conducted by Harris Poll, more than 3 in 5 Americans (63%) typically donate to an organization or charitable cause in the last two months of the year (known as giving season). Americans are among the world’s most generous people, ranking No. 4 out of 140 countries. Utah has consistently ranked the most charitable state in the nation, coming in second this year behind Minnesota. Beyond the obvious benefit of helping and enhancing the lives of others, research shows that practicing daily gratitude can enhance our own moods, decrease stress and drastically improve our overall level of wellbeing. On average, grateful people tend to be happier, healthier, more physically fit, have a higher income and have much more satisfying personal and professional relationships. It’s a win-win for everyone! The easiest way to practice gratitude is to say THANK YOU to someone who has helped you or impacted your life in a positive way or spending time with a loved one who may be lonely or going through a difficult time. Your words and your time are often the best gifts! -The Novation Team
Mission accomplished. Or is it? It is common practice for organizations to summarize their goals and objectives in the form of mission and/or vision statements. For many, they come in the form of a typed out statement hung on a wall, easily forgotten about and only reminded of when a crisis strikes. Or they come in the form of a long-winded, regurgitation of thoughts following a midnight-hour ‘breakthrough’ (see Jerry Maguire). While they are often confused for relaying near identical messages, both serve very different purposes. A mission statement describes what a company wants to do now, and a vision statement outlines what a company wants to be in the future. A mission statement guides the day-to-day operations and decision-making of an organization. It helps in tactical planning and “rallying the troops” around a common short to medium-term goal. A vision statement outlines the long-term view of the organization and why it exists. It attracts people — not just internally but also externally — who believe in the vision of the organization. Your mission, then, brings your vision to life. We believe these statements are the lifeblood of our company. They are something we live and breathe by, because as with anything else, our thoughts become our actions and our actions become our reality. We want our reality to reflect the words written on our walls, the words we use to describe who we are and the words our clients attach to our reputation. To us, they are much more than words. Mission: We believe in making an impact and having purpose within our community. Whether we are protecting real estate investments, giving back to our surroundings or creating opportunity and growth for others. We are here to redefine the experience. Vision: To create an experience that our industry has never seen before . To develop individuals to live by their full potential in all areas of life. To have unlimited growth and make an impact in people’s lives for the better. To empower our team members to dream big so together we can make a difference in our world. Impact. Purpose. Growth. Empower. Create. Dream. These are our words, our actions, our reality, and something we are proud to stand by each and every day. Experience the difference!
REDEFINING THE EXPERIENCE
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