For the last five years, remote home closings have been a popular option in Florida’s real estate industry. Like other online tools and systems, it simplifies the closing process, eliminating many of the variables that make physical closings so hard to plan. Remote closings have evolved tremendously in only a couple of years, allowing new trends and practices along the way. If you want to succeed in the real estate industry, knowing these trends is key.

An Outlook Into Remote Closings

Through the process of remote closings, a certified notary can validate all the documents of a real estate transaction online, while the relevant parties can place their signatures from a different location. Traditionally, both notaries and signers needed to be in the same physical location for the closing, but the development of different audio and video technologies started to play a huge part in streamlining the process.

As described in an article from Jones Health Law, Remote Online Notarizations (also known as RON) are the backbone of remote closings, with Florida becoming the twenty-first state to adopt remote online notarizations back in January, 2020. The system became a vital resource at the height of the pandemic, and its effectiveness changed the standard for real estate transactions nationwide.

The main advantages of Remote Online Notarizations include:

• A wider reach: With remote closings, there are fewer geographical barriers for a real estate transaction. Clients can complete the process for virtually any part of the globe, and escrow companies can build their reputation much faster while tapping into other national and international markets.

• Flexibility: Scheduling the right time for a closing can be tricky when you consider the responsibilities of all the parties involved. If you live or work far from the notary’s office, heading to the closing appointment can take up a lot of your time, not to mention the inconveniences posed by your work shifts, time zones, and other appointments.
  
  With the option of remote closings, the entire process can be completed from any location as long as all the parties involved have a digital device to allow the exchange, like a laptop, a tablet, or a smartphone. Another important requirement is the right video conferencing software to allow easy communication without delays or misunderstandings. This also provides more versatility if there’s a need for last-minute re-schedules.

• A stress-free process: Real estate transactions require lots of discipline and attention to detail. Many appointments must be planned along the way, and the assistance of a title and escrow professional is crucial. Closings represent the last stop after lots of reviews and negotiations, so clients will welcome any tool that can simplify the process.

Scheduling conflicts abound in multi-state transactions, for instance. The option of remote closings ensures that no one has to go the extra mile, and everyone can rule out the potential costs of transportation and lodging. All relevant parties can do their part from a safe, known environment without disrupting their routine.

Trends & Practices in Miami’s Housing Market

• The latest technology and digital resources: Reliable technology is vital to avoid any mishaps during the closing. There is no shortage of resources available, so companies need to assess all the options before making an investment that will shape their transactions for years.
  
  A good starting point is getting a wide-scale video conferencing software like Zoom, Microsoft Teams, or Google Meet, along with a powerful CRM system to monitor multiple tasks more efficiently.

• Providing visual aids: When used correctly, infographics, slides, and video editing can convey lots of information without tiring the recipient along the way. These are useful tools for lawyers and escrow agents to explain the closing process in a dynamic manner.

• Tailoring the process to the client’s needs: There are many ways to go about this depending on each client, which is why the first step is taking the time to know the person, whether you’re working with sellers, buyers, or real estate agents. Take notes of their speech patterns and preferred communication style; this will come in handy when you need to follow up on a request.
  
  You can use different email templates, but keep in mind that feedback will flow more smoothly when you personalize your messages.

• Clear communication: Many people often feel blindsided by the lack of non-verbal cues during remote transactions. More importantly, remote closings require just as much coordination as physical closings, so you can’t overlook the value of communication. When realtors, notaries, buyers, and sellers keep a constant rapport along the way, it’s much easier to review and sign dozens of pages at the end of the road.
  
  To avoid overwhelming clients, real estate experts need to effectively outline the process, avoiding complex terms and checking for feedback at different points of the conversation. They must also guide clients if they have difficulties mastering standard communication software.

At Key Title & Escrow, we understand that change can be hard once you’ve grown attached to the safety of traditional closings. Like other leaps in technology, the option of remote loans should never be a source of additional stress, which is why our specialists are always happy to help you navigate the process. Don’t be afraid to ask questions and express your preferences, we’ll be happy to customize our process to your needs! Just call (305) 235-4571 or toll-free at (800) 547-0006 to get in touch with our title and escrow experts. Or, contact us via the website’s contact form if you have specific questions about Florida real estate transactions.