How COVID-19 is Changing the NC Real Estate Industry

Two adult men sitting on a couch looking at a computer.

Real estate is constantly changing and adapting to keep up with 2020. It’s no secret that COVID-19 has had a massive impact on, well, everything but no industry has adapted to meet the “new normal” quite like real estate. North Carolina real estate is keeping up with COVID-19 in new and surprising ways—leading to a more seamless real estate transaction experience for practically every party involved.

Here’s an overview of exactly how North Carolina real estate has adapted to the COVID-19 pandemic:

Technology Streamlines the Process

In the past, real estate transactions required in-person meetings and negotiations. As social distancing became necessary to prevent COVID-19 from spreading, the real estate industry quickly adapted by implementing a powerful suite of technologies to help distance the transaction process.

Now, much of the transaction can take place virtually. Many real estate agents, title insurance companies, mortgage lenders, and other players in the industry have made significant changes to their operations. For example, many home tours can now take place virtually, much of the closing paperwork has been transferred to online forms, and even applying for a mortgage has largely moved online.

A Push for More Efficient Communication

Prior to COVID-19, the title insurance process happened largely in the background of the overall real estate transaction. Now, however, title insurance agencies are playing an integral role in the closing process. Our team is going above and beyond to provide all of our customers with an exemplary title insurance experience—even if it can’t be in person.

In fact, our new emphasis on technology has allowed us to stay in touch with our clients, communicate more efficiently, and be there for them every step of the process in new and more efficient ways.

A Superior Closing Experience

Title insurance companies like Tryon Title have worked hard this year to create a closing process that is efficient and virtual. Many of the real estate industry’s key players have made the closing process as contact-free as possible to ensure the safety of all involved parties.

One great software that we’ve had a lot of success with is the eClosing process:

eClosing Gets the Job Done Faster

Once upon a time, eClosing was a convenient software that made it easier to complete the real estate transaction when distance was an issue. Now, however, it’s an essential part of closing on a real estate transaction.

eClosing benefits borrowers and lenders as they work to close transactions on behalf of the buyers and sellers they represent. Some of those specific benefits include:

  • Allows involved parties to sign paperwork digitally—eliminating the need for in-person appointments
  • Home-buyers can preview their closing documents in advance from wherever they are
  • Reduces the process from hours to minutes
  • Simplifies the closing process for all involved parties as the paperwork is compiled and executed online
  • Drastically reduces errors that result from closing deadlines and other logistical issues

Title Insurance Adapts to Meet Consumer Needs

Title insurance is still an essential part of the real estate transaction—it’s just easier to navigate now that agents are working to transfer the process online. Purchasing title insurance for a real estate property does not require lengthy in-person meetings, physical handshakes, or any other formalities.

With the process moving online, it allows for a convenient experience for all involved parties. Real estate agents and their clients, mortgage lenders, paralegals, and other professionals can rest assured knowing that there are plenty of safe and smart ways to continue purchasing and selling real estate.

Apply for Title Insurance Today

Looking for a title insurance policy on behalf of your clients? Our team of underwriters has years of experience assisting real estate agents and home buyers with title insurance throughout North Carolina.

Get in touch with our team today to find out more.