Search and exam is still mostly manual in an automated industry. But why?
Trust and liability keep humans in the loop, even as mechanical title work is suited to automation
The search and exam process in the real estate industry remains largely manual, despite being surrounded by automated systems. This might seem counterintuitive, given the efficiency and accuracy that automation can bring. However, the reasons behind this lie in the complexities of trust and liability. In an industry where accuracy is paramount and errors can be costly, many firms prefer to keep humans in the loop to ensure that the work is done correctly and to mitigate potential risks.
The mechanical title work that underpins the search and exam process is indeed well-suited to automation, and many industry experts believe that it could be largely automated with the right technology. However, the issue of liability and the need for human oversight and review slows down the adoption of fully automated systems. Until the industry can find a way to balance automation with accountability, it's likely that humans will continue to play a critical role in the search and exam process.
As the industry continues to evolve, it's worth watching how companies approach the challenge of automation and liability. Will we see the development of new technologies that can provide greater assurance and accountability, or will firms begin to take on more risk in pursuit of efficiency? Additionally, regulatory changes or industry-wide standards could also play a role in shaping the future of the search and exam process. Whatever the outcome, one thing is clear: the industry's approach to automation will have a significant impact on the future of real estate transactions.
Originally reported by housingwire.com. ASIDNews adds analysis for real estate & property readers.