Navigating the commercial real estate market requires due diligence, and one critical step is selecting the right commercial title search company.
Given the market’s complexity and value—reaching $1.2 trillion in revenue in 2022—choosing a reliable partner for your title search needs can make or break your investment.
Here’s a concise guide to help you make an informed decision.
Evaluate Their Commitment to Technology
Companies that embrace advanced technologies like AI and automation often offer more accurate and efficient services.
Why? AI swiftly processes and analyzes vast amounts of data, uncovering potential issues faster and more reliably than manual methods. This reduces the risk of human error and ensures a more thorough search.
AI-driven searches also offer deeper insights into a property’s history by detecting patterns and anomalies that might be missed manually.
This comprehensive analysis helps identify hidden liabilities or discrepancies that could affect your transaction.
And there are many other benefits of partnering with a tech-enabled company:
- Faster turnaround times: AI can automate routine tasks in the search process, freeing up human researchers for complex issues and speeding up the overall process. This is crucial in fast-paced commercial real estate deals.
- Reduced costs: Streamlining the search process with AI can potentially lower title company costs, translating into more competitive pricing for you.
- Enhanced security: Advanced technology can improve data security by minimizing human error in data entry and handling. This ensures the privacy and integrity of your information.
Verify Their Data Accuracy and Completeness
Data accuracy and completeness are essential in title searches. A reliable commercial title search company should use a large, proprietary dataset to ensure no detail is overlooked.
This comprehensive approach helps uncover hidden liens, encumbrances, or other legal issues that could jeopardize your investment.
Verify that the company can access extensive and up-to-date public records and other relevant data sources.
To do this, you can check what technology a company uses to update its records. A company is only as good as its data and the technology it uses to manage hundreds of thousands of changing records.
This is why AI is the best solution for accuracy and completeness in the title search process.
The industry standard is 30% accuracy; AI can reduce that to as low as 10%. If you save 20% on reworks with every project, that time will compound, resulting in an improved overall bottom line.
Consider Their Customer Service
Buying or selling commercial property can be stressful, and having a responsive, knowledgeable team to guide you through it can make all the difference.
For example, there’s nothing worse than being left in the dark, not knowing when exactly the title search will be completed, and not being able to update key persons of interest.
Look for a company that offers real-time tracking and live chat for clear communications and will answer all your questions promptly.
Look for Nationwide Coverage
If you’re involved in transactions across different states, choosing a title search company with nationwide coverage is better. Each state has specific intricacies and requirements for providing the most timely, thorough, and accurate title search possible.
Choosing a company with nationwide expertise ensures they have the resources to handle title searches in various jurisdictions, providing a seamless experience no matter where your property is located.
A good question is, what does their network of ground searches look like?
Check the Company’s Reputation
Begin by investigating the company’s reputation. Look for reviews and testimonials from clients. A reputable title search company should have a solid history of successful transactions and satisfied customers.
For instance, finding multiple positive reviews from top underwriters, commercial title insurance agents, and law firms strongly indicates the company’s reliability.
Wrapping Up
Are you confident that your next commercial property purchase will be secure? Selecting the right title search company is crucial.
Seek out a company with a strong reputation, a commitment to advanced technology, accurate data, exceptional customer service, and nationwide coverage.
Pippin leverages artificial intelligence and a vast proprietary dataset to provide top-notch title search solutions. Trusted by leading underwriters, commercial title insurance agents, surveyors, and law firms, we offer nationwide services powered by advanced technology and exceptional customer care.
Partner with us today to ensure your next transaction’s seamless and satisfying experience.
