Qualia is regarded by some as one of the best title closing software platforms in the industry. It offers a digital platform hosted in the cloud that’s changing how real estate is bought and sold. At this point, it’s been chosen by over 500,000 professionals in the title, escrow, mortgage, and real estate sectors.
The all-in-one solution enhances the efficiency of internal operations, leading to a strengthening of client relationships. In an industry that’s grown 9.8% on average since 2016, it’s important to be ready to navigate the changing market. To illustrate that further, $5.4 billion in premiums were generated in the third quarter of 2022, according to the Mayer Brown State of the Industry. And even though that was down 20.6% year-over-year, it’s still the fourth highest recorded for that period in the last 13 years.
“We all look forward and anticipate the shifting market. What happened [in 2020] was just a complete fluke. There’s no way you can sustain anything like that.”
– Terrie Lund, Owner, Ohana Title Insurance Agency
The numbers prove that real estate is a long game. And when you take a patient approach, you will reap the benefits. But as a title professional who wants to get ahead, the software you use is an important factor.
If you are thinking of using Qualia Core, you might be wondering if Qualia is the right software for your business and needs.
Knowing if it’s right for your title company requires research and knowledge of how the software works. There are important considerations to take, such as your state’s regulations or how much you’re trying to optimize your business processes.
Below, our expert Qualia support team breaks down the pros and cons of the platform. We want our clients to know what’s best for them, and help them activate the software’s full potential.
The Pros of Qualia
1. Cloud Digital Suite
Modern businesses live in the cloud. Qualia understands this and has built its cloud-based platform with efficiency in mind. The digital suite is simple and easy to use, which is very helpful for the diverse needs of the title, escrow, and closing procedures.
The cloud-based approach improves operational efficiency because it allows users to access and manage their closing processes from anywhere. Not only is this convenient, but embraces the unique nature of the real estate world.
2. Integration and Automation
The Qualia platform is designed for easy integration and automation. With some configuration, you can turn complex workflows into a quick automatic experience. It supports a variety of real estate-related processes such as title and escrow operations, wire fraud detection, vendor management, and eSigning.
The integration capabilities simplify operations across multiple aspects of the real estate world. In particular, automation reduces manual tasks like entering data into virtual documents. When utilized properly, the software delivers a simple and secure experience for all stakeholders involved in the title closing process.
The software company states that its software can truly boost efficiency and profitability, as outlined by the below graphic.
via Mayer Brown
3. Security and Compliance
The importance of security in the real estate business cannot be overstated. Qualia title software is built to ensure a safe and reliable experience for its users. To keep up with industry best practices, the platform undergoes regular third-party evaluations.
Beyond that, the software is committed to high standards of data security and privacy. And with Premier One’s SO2 compliance certification, we understand the rigorous nature of these qualifications. The focus on security and compliance not only ensures reliability, but can offer a bit of peace of mind to real estate professionals handling sensitive transaction data.
The Cons of Qualia
1. Onboarding and Training Needs
Qualia is known for its user-friendly interface out of the box, but new users without closing software experience may face an initial learning curve. That is a time investment for professionals, but one that’s not too complicated.
If this is the case for your team members, our IT experts recommend Qualia University, an online and flexible training program with self-paced videos, quizzes, and professional certifications. It provides training to those willing to invest the time and commitment to fully grasp the platform’s capabilities. By using the full potential of Qualia, title professionals have a competitive edge over others who don’t take the time.
2. Configuration and Customization
One of the standout features of Qualia is the ability to extensively customize to meet the needs of different title companies. It allows businesses to tailor the software’s workflows, automation, and reporting features to their unique needs. However, while this customization is incredibly helpful, setting up the configurations requires a bit of time.
To set it up properly, you might need to audit your existing processes and see where there are gaps. This process can be a little challenging and inconvenient – especially within an industry that already requires so much time and dedication. But in the end, this customization will save you even more time and costs.
3. Continuous Updates
Qualia is a leader in the title closing industry because of its commitment to stay ahead and continually update its software. The updates over the years, as detailed in this Qualia article, include advanced features for scaling businesses, optimizing operations, and exceeding client expectations.
However, the reality of frequent updates means that users must adapt to new functionalities and changes within the system. That is particularly challenging for users who are forced to manage high volumes of transactions and intense day-to-day operations.
For some title professionals, keeping up with these updates may require additional effort to learn. But if you have any challenges, our Qualia IT experts are ready to help.
Unleash Qualia’s Full Potential & Close Deals Faster
Qualia is similar to other advanced software like SoftPro. It offers a tremendous amount of value, but it’s not without its challenges. Taking full advantage of the software means an investment of time and resources from your team. Examine your own business goals and see how they fit within the opportunities provided by the different features of Qualia.
For businesses considering moving to or taking more advantage of Qualia, it’s vital to weigh these pros and cons carefully. The platform offers transformative potential to securely streamline real estate transactions, but this comes with a need for ongoing adaptability.
At Premier One, our Qualia support is unmatched. Let’s talk about how to harness the full potential of your software. Contact us today!
