It’s not easy winning new title business from mortgage lenders or new referrals from real estate agents. Title agencies and settlement services firms are hamstrung in their efforts to differentiate because of strict regulation which limits our ability to create new products, cut pricing or do many of the other things other traditional industries tend to do to market their wares. For seemingly decades, many agencies relied upon their exemplary customer service in their sales and marketing efforts. In time, however, it became apparent that a) lenders see customer service as a cost of doing business, rather than a differentiator, and b) when 90% of an industry claims to offer the very best customer service, its prospects will not take the time to verify each claim.
The regulatory blitz of the past 4-5 years has given some an opportunity to market and sell based upon their ability not only to comply, but to help their clients be compliant, too. But we seem to be reaching a saturation point on that claim.
So, let’s get right down to it. What do Realtors and lenders really want? As much as we’d like to believe it, it’s not title insurance. They need to do it, but they don’t lie awake at night thinking about it.
In fact, what lenders and Realtors want is a settlement services provider which uses require’s release tracking, curative and title search services.
Ok. Maybe not exactly in those terms. But follow me here.
For lenders especially, but for Realtors too, a title agency is a service provider. The job of that service provider is to perform, in most cases, functions required by law or regulation. Accordingly, far too many loan officers, vendor managers and realty professionals view us as a necessary evil.
Not exactly the pole position in the race for mindshare.
But what if a service provider provides not only the best possible “necessary evils,” but delivers assistance where the lender or Realtor really wants it: new sales; client retention and positive client experience (UX)?
Using an effective, accurate and efficient service provider like reQuire certainly helps a title agency or settlement firm improve its customer service and product offering. But it also provides time and cost savings that the savvy title agent or owner can reinvest into, say, sales consulting. That’s right. The settlement firm of the future can win an advantage by becoming a trusted advisor to its clients. And while lenders and Realtors expect their vendors to be experts on the services they already provide, how many title agencies are effectively helping their loan officers find new ways to market to consumers or stay in touch with past clients?
reQuire’s services, in short, give the settlement services firm more time and money to focus on differentiating. It’s the oldest sales tool in the book—streamlining one’s core functions in order to put more effort into sales and marketing. And yet, not enough settlement businesses are doing it. Here’s your chance. What will you do to reinvest in your own growth once you square away your traditional “back office” functions with reQuire?
Contact us to see how we can help.
About the Author
Linda has more than 25 years of experience in the title insurance and real estate industry working both with underwriters and agencies in different states. She worked as a closer before becoming a leading sales person in the title industry working for several national underwriters. Linda was the Founder and CEO of Final Trac, a national release tracking company before its acquisition by reQuire. She participates on the Real Property Committee for ALTA and has an outstanding record of success in identifying business opportunities, developing strategies, and implementing actions to boost business performance. When Linda is not traveling for business she loves to explore new places with her husband. Together they have four children and two grandchildren. On the very few sunny warm days in New England, you can find her most often in the garden she created with her husband or sitting on a beach in Rhode Island.