The other day I was thinking of an interesting scenario in which I was able to go back in time and “bump into myself” on my very first day of selling Title Insurance. I have covered being new to Title Sales before in previous blogs and what my first day looked like. What if I took my Delorian back to Phoenix, AZ in September of 2005 and was able to talk to my younger self for just an hour to fill in what I should be doing (and not do) versus the long road I took to being a top Title Sales Rep. It would surely entail overwhelming my younger self with information, but there would be several key talking points that would ensure my learning curve be cut down significantly. Here is what I would say to a first day in Title Sales Wade Vander Molen as to be successful in this job, and also what not to do when being a top Title Sales Rep.
Let me ask you a question. Are you a Title Insurance sales rep or an account manager? A problem we see in the Title industry is we have far too many “account managers” and not enough true Title Insurance salespeople. You may be reading this and think you know where you fall between the two categories, or maybe you don’t. This blog is meant to be educational and help the people in the account manager role realize they are account managers and how they can add true value to their Realtor and lender clients going forward. This is something that I didn’t figure out for a while after joining the industry back in 2005. When I was started, there was no training for Title Sales reps and I was new to the industry. That makes things tough. Let’s discuss the differences and get you moving in the right direction!
I got an interesting email the other day from a person new to the Title business. He had “discovered me” online and wanted to know–can a Title sales rep make over six figures per year? Having been in the business since 2005 I thought perhaps the answer to this question was well known–but then again perhaps not? There are several variables to production and income, such as your market, average fees per file, your own compensation plan, and more. With that said, the overall short answer to this question is YES. I want to preface this by saying many people who enter the Title Sales profession fail. There are a variety of reasons for this which I have discussed before but wanted to convey that being successful in this job is not easy. Let’s discuss how top Title sales reps make their money and why this is such a fun and lucrative career.
I want to start off 2019 by dedicating a blog post to my people…the Title Insurance Sales reps. Having been in the business since 2005, and now managing a team of Title sales reps myself, I see the job from the angle of a newbie starting from scratch trying to find their way and develop their own value proposition. The view of this job is one of ease. All you need to do is wine and dine Realtors and viola--the business just comes over. WRONG! The realization is this job is hard, has lots of competition and most people have trouble standing out in a crowd of Title Companies. If you are struggling in Title Insurance Sales, don’t fret as you are not alone. The good news, help is available (read this site!) and if you do a handful of items and stop doing others, your business will start to take off. I want to share with you what I share with my team to assist in your growth for 2019. Here are the reasons you are struggling in Title Insurance sales, and how you can break through and start building success.
In this second half of the blog, I’m going to focus on how I overcame the struggles of Title Sales and emerge. Many of you reading this might be looking for answers to WHY you might be struggling in the business or that golden nugget that leads to big success. There is no golden nugget other than hard work and lots of innovation. In late August of 2005, I went for an interview at Capital Title in Phoenix Arizona. Not knowing at the time, but Capital was the largest Title Company in Phoenix with almost 30 offices and 20 Title Sales Reps. Realize that in 2005 the housing market was on fire and taking a chance on a kid with no Title Sales experience was a very low risk. The office in which I was assigned already had lots of clients and success. I honestly think back then, my main role was just to maintain all the business we had. When people can buy homes with 100% financing and no income/no asset loans, everyone was a potential buyer. Obviously, that wasn’t sustainable and the market headed south and with it the business.
If you are looking for another blog on real estate marketing or some tech secret to gain clients–this is not one of those posts. For over six years, I have spent hours and hours pumping content into this website to create an interested audience. If you are brand new to the site and reading for the first time, click around when you are done, you will find some good stuff to assist in your business needs. Now back to it–How I was able to create success in Title sales was not an easy one, in fact at one point I was completely unsure of my goals, and where my professional life would take me. I have received many questions over the years, about my background, how I built my business, and on and on. These people had no clue that someone who had smarts and talent was only an average student (at best). It started in middle school when my personal struggles with learning and development.
Having been in the Title industry since 2005, I have seen many Title Sales Reps come and go with only a handful really “making it” and taking their business to truly lucrative levels. With thousands of Title Salespeople in the US, that means a huge majority either wash out or never find the level of success they are seeking. Why is that? The main reason is a massive lack of training for Title Insurance Sales Reps. When I started in the business, I received little to no training. Being the newest Title Rep of 20 for my Phoenix, AZ company, I “shadowed” a few people but none were eager to share how they grew a book of business or their success secrets. I was left floundering around for a while before actually learning the job and finding my way. That learning curve could have shortened if there was training available. Thankfully for me, I kept working hard and grew a successful business in not only Phoenix but 2000 miles away in the Washington DC area. With many Title sales reps reaching out for assistance for this very reason, let’s chat about why there is a lack of training for Title Insurance Sales reps and how we can fix it.
Over the last few years, I have received many emails and calls from Title Companies and Title Insurance Sales reps. Washington State to Florida, most of their questions and work struggles have a similar tone. This shows that no matter how business is done in your area, the concepts of sales and marketing strategies to gain Realtor, Lender, or Attorney clients is the same. When I moved to the Washington DC area in 2012, I did “start over” in the Title Insurance sales business. I moved to a brand new area, 2000 miles away from my former market (Phoenix, AZ) and I had zero clients. The positive thing is that I had seven years of Title Sales experience and had a proven track record building a book of business. With that said, what if I had to start over in Title Sales…right now? Would I do things the exact same or differently? Hmm…if I started over today.
I was meeting with someone last week and he said: “If Title Companies stopped bringing bagels and donuts to Realtor offices, bakeries would go out of business!” We had a chuckle but the more I thought about it, then I agreed with him. In many markets around the country, the Title Insurance Sales Rep behaves and is seen as just that…the “order taker/bagel pusher.” It is time to change the mindset of the real estate agent and start adding real value. I can’t tell you how many times I offered a marketing solution, taught an agent a valuable lesson in real estate technology, or helped them in their business and they said–“Wow, I didn’t realize Title Company people offered this help for agents.” Ever have this happen to you…or never happen to you? So how should the Realtor view their Title Insurance Sales rep? As an order taker/bagel pusher or more? Much…much more.
Having this website active and creating consistent online content (blogs/videos) for 3.5 years now, it has led to a lot of people on the site (thank you) and in turn resulted in many calls and emails with questions from real estate agents and mortgage lenders. It has also resulted in lot of questions from other Title Insurance sales reps from all around the country. I realize that in our job position, there is not much training out there. In fact, most companies offer none at all! I remember when I first started in the business back in 2005 and I was the 21st title rep for my very large company. We had many successful Title Insurance sales reps but they weren’t too keen on sharing HOW they became successful. I had to learn for the most part…on my own. So once a year I post a helpful blog/video just for you…the title sales rep looking for advice, answers and how to be the top rep in your area. Here are the top questions I get from other Title Insurance sales reps from around the country.