One way to know the real estate market is doing well is when you hear Realtor teams mentioning they are going to open their own Title Company. Now, I must preface by saying I don’t hear this on a regular occasion but in reality, I should hear this zero times…ever. There are many Realtors who don’t fully know or understand the full scope of what a Title Company does, let alone under the full scope of detail and liability they will be assuming by having ownership in…or fully owning a Title Company. Many see us Title Companies like the “piggy bank” and we rarely pay claims so we must be swimming in cash. That statement is far from the truth. In the hierarchy of real estate, we make less profit than the Realtor and the lender on a transaction. With this said, here are what Realtors don’t know about opening their own Title Company.
I was meeting with a Realtor at lunch today and she and I were talking about her business and how Stewart Title and Escrow could help provide solutions. I asked her what kind of Title Company Marketing she was currently getting from our competitor? Like 99% of Realtors in the DC area…she told me that her current Title Company offered little to no marketing services…except for gimmicks. What she needed was real business solutions. As a Realtor you world is ever changing especially as it applies to marketing to consumers. If you don’t know HOW TO or WHAT TO do…how do you learn? Is there someone that can teach you this new way of marketing? A partner in business perhaps? As Real Estate agents you need answers to questions and help with your business as things change and evolve. There is one party that fails you over and over…that is the Title Company. Let me explain: