I want to begin by saying Realtors are not “forced” to use the joint venture Title Company. With full access to the brokerage’s agents, office meetings, events, and a push from the Broker, the business capture rate on the real estate joint ventures is fairly high. Joint ventures between Title Companies and Realtor brokerages have existed for quite some time and are fairly prevalent today in the Washington DC/Northern Virginia area. Perhaps they exist in your market as well and maybe you currently participate in one. BUT…what if real estate joint ventures were told to disband and can no longer exist–effective tomorrow?
There is one thing that I hear consistently from real estate agents…they just need more Leads! “Wade…if I just had more leads, I would have a lot more business to send you.” The big myth in the real estate business is that more leads = more business. Not true. The word “Leads” gets thrown around way too much, not just in the real estate space, but in most business. The title insurance industry is no different. I hear inexperienced title reps talk about their Realtor/Lender leads as if these people are practically clients already, though they haven’t had any sort of commitment for business. I then like to ask these Realtors, Lenders, and Title Reps about their “Prospects?” There are major differences between real estate leads vs prospects. They are nowhere near the same thing. Once you learn the differences, you will never treat those “leads” the same way again.