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.
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 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?
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.