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.
So…this happened. Not surprising really. For years Zillow, Trulia, and Realtor.com have been battling it out for a while and even though there will still be 3 sites…it is really just 2. I have seen on my Facebook feed many Realtors saying things like “Zillow buying Trulia is going to be awesome!” Or…”Zillow buying Trulia is exciting!” Really!? Exciting for them…but not the individual Real Estate agent. In fact, it should be quite scary to hear this news if I was a Real Estate agent. There are many factors that make it scary for Realtors now that Zillow has eaten up one of the large aggregates. Here are some of the things to consider…
Having been in the Title Insurance business close to 10 years now (yes…it has been that long) I know that Real Estate agents LOVE to tell their friends and sphere the latest and greatest news. They tell them everything…what the market is doing, homes that just sold, inventory levels, Government regulations, and so on. Realtors also like to take this information and post it to Facebook, Twitter, Pinterest, Tumbler, Instagram and email it out to everyone. Realtors do this “thinking it brings VALUE to THEM.” Guess what…it doesnt. Nope. You know who it does give value to? The person who is responsible for the article. There is nothing wrong with posting real estate related content…but it is WAY better and brings more value to your target client…if YOU post your own Real Estate content. Let me explain:
Ever hear the phrase…”Niches gets Riches?” Sounds corny I know but it is very true. What it essentially means is stop trying to be everything to everyone but instead be something to someone…and do it well! Create or find the 1 or 2 things that you know or can do “decidedly better” than everyone else and just focus on that to be succesful. This is true whether you are in Real Estate or another profession. Developing your Real Estate business niche is very important especially in today’s Real Estate space where your field is full of stiff competition. There are too many Realtors out there but the problem is that most of them market to the same people the same way! Therefore they don’t really have a Real Estate business niche. Some people call themselves the “Neighborhood Specialist” but that is just at title they have given themselves…so are they really? Developing a niche is important in the Real Estate business and here is how you can define yours.
So…you are a new Title Insurance Sales Rep? First off I want to say “welcome to the field!” Being in the Title Insurance business is very rewarding and fun. It can also be frustrating and upsetting at times. I remember my first day as a Title Sales Rep for a Title Company in Phoenix, AZ. I can honestly say that my knowledge level on the topic of “Title Sales” was very low. I had been a loan officer for 9 months earlier and I knew how to sell…just not selling the way it’s now done…to Realtors. Selling FHA streamline loans was not the same as trying to get a real estate agent to send me their business in a very competitive field of already experienced Title professionals.
The Field of Dreams…remember that movie? The one with Kevin Costner in Iowa (where I am from) and he hears these voices that say “Build it and he will come”? Then Kevin Costner proceeds to destroy a chunk of his crops and everyone around him thinks he is crazy for doing such a thing! Well, you will have to watch the movie to find out how it ends but let’s just say that what Kevin Costner did, and the sacrifices he made worked out amidst the disapproval of those around him.