With the real estate market on fire, many industry professionals are jumping into the title insurance business. If you’re starting a title company, these tips will get you off to a sound start.
1. Be a Customer Service Superstar
There’s no substitute for great service. Whether it’s the time you spend sharing information with a befuddled client or setting out snacks and drinks at closing, customers like to feel special.
2. Create a High-powered Team
You need successful people to build a successful business. You don’t have time to monitor your employees, but when you hire high-quality people, you don’t have to. Good people mean good salaries, but trying to cut corners on personnel will cost you dearly in the end.
3. Set Clear and Attainable Goals
Tell your team where you want your company to go and how you plan to get there. To ensure that goals are being met, generate daily reports and conduct regular briefings. Encourage open communication. Ask for suggestions. Maintain transparency.
4. Know Your Market
Study the population you want to serve. Identify potential customers. Assess the types of properties you’ll be dealing with. When you understand your market, you can implement a business model tailored to the needs of the community you’re serving.
5. Splurge on Software
If you’re starting a title company, don’t skimp on software. You’ll lose time and money, and your reputation could suffer. In the end, you’ll have to get the same high-quality software you should have installed in the first place.
Cheap software might be fine for some companies. With a title company, your ability to get a job done depends entirely on the speed and quality of your systems.
6. Choose Software That’s a Good Fit
Your new software should be intuitive and easily integrated. It should have robust reporting capability and the ability to track in real time. Most importantly, it should allow for paperless closings, esignatures and erecordings.
Use monthly and quarterly reports to streamline and fine tune the loan closing experience you offer. High-tech title settlement software may come with a high learning curve, but the long-term benefits are well worth it.
7. Location Matters
If you’re starting a title company, don’t hide in a corner. Look for a spot that’s visible, easy to access and close to other small businesses. Keep an eye out for new commercial properties in the area. The developers may be offering rent discounts to attract new tenants.
8. Mind Your Marketing
Your website should reflect your professional style. It will serve as your virtual storefront. Make it easy to navigate. Create a mission statement to showcase why your title company is better than all the other title companies.
Post regular blogs to educate visitors and provide useful information about the loan closing process. Include content about the local real estate community, and supply links to home services companies.
9. Target Ads to Local Realtors
Almost 90 percent of homes are sold with the help of a realtor. Let the realtors in your area know that you’ve set up shop and are starting a title company. Tell them you can help them close more deals. Ask for referrals.
10. Spoil Your Clients
Treat your clients like celebrities. Be willing to stay late or get up early to facilitate a closing. Become an expert on complex transactions, and explain the settlement process to anyone who needs a better understanding.
Is your title company offering enough value to lure customers away from the companies they’re working with now? If so, good for you. You are on the road to success.