Starting a title company is a serious commitment for this B2B service-based initiative. For the most part, franchises are used for companies that target consumers, such as fast food, chain restaurants, and other consumer-facing businesses. While consumers are the end beneficiary of the real estate transaction, title agencies are focused on their referral of title orders from mortgage companies, realtors, and other referrers of title business. These companies are very sophisticated and demand high-performing tech-savvy title agencies. Title company franchises are:
Think about the above carefully which are some of the “cons” of franchises.
Conceptualizing and starting a title company is a complicated process that involves many components. That’s where we come in. We have mentored hundreds of organizations in starting a title company. We understand the enormity of the undertaking, and we have the depth of knowledge to envision and execute the many facets of starting a title company with a corporate strategic plan that is tailored to suit your needs, whether you are a mortgage company, real estate brokerage, or an entrant into the industry.
Title Company Training— Do you know the ins and outs of a title commitment? How about creating a CD or disbursement statement? End-to-end process flow got you confused? Do you know who the best closing companies are? What are the Attorney States? A two-day ZOOM meeting is recommended for newbies to the title industry as part of the program. In this meeting, you will become an EXPERT title professional at the end of the two-day meeting. Sound like what you need, read further.
Licensing Consultation—Regulations vary widely from jurisdiction to jurisdiction. Therefore, we can help you determine which states will be the most profitable and the best licensing and compliance strategies to use when starting a title company. System 2 Thinking’s CEO, Allen Solomon, literally wrote the book on title agent licensing, The First Title Agents’ Licensing Manual.
Recruiting—A great team is the most critical asset of your company. Great thinkers and leaders know the product can be great, but you need the team to build it and keep it going. At S2T, we can guide you through the hiring and training processes to know you have the best team possible. Creating targeted job descriptions and assessing whom you need to hire to get you launched. We can also help you craft an effective organizational chart that promotes oversight and prevents inefficiency.
Technology Implementation—Choosing the right technology now helps you stay competitive in the future. S2T can evaluate your needs and help you select and implement a robust, scalable set of software platforms when starting a title company.
Process Workflow—Each title order can go through a dozen steps before it is clear to close. Fast, accurate turn-times are the order of the day. At S2T, we use Six Sigma and other process techniques to configure and optimize a startup title company by implementing a system that pushes down the error rates and speeds up delivery times.
Compliance– Allen Solomon is the author of The Ultimate Real Estate Transaction Compliance Manual, a guide to all rules, laws, and customs wrapped around a real estate transaction in all 51 jurisdictions. We thus know compliance in and out and will impart this knowledge to you. www.recompliancemanual.com.
Starting a title company is an enormous undertaking. To learn more about how System 2 Thinking can help you start a title company, call us at 917.420.0333 and schedule a free consultation with Allen Solomon. You’ll be happy you did.