We’ve been very busy here at TitleCapture the last few months, talking to as many title company employees as we could—closers, title officers, escrow officers, owners, sales reps—in an effort to figure out their most important day-to-day frustrations.
We were surprised to discover one main problem (generally overlooked by title company owners) causing title reps to feel overwhelmed, especially in today’s super-hot market:
Having to create title quotes and seller net sheets FOR lenders and real estate agents - on-demand - while working on closings and other more important tasks.
To illustrate this particular problem, we’ll use one title rep’s own words:
“[...] we’re constantly behind, trying to adjust to this whole remote closing and the crazy market we're in. So imagine I’m working on this file, I need to put together the CD. All of a sudden, my phone rings, and it’s one of my agents. She needs me to prepare a net sheet for her. She needs it NOW... My mind is like: ‘Sure! Let me stop everything I’m doing and arrange that for you. It’s not like I have anything else to do today!’ And this happens 5-7 times every day. It’s just super distracting.”
We’ve been hearing this story over and over. When we asked title company owners why they prefer to be a “concierge” to their clients, the answer is consistent: “I need to offer them [real estate agents and lenders] a great experience, otherwise they’ll turn to my competitors. And they do have 2-3 other title companies on speed dial.”
To someone who isn't very familiar with the quoting process, the solution probably seems simple: give these clients a calculator and let them get their OWN quotes, by themselves.
But many times this suggestion brings horror to a title rep's face. "It's pointless. They'll come back ten times, asking me to confirm if their transfer tax or property tax proration is correct. I'd rather just do it and share it with them, knowing it's right on the money. There's less time spent this way."
Yet, when we look at our usage data inside TitleCapture, we see that some title companies are doing thousands of these quotes each month, with NONE of them generated in-house—100% are created by their clients.
One example we looked at was of a mid-sized title company on the east coast, whose clients totaled a whopping 7,000 quotes last month.
If the title company's sales reps had to personally generate these quotes for their lenders and real estate agents, they would have spent around 3,000 hours or $100,000+ on it—a complete waste. It's 3,000 hours better spent on actual closings than prelim quotes.
So while we totally get why you might be reluctant to delegate 100% of quoting to your real estate agents and lenders—taking it off your title reps' plates—we also have evidence saying it’s not just feasible, but even recommended to do so.
But you need the RIGHT quoting tool. At the end of the day, you can’t give your clients access to an inaccurate calculator that they won't trust, a calculator that’s too complicated to use, or which they’ll hate because it’s just plain sloppy, sluggish or looks unprofessional and dated.
This is where TitleCapture comes into play. Our mission for the last 7 years has been to build exactly that kind of tool for you and 1000+ title companies nationwide already chose us.