And just when you thought everything is going into the dumpster, you witnessed the true scale of the refi boom, on top of which you now have people relocating.
All this results in a very HOT market. Every title company we speak to, here at TitleCapture, is reporting a doubling of growth in 2020 relative to 2019. That is absolutely amazing.
However, all this involuntary growth is definitely posing challenges for many title company owners and staff. Even if owners would like to grow more, they report that “staff would absolutely kill them” if they heard of more business coming in. And that’s normal. Most title officers and closers are behind on their closings. And that’s because of a lot of interruptions and inefficiencies currently due to a legacy workflow.
But one thing to keep in mind is that if you, as a title company owner, don’t “strike the iron while it’s hot”, you may not get a second chance.
If title companies are not able to fully take advantage and push the pedal while this market is hot, what will happen in 2021? Do you really think that this hot of a market is going to last for long?
The future is definitely uncertain. Will we get back to pre-2020 levels? Are we heading to a more serious slowdown? Nobody knows, so it makes sense to really focus on optimizing operations, widening that firehose, streamlining all processes. NOW is the time, not later. Title companies have the revenue NOW, not later.
If you invest in streamlining and optimizing your operations, you will gain some benefits, that will remain benefits regardless of how 2021 will look like.
On one hand, you would have created an efficient environment that any closer would like to be part of. So, turnover drops. Regardless of whether you’ll need more or less staff in the future, the people working for you are going to be a lot happier. Not to mention they will attract more talent, the number one requirement for a thriving team.
Second, you’ll be able to offer an unbelievable client experience through quality, as well as speed. Technology will allow you to not only provide better services, but it will also allow you to offer it faster.
Let’s take an example, regarding efficient environments and processes. This is an example we’re all too familiar with, we’ve seen it work for title companies big or small nationwide.
Many title reps complain about the interruptions and the time wasted fielding requests for quotes. And we totally understand them. It’s 2020, closers should NOT spend their time giving quotes to realtors and lenders. It’s just not productive.
There is a way to 100% delegate that job to the actual realtor and lender.
But for that, you need to have these things in place:
- A quote calculator that is actually accurate, fast, and most important CUSTOMIZABLE for each client - one you can actually trust
- A quote calculator that actually gives your realtors the BEST Seller Net Sheets and you lenders the most accurate Loan Estimate Quotes
- A marketing hire, part of your team, that actually adopts and onboards all your realtors and lenders and teaches them how to use it, stays on them until you see usage, and gets their feedback so that you can improve the calculator
- A vendor that takes in all that feedback and prioritizes development cycles to incorporate your suggestions into future releases
Humblebrag (not so), TitleCapture has been this kind of product and this kind of vendor for the last 7 years. We’ve actually set the standard in an industry that still doesn’t understand title companies’ needs to service their clients.