When it comes to what matters most for a title company, the verdict is out: it’s client service. As a matter of fact, a title company has to stop thinking of itself as a settlement service provider, and instead view itself as a closing experience provider.
In talking to hundreds of closers, title officers, as well as their real estate agents and lenders over the years, we’re definitely noticing a few common themes and one of them is how important it is for a title company rep to be able to make their real estate agents “look good” in front of their potential buyers and sellers.
After all, you’re providing a great closing experience not only to the actual consumers but their real estate agents and lenders as well.
So the first step in that awesome closing experience is the quoting. And many real estate agents actually expect you to generate buyer and seller net sheets FOR them or they’ll turn to the other 2-3 title companies they have on speed dial.
So here are 3 quick tips, to help you crush it when it comes to this phase of the overall closing experience:
Tip 1 - Help your listings agents be on top of their numbers game
A realtor may actually lose a listing because they were missing a fee and it made them look bad. You can’t afford that. You’re going to lose that realtor and all the potential closings he/she may bring you in the future.
Here’s a simple example. A seller would think they only have one mortgage payoff therefore one single reconveyance fee. Not so fast. If that seller has a line of credit with a zero balance, then the seller needs a payoff letter and an additional reconveyance fee for that as well.
The listing agent would have no idea about this, and not including these fees in the seller net sheet is definitely risky. It would potentially ruin their ability to demonstrate they know their numbers.
And this is just one example, not to mention back taxes owed, nuisance liens, and so on. All of these are found while you research the property before generating the seller net sheet for your agent.
We encourage you to DO THIS WORK and be indispensable for your agent.
Tip 2 - Offer to help the buyer side as well
Ever heard of the "Rule of Reciprocation”? If not, it basically states that whenever you give someone a gift, they feel more inclined to reciprocate.
We are seeing very few title reps actually generate buyer sheets for their agents, but the ones that do this are usually the best reps working for the best and fastest growing title companies.
When you offer to generate a buyer sheet, you may not only win the escrow, but you’re scoring serious customer service points.
And remember, you know more about the property and transactions than your agents do, so be that beacon of light for them and make those buyer sheets absolutely precise, not just when it comes to closing fees, but also lender fees, impounds, tax prorations, etc.
Tip 3 - Pick the right technology
TitleCapture is NOT THE ONLY quoting tool out there, and we really encourage you to do your research and pick the vendor that works best for your particular title company. But one thing you should know is that we’ve always been focused on title rep’s client service needs and tried to make their lives easier by streamlining their work.
There are a few things you need to look out for, whenever you’re choosing the right technology to help you provide these quotes out. Here are a few:
- Title reps need to be able to generate and share a quote really FAST, you need to go for maximum ease of use, or else they won’t use the tool
- The vendor needs to onboard all your title reps, you can’t spend time doing this
- The quotes produced need to be accurate and compliant with TRID, RESPA, etc - you can’t worry about your taxes or the accuracy of the title insurance policy amounts
- The quotes generated need to be branded and look absolutely stunning, so that you are top-of-mind for your agents and gain loyalty and sympathy
- Your reps need to be able to access your quoting tool from ANY device
- Stay away from iPhone, Android apps and go for a browser-based quoting tool because the vendor may update the tool on a daily basis in order to improve it and fix things here and there, and you don’t want to constantly have people download updates from the App Store
There are many other criteria, but make sure you cover these ones first.
And of course, we do fit all of these and more, so make sure you check out TitleCapture and request a demo from one of our product specialists. They’ll show you how it works and how you can benefit from it.