I met someone who works for a title company at a networking event last week and exchanged info. Just curious, I already have a title person that I've worked with, but always think it's good to make new contacts in the industry. She takes care of me when I have a property to close and I've worked with her for a number of years, but I can't say that I've gained new business from working with her. Not her fault, I just haven't thought of ways we can help build each others business. Can anyone share with me any ways they use their current title company, with whom they've done business with over the years, to get leads/new business?
If she Closes your deals as needed...then she is already helping you make money. What exactly are you looking for her to do besides this? Do more marketing and you should be able to grow your business just fine on your own...thus growing hers.
Thanks for your reply. She isn't necessarily growing my business the way I'm growing hers. If I'm bringing new investors into her office to close deals and they continue to use her, then I'm growing her business. If I close a deal that I've farmed/spent marketing money on, that's a lot different. It sounds like you're suggesting that the only way to grow my business is to do more marketing, which I disagree. Another way to grow business is to strengthen existing relationships, which is why I posted the question. I want to hear whether there are ways investors are using their title company to gain new leads. Otherwise, what's the difference if I use her vs. any other title company? What makes closing a property with her different than going through someone else? I get requests to work with different title companies all the time, so I want to hear from others whether there's something that they do to strengthen their title company relationship that I may be missing.
You should be using your title company to find new buyers. She should have contacts with other investors such as yourself. If you're not selling to other investors, maybe she has contacts with mortgage brokers who should have relationships with realtors and retail buyers.
If a title company is sending you leads, you used that title company to close your deals.
Hi, I have an inside view on title companies as I worked for First American Title and Chicago Title. First there is a difference between a title and escrow company this will depend on the state you are in. Title companies are the “insurance” part and “escrow” are the closing part, often one in the same depending on the state. The key to building a relationship with the title/escrow person is to save and close the deal. As you all know a million things can go wrong at the closing table and a good closer knows the ways to close the deal. For example: unknown liens, spouse not available, power of attorney, defective warranty Deeds est. all of this are killers BUT a good closer may know how to close your deal and work around these issues. So make your closing/title/escrow part of your team, so when the deal is going south she can navigate back and close.
I was more thinking along the lines of Edwin's point of view on this. Would you trust another title agent/s as much as you trust yours to get the complicated closings done properly?
I completely agree with you that there are other ways to help each other out. I am actually working a probate deal at the moment where the Estate lawyer got the referral from a title agent he works with...thus the need for me to go with her on this deal to keep everyone happy.
So maybe just have a chat with your agent and explain the business that you have been sending her way, and any leads that come in...you would appreciate getting 1st crack at them?
Role of a title officer is to sell you title insurance. If that requires assistance to facilitate the close ping and issuance of a policy, so be it.
It ain't all about you, Beverly. What are you doing to attract business for your title company? If you were a player, you'd know that fact of life that helping others brings benefits to you.
Early on, I took the head attorney of my title company, ORTC, and introduced him to the probate Bar associations where I prospected. Offer to split speeches. That gave me street cred. Gave ORTC new legal contacts. My business grew exponentially. Now, when I want something, I barely have to ask because I've been a profitable rainmaker for them.
Consider thinking about the other guy first. You'll be surprised at how this works well for all.
I think everyone has made valid points.
To @Beverly Buella 's point, there are millions of real estate transactions completed each year. Some are better at closing a deal than others, no question. But there are plenty of competent people that can close a deal. If she is helping grow another person's business by bring in referrals, then it would not be unreasonable for her to want to get some help in return.
@Edwin Cruz what type of help would be reasonable for Bevery to expect? What have you personally done to help the business of one of your clients?
@Rick H. being the rainmaker is great as long as the people you are making it rain for aren't just in it for themselves.
Thanks everyone for your replies/ideas. I wanted to hear some ways that investors are leveraging their title company relationship and appreciate all the feedback.
@Cliff Mccue Thanks for that. I've done business with different title companies, but whenever it is my choice- I always go to my go-to title person. I've referred several contacts, but honestly, we just never had the conversation on how to help grow each others business, so the suggestions are much appreciated. My question was prompted because I was approached by another title company which made me think, "what's the difference if I use person A or B?"
@Rick H. Please don't make assumptions on my position in my market ("if you were a player") and how I do business based on one forum question/post. I have referred many of my investor contacts to my title person- not only those that I've actually closed deals with at her office- and have never conducted business with an "all about me" mindset.
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