Understanding the Effects of Inflation and Low Inventory:

When inflation and low inventory hit the real estate market, the title insurance industry is not immune to their effects. It is crucial to comprehend these effects and adapt marketing strategies accordingly. Here are key considerations:

• Rising Home Prices and Affordability

Inflation often leads to rising home prices, making affordability a major concern for potential homebuyers. As a title agency, it is essential to address this concern by highlighting the value of title insurance in protecting one’s investment. Emphasize the peace of mind and financial security that title insurance provides, assuring buyers that their investment is safeguarded even in a volatile market.

• Limited Inventory and Increased Competition

Low inventory levels can result in heightened competition among homebuyers. To stand out in a crowded market, your title agency should emphasize its expertise and efficiency in navigating complex transactions. Showcase your ability to streamline the closing process, provide prompt and accurate title searches, and offer exceptional customer service. Position your agency as the go-to resource for seamless and hassle-free real estate transactions.

• Building Trust and Credibility

During uncertain times, consumers seek trust and reliability. Leverage your marketing efforts to establish your agency as a trusted partner in the homebuying process. Share client testimonials and success stories that highlight your agency’s commitment to customer satisfaction. Demonstrate your industry knowledge and expertise through thought leadership content, such as blog posts and educational resources. Engage with potential clients on social media platforms to build rapport and foster trust.

Effective Marketing Strategies to Increase Revenue in A Down Market

To captivate consumers and increase revenue in a down market, your title agency needs to unleash its marketing mojo. Here are some effective strategies to consider:

• Targeted Digital Marketing 

Invest in targeted digital marketing campaigns to reach your ideal audience. Utilize search engine optimization (SEO) techniques to improve your agency’s online visibility and organic search rankings. Leverage pay-per-click (PPC) advertising to target specific keywords and demographics, driving qualified leads to your agency’s website. Develop compelling content marketing strategies that provide valuable insights and establish your agency as a trusted resource in the industry will help increase revenue in a down market.

• Personalized Customer Experience

In a competitive market, personalized customer experience can make a significant difference. Tailor your communication and services to meet individual client needs. Leverage customer relationship management (CRM) tools to track interactions and preferences, enabling personalized and timely follow-ups. Provide a seamless and convenient experience by embracing digital tools such as electronic signatures and online document management systems.

• Collaborate with Real Estate Professionals

Establish strong partnerships with real estate agents, brokers, and lenders to expand your reach and generate referrals. Offer training and educational resources to help real estate professionals understand the value of title insurance and how it benefits their clients. Explore joint marketing initiatives, such as co-branded events or webinars, to enhance your visibility and credibility within the industry.

• Thought Leadership and Educational Content

Position your agency as a thought leader in the title insurance industry by creating and sharing educational content. Develop blog posts, videos, and guides that address common questions and concerns related to title insurance. Proactively share this content on your website, social media platforms, and industry publications to establish your agency as a go-to resource for reliable information.

• Enhance Online Presence

Optimize your agency’s website to provide a user-friendly experience and showcase your services. Include informative content, client testimonials, and case studies to demonstrate your expertise and track record. Leverage social media platforms to engage with your audience, share industry updates, and highlight success stories. Actively monitor and respond to online reviews to build trust and credibility and ultimately increase revenue in a down market.

• Community Involvement and Sponsorships

Engage with your local community by participating in events and supporting relevant causes. Sponsor local sports teams, community organizations, or charitable initiatives to raise brand awareness and demonstrate your commitment to the community. This involvement can create positive associations and help generate word-of-mouth referrals.

Due to inflation and low inventory, unleashing your title agency’s marketing mojo is essential to increase revenue in a down market. By understanding the effects of these challenges and adopting innovative marketing strategies, you can captivate consumers and position your agency for success. Embrace targeted digital marketing, personalize the customer experience, collaborate with real estate professionals, and establish thought leadership through educational content. Enhance your online presence, engage with the community, and prioritize building trust and credibility. With a strategic and proactive marketing approach, your title agency can thrive even in a challenging market environment.

The post Unleash your title agency’s marketing mojo: captivate consumers to increase revenue in a down market first appeared on titlecapture.com.

Prices Are Falling, But It’s Not Yet Enough

The market is cooling. The shift benefits buyers. Yet, inventories still remain low nationwide. Inflation and fears of recession have prompted many potential buyers to hold on to their cash and not take on additional debt. 

Redfin learned that fewer people in December 2022 searched the keyword phrase “homes for sale” than in December 2021. Searches using that phrase decreased by 34% from one year to the next. Requests for tours in December were down 40% in comparison. Mortgage-purchase applications were down 38%. Pending sales were down 33% and new listings were down by 21.5%.

With home prices falling all over the country, including in major metro cities, it’s the perfect time for consumers to fulfill their dreams of homeownership, but the most recent Federal Reserve rate hike also hiked median monthly mortgage payments above $2,200, which is 36.5% higher than last year. Major cities have experienced massive pending sale drops by 50% and higher.

Some businesses are hoping for slower economic growth or even more unemployment since seller asking prices would then drop to match. Even if that happened, industry experts continue to believe that consumers will hesitate unless engaged and tempted via title insurance marketing.

How to Generate the Best Results

As with all forms of marketing, title insurance marketing must focus on an agency’s unique needs, geographic location, target audience demographics and a wide range of other factors. That said, some engagement strategies work better than others:

• Create a Memorable Impression

Every contact point for the agency needs to show that it’s the right one for offering title insurance services. Online points of contact, including the business website, advertising and social accounts, should reflect expertise and professionalism, high-quality services and standards, attention to detail and a believable desire by all agents to help community members achieve their homeownership dreams. An agency receives only one chance to make a positive, impactful first impression.

• Engage With Potential Customers

Agents who refuse to interact with community members outside of traditional title insurance marketing and promotional strategies and sales pitches won’t be able to convince anyone to consider buying a home. An agency should have a dedicated social manager and team responsible for spreading the good word on social platforms and at events. The agency needs to be more than a business. It needs to be an excellent, helpful neighbor.

• Emphasize “Community” At All Times

Agencies should keep away from broad statements that merely state that they offer title insurance services. Depending on the intent of a message, their efforts should reiterate specific services and unique specialties. They should note the names of cities and other geographic spots that contain their target audiences. Lastly, as part of their title insurance marketing campaign, they should make certain that they’re regularly engaging community members with positive reviews and testimonials from previous customers on at least their website and social media accounts. On review sites, they should show that they’ve responded professionally to both positive and negative reviews.

The post Shrinking transactional volume means title insurance marketing is paramount first appeared on titlecapture.com.

The duo spoke at NS3, the National Settlement Services Summit, about how they built their companies. Washington stated that most folks thought their conversations would revolve around asking for recommendations, information regarding purchasing leads, and the number of telephone calls made per day or individuals observed in a month.

However, asking for recommendations was not a concern; instead, they were based on focusing on developing and growing connections. The duo believes that recommendations are given through those connections despite being in a business that requires title insurance. They are in the business of creating honest relationships because it is the most crucial component of establishing a solid connection. They also understand that it’s only through authenticity that people are likely to trust you with their work.

How to Market to Realtors

Developing genuine relationships with clients and prospects is essential. This is one thing that has worked in helping many companies to grow. The duo believes that for a business to gain trust from prospects, its sales team must be willing to have a personal relationship with its customers, which comes from doing things together.

A genuine relationship allows business owners to survive bad times, and being in the real estate industry, they are not an exception. There’s just going to be something that goes wrong, and that’s all. When things that we have no power over happen, it heightens emotion. But how do we grow past those situations? The duo believes the problem will be much easier for any business with a genuine relationship with its clients. The same scenario would be challenging with a company that only focuses on keeping a reputation based on how quickly it can execute a title search, fill a CD, and how quickly it can close a loan. If you’ve communicated and strengthened that bond in that relationship, that business can survive whatever disaster nobody expected.

If a business relationship on how to market to realtors is only based on referrals, then it will only be as strong as the subsequent referral. When you build genuine connections, that’ll be reciprocated. It’ll be continuous, and it’ll be ongoing. Whenever you provide value and help your referral partners grow their businesses, who will they refer that new client to? They’ll refer them to you.

The duo also concurred that people who approach their jobs with generosity, of providing for others, are far more likely to succeed than self-centered salespersons. They also insist that those people willing to give more and push more out unconditionally to whomever, whether it’s the person they’re doing business with or the people they would like to do business with, are the people who have been the most effective. This is how to market to realtors.

Another critical aspect of how to market to realtors is consistency if you want to build successful customer relations. Businesses must set high service standards to attract repeat business from satisfied clients. Customers become unhappy when they don’t receive the level of service they expect.

Campbell and Marshall made it very clear that businesses must establish standards and processes for salespeople on how to market to realtors to know what to expect. Your company must provide something truly unique to stand apart from its competitors. It’s called marketing with a “competitive advantage,” commonly referred to as relationship building.

The post How to Market to Realtors: Networking first appeared on titlecapture.com.

While the breadth of businesses and brands on social media is substantial, that doesn’t always equate with a meaningful depth of penetration into a given market. After all, most realtors only deal with one city or even a small handful of neighborhoods. Keep reading for some tips on how top agents execute on social media.

Personal Brand Building

Social media stands as a safe middle ground between impersonal advertising and the inevitable pressures of an in-person meeting. Ads don’t tell potential clients anything except a name, while the possibility of a high-price purchase looms large during casual encounters.

Social media for realtors lets potential clients get a feel for who a realtor is and what they sell. If an agent only sells luxury homes, that will make them a bad fit for many clients. By the same token, those only interested in luxury homes can take a pass if that’s not in an agent’s wheelhouse.

Nobody wastes time on meetings that won’t result in a happy client or closed sale.

Client Base Building with Video

Most estimates suggest that video will account for over 80 percent of all internet traffic globally in 2022. While that doesn’t portend the doom of the written word, it does suggest that video must become a more significant part of every realtor’s marketing arsenal. The good news is that most social media platforms support video, and several specialize in it. That capacity is a godsend in terms of social media for realtors. It lets them reach out and interact with potential clients in entirely new ways.

Realtors can take them on video tours, field frequently asked questions, and reach people who might not otherwise find them.

Communication Evolved

While social media for realtors will primarily focus on video content, photographs, and brand building, most social media platforms also include communication tools. Think of DMs on Twitter, Instagram, or Facebook Messenger.

Many homebuyers grew up using these tools or ones just like them. It’s a natural part of their communication landscape. Realtors must evolve their communication expectations to include them as serious tools for receiving and responding to inquiries.

Client Vetting

People share a truly astounding amount of information on social media sites. That gives the savvy realtor a chance to do some client vetting. A quick look at someone’s profile can often provide clues about whether that person will be a good fit for the properties an agent typically sells.

Social Media for Realtors

There is plenty of room left for new and experienced realtors to get into the social media game. While agents might worry that the social media for realtors’ ground is oversaturated, they should put that fear to bed. Just as importantly, they should.

Social media for realtors provides a chance to establish new client bases and build a personal brand. Social media sites also let agents communicate differently and even do some basic client vetting. It’s an opportunity to expand their businesses and work more efficiently.

The post Social Media for Realtors: How Top Agents Execute on Social Media first appeared on titlecapture.com.

Your website can be your greatest referral and advertising tool, if used effectively. With a title insurance calculator, your website can give out title quotes 24 hours a day, meeting the needs of returning customers as well as generating new business. The more quotes your website gives out, the faster your business can grow. Here are 5 proven ways to get more quotes from your title insurance website.

1. Make sure your website is mobile-friendly

More and more agents are utilizing mobile devices to get title insurance quotes. While younger agents tend to use their phones more often, and older agents may rely on their desktop computers a little more, nearly everyone will be in a pinch at one time or other and need to do an estimate on both of these options.

Mobile requests for closing cost estimates peaks during early morning and evening hours, when agents are most likely to be away from their desks, while desktop requests are more common during typical working hours.

2. Install a branded title insurance calculator

There are several title insurance calculators available online to choose from. Some are definitely better than others. Features and usability are definitely important. Is it clear and easy to use? Does it work well on all devices? Can it be customized to create a precise quote?

A key feature is also its appearance. Some title insurance calculators allow your title agency to brand the calculator with your own name and logo, instead of being branded with the calculator widget developer. This is extremely valuable to your agency and helps you build trust and credibility with your prospective customers.

3. Claim your Google Profile listings

It’s relatively simple to claim your local search profile on places like Google+ Local, Yelp, and Facebook, but it’s surprising how many companies overlook this step. Take a few hours out of your day and do it yourself or hire someone to do it for you. Your business doesn’t stand much of a chance in a mobile-dominated world without accurate business listings on Google, Yelp, Foursquare, Facebook, LinkedIn, Yahoo! Local, BBB, Chamber of Commerce, and other listings. Start with the most popular places for the title insurance industry in your area, which will probably be Google, LinkedIn, Yelp, Facebook, and the BBB (Better Business Bureau).

You can do all this online, as long as you have an account (or by setting up an account). In most cases, it’s as simple as finding your business or entering it in, and adding relevant information (including phone number, website, and address). This allows people to find you online, grab your phone number quickly, leave reviews (if you turn on this feature), and look more trustworthy and legitimate.

4. Use social media wisely

Create social media profiles if you haven’t already, and share new content your company creates and posts, along with industry news your clients will find helpful and relevant company news (such as adding new agents or moving to a new office). If social media isn’t your cup of tea, hire someone to manage it or ask around your office and see if there’s someone already there with an affinity for it.

Posting once a day on several channels is usually adequate; overdoing it with too many posts can be annoying and staying quiet for too long makes you forgettable. A few sales promo posts are okay, but don’t overdo these types of posts. Make your posts primarily about giving out helpful information and you’ll be more likely to create an audience.

5. Create and share valuable content online

When you are interested in learning more about a future purchase, where do you go? Chances are, you’ll look online. This holds true for people in the real estate industry as well. Real estate agents, mortgage brokers, loan officers, and individual investors and buyers are all looking for information online, and your title insurance agency could be the one to offer it.

Blog posts, question and answer pages, video tutorials, white papers, and other types of online content can be added to your website on a regular basis. Not only does this help cement good relationships with your existing customers, but it also helps new customers find you. How so, you ask?

As you add new content to your website, you gain credibility with search engines. This means that it helps your website pop up higher in search engine results pages. Over time, this effect is cumulative, so the longer you have regular blog updates or occasional video spots on your site, the better it is for your listing. So, when prospective customers are searching out title insurance companies in your home state, a blog posted by your agency might pop up on the first page. This can be an effective way to expand your business.

Another type of valuable content is offering free e-books and white papers. This type of information is often emailed to prospective customers. Since you have to gather their name and email to send it, it can become a great way to capture prospective leads and grow your business. It’s also a great way to develop relationships of trust with your existing clients, which helps them come back again and again. Studies show that maintaining existing customers is the most cost-effective way of generating business, so don’t ignore the clients you already have.

By using these five strategies, you can give out more title insurance quotes online and grow your business. In the process, you will also attract new customers, generate more interest in your title insurance agency, build solid relationships with your clients, and deliver valuable information for your clients that you can share with them when they have questions.

You will see big results by claiming your local listings, sharing valuable content, connecting with your customers through social media, making your website mobile friendly, and installing a branded title insurance calculator on your website. These key factors can help you grow your title insurance agency and reach more customers.

The post 5 Proven Ways to Get More Business From Your Title Company Website first appeared on titlecapture.com.

The post The Secret to Branding Your Title Agency Like a Fortune 500 Company first appeared on titlecapture.com.

90% of our awake time, we are acting on reflexes and reacting emotionally to the stimuli around us. This is a well-known fact to most marketers that get real results. The moment you understand that your marketing effectiveness depends on how well you manage to communicate EMOTIONALLY, not rationally, with your target audience, that’s the moment when all the pieces fall into place and marketing becomes easy.

Decision making is emotional, not rational. However, many of you may be scared of this “emotional” thing. Don’t be. It’s quite easy, but it requires work.

Out of many theories about human emotion, there is one that really does a great job at explaining how they work. It’s Robert Plutchik’s Wheel of Emotions. According to Plutchik, there are 8 basic human emotions and certain feelings, such as “love” or “submission” is a combination of two of those basic emotions.

Take a look at the picture below and you’ll see that, according to the Wheel of Emotions, LOVE is a combination of Trust + Joy.

You can’t really have your Realtors and Lenders LOVE YOU, unless you appear trustworthy, but at the same time manage to give them that joy, that positivity they all need.

So let’s see how you can achieve all this using CONTENT MARKETING.

Step 1:  Appearing Trustworthy

There are many ways you can craft this solid, trustworthy image. You could use testimonials, real ones, videos shot of your Realtors or Lenders talking about how you managed to do get the closing done, fast and secure. Homebuyers and sellers that talk about how you managed to explain everything and provide real value.

The other way to project a trustworthy image is to tackle industry specific issues, in a very thorough, professional manner.

Also, showing your face (hence using video or photography) is preferred to hiding behind written content and just a name and job title.

Last but not least, let your audience know you’re growing, new team members are coming in, moving to a newer office, these kinds of things that show you’re progressing and doing well. Also, any new piece of technology will make you appear tech-savvy and forward-thinking, one of the sure-fire ways to generating admiration.

Step 2:  Bringing Joy

Well, the easiest thing to do to bring Joy is to simply make someone laugh. But while telling a joke will make people laugh, you need to ask yourself if this is relevant to your company. So, at the most, your joke will need to be related to something you or your Realtors and Lenders do, and not something random.

Leaving joking aside, it’s a known fact that there are 3 things that may bring joy to your Realtors and Lenders:

• their relationship with others
• their meaning and purpose
• the sense of accomplishment

If you could post nice Instagram-styled quotes with inspiring image backgrounds, that touch on these 3 topics above, and do it regularly, you’re going to become their feel-good dispenser.

You could also post articles on “how to” have a better relationship with the buyers/borrowers and sellers, their family, etc. On how to grow and feel satisfied with their work.

This is the kind of Joy you’d like to bring and associate your brand with.

The post How to make your Realtors & Lenders Love Your Title Agency first appeared on titlecapture.com.

It should be a market that provides with plenty of opportunity for title agencies. And it does! However, some agencies catch all the fish, while others squander for leftovers, so to speak, and are threatened to go bust every month.

So here are some of the reasons why we feel that many agencies are missing out on many great deals. If you find yourself in any of these situations, don’t despair, just do something about it.

Reason #1:  You’re not visible enough

Very few agents, be it Realtors or Lenders know you. This is really NOT the time to say “Social media? Who case about that?” or “My agents don’t spend their time on LikedIn, Twitter or Facebook, why bother?”. Cause if you do that… that’s the problem right there. How would they get to know you? Where would they learn about you? Just be where their attention is.

Reason #2:  You’re not addressing your agents’ concerns

Ok, so you are somewhat visible. You are “present” on social media, but what are you TALKING about? One of your employee’s birthday? Really? Does anyone care about that? Nope. Start talking about what really matters to your Realtors or Lenders. Address their fears, address the things they’re anticipating, showcase people they trust and admire and BECOME one by putting out great advice and “how to”s. Find out what brings THEM joy, what they’re ecstatic about.

Reason #3:  Not using technology to gain a competitive edge

Face it. Everything around us is changing because of technology. We are living the second industrial revolution, yet you still insist on doing things the old way (pen and paper, Excel and email). Guess what? Everyone is doing that and if you want to grow head and shoulders above the competition you need to do things differently.

And you know what? Your agents don’t care about excuses like “Oh, but what about TRID. I can’t do that because I’m afraid it’s not going to be compliant…” Do your homework and take fear OUT of the equation. Be certain. You’ll find that you’re not all that constrained as you thought.

Do the work!

The post You’re MISSING OUT on so many closings. Here’s why! first appeared on titlecapture.com.

That’s why I actually thought of writing this little piece. I want to cut through the noise and bring some clarity and make this simple for you.

There are really only a few things to always keep in mind and the simpler you keep it the better you are off. And that’s the big secret really.

Marketing is a constant search process.

You always search for that thing that gets your Realtors’ and Lenders’ attention. For that, you have to try out many things. Constantly. Maybe they like infographics, pdf studies about real estate trends, articles about how to get more deals. Or maybe they’re in the car a lot and you can create a podcast. Maybe a vlog on YouTube grabs their attention. Who knows?

We sure don’t. And neither do you until you actually try out all of these and see how many new agents they bring you.

When you figure out what works, go all in.

The second thing is once you figure out what works, you go all in and push all your chips in that direction. Let’s say they love your vlog and recommend it to everyone of their colleague. Great! Go all in. Get the best gear, get a good editor, get good lighting, travel and do guest interviews, push out 3x more video content… Take it to the next level. Commit 80% of your marketing resources to this, with the other 20% left to keep searching for new ways.

Give more, without asking.

Third, once you have their attention, keep nurturing the relationship. Give as if they are your customer, and guess what? Many of them will actually reward you by becoming one. Because when you market you need to make it about your Realtors and Lenders, not about you!

The post The SECRET To Great Title Agency Marketing first appeared on titlecapture.com.

1) Do I want to do business with this person?
2) Do I want to do business with this company?

Most title agencies don’t really have salespeople. Or so they think…

What a lot of companies fail to understand is this: everyone that comes in contact with your customer, or the outside world in general, is actually a salesperson. They represent your brand, no matter if they’re front desk or an escrow officer.

Coming back to the two questions above, any real estate agency, lender or mortgage broker have, let’s dissect them a little and see why video content is actually the best route.

Do I want to do business with this person?

If I am a Realtor and this is the first time I hear of your title agency (let’s say I’m visiting your website), and all I can see is just a logo, a tagline and a pretty stock photo, chances are you as a title agency are not giving me enough reasons to trust you. You’re not effectively building credibility. And besides anyone can write anything on their webpage. Anyone can claim they’re the best. It’s just not enough.

Your business is very similar to a doctor’s or a lawyer’s.

I, as a real estate agent or lender, need to see that expert in closing, that expert in escrow. I need to see a face and hear a voice, someone that I can relate to, that I can think to myself “I think me and this guy can do business together. He seems knowledgeable.”

Now, a lot of people don’t do video because of preconceived notions about how they look. “Oh, I’m not going to do video because I just don’t look good on camera”. That’s silly. First of all, your business partners will pay attention to your message, not your looks. Yes, it’s an added benefit if you look good, but it can also be a distraction, so it’s debatable.

Do I want to do business with this company?

If they like YOU, and they consider you an authority or at least knowledgeable from your video snippets (you can talk about the closing process, how you handle it, but also offer insight that helps your agents get more deals, educate and inspire them), then the next step is they’re going to be more attentive to the company in general.

That’s when they will look more at how your website looks like. How clean it is, how modern, what is the overall customer experience. These are all attributes that, even if they are only technically related to your website or blog or PDF whitepapers, they will be attributed to your company as a whole, so be careful how you execute your branding.

Where to start?

Do this for starters. Place a desk in front of a natural light source, such as a window. Shoot video with an iPhone’s back camera. Have a clear theme for each video and only talk about that. Don’t get side-tracked. Download the video from the iPhone to your computer and use iMovie to edit it. Upload the movie on your YouTube channel and then promote the video on every channel you have access to (Facebook, LinkedIn, Twitter), all this while targeting your agents (paid or organic).

As this proves to be a good fit for your business, you can invest more in lighting, a good DSLR camera that shoots video (we recommend the Canon 70d and a RODE mic), editing software such as Final Cut Pro or Adobe Premiere, or just hire a kid that knows all about video.

Remember, advice is just advice. What matters is you applying it, experimenting, testing things and doing more of what works. So let’s get to work!

The post Why Title Agencies Need Video Content first appeared on titlecapture.com.

Many Fortune500 companies actually do customer support over Twitter for example. Also, they keep in touch with their customer base via their LinkedIn or Facebook business page, where they post updates and important messages. First, we had email that replaced in-person interaction. Now, email is slowly being replaced by these social platforms. It is what it is. 

The point is you as a title agency can’t really shy away from these. And I don’t really care about arguments such as “Oh, but my Realtors are not on social media”, or “My Lenders will never use my Facebook page to send me a message”, or “I’m just not that tech savvy”, etc. These arguments don’t matter for the following reasons.

1. The market is the great equalizer

If you can’t sell, you’re finished. If your competition is using technology to market and you’re not, guess who’s out of business pretty soon? Therefore, marketing on Facebook, LinkedIn, Twitter, knowing how to put valuable content your agents can relate to (authentic, original, valuable content, not just sharing industry news and articles), is essential. After that, knowing how to effectively target your intended audience and advertise your content and your services to them is also paramount. 

So, forget about brochures, forget about radio ads, forget about magazines. Forget about all of that. Your target is sitting there, online, and you have a way to DIRECTLY reach it, without the use of a middleman (such as a magazine or radio station, etc.) Get involved.

2. Millennials are constantly becoming more and more important to you as a business.

Whether we’re talking about Realtors, lenders, homebuyers or sellers, the millennials are becoming an increasing percentage of either your agents or your consumers. What that means is this: If you can’t speak their language, if you can’t offer them the tools they’re used to, if you can’t communicate with them in the channels they use… you’re essentially going to be isolated. Talking to yourself. 

For example: Millennials are accustomed to using technology to do just about everything. A millennial Realtor will rather reach out for his mobile or laptop, open up your title agency app and calculate his own estimates, than give you a call and talk to Bobby or Ricky or Cynthia (wink). Your other millennial Realtors will probably find out you have an app from one of your Facebook updates that said something like “Realtors, here’s the best Seller Net Sheet tool you’ve ever used… ever!”.

BTW, an app like that is exactly what TitleCapture is, so if you want to find out more information head over to TitleCapture and schedule a demo to find out more.

3. The mobile has become the “first-screen”, no longer the second.

Take a look at the graph below. It shows how much time people actually spend their mobile devices compared to TV and radio and print. Astounding. And just think about the fact that the trend will just keep going. 

Source: Kleiner Perkins Caulfield Byers

It seems the world is changing FAST. You need to keep up!

The post Why Title Agencies Need Technology To Get More Business first appeared on titlecapture.com.

1. Complete disregard for the online environment

It’s very dangerous to disregard the Internet, especially in 2014 and especially when the world is using Google to search and the website of a company to get an initial first impression. Given that, how is it then that a majority of title companies don’t do SEO (Search Engine Optimization) so when someone searches for let’s say “title company in Palm Beach” they don’t show up anywhere? Also, why is it that most websites of title companies look like 1999 but try to come across as being “very professional”?

Title companies need to make sure they come up in search results when people are searching for a title company in their area on Google. And when people actually come to their website, they need to feel like it’s 2014 and there’s a really professional entity waiting for their business.

2. Not caring about who the clients are and what they need

This is another major issue with most companies (not ony title companies). All you hear companies is “we do this, we are that, we have been in business since”, and so on, neverending rant about them. One thing they forget is to address their clients and their needs first and foremost, and then tell them a little about the company.

This however comes from the fact the title company doesn’t take the time to understand their clients’ personnas. Who they are, what are they looking for most of the time, what do they appreciate most when dealing with the title company, and so on.

Let’s take an example here to illustrate this better. ABC Title Company thinks all clients are the same and all they want is simply closing services and therefore they state “We offer you the best closing services”.

Now, XYZ Title Services, who is the next door neighbor to ABC, took the time to define their target audience a little better. What they realized is that their market is realtors aged 30-45, tech savvy, competitive and with a propensity of bringing large deals. So XYZ attracts them by saying “We provide all the tools you need to close that large deal in as little time as possible”. Not only that, but XYZ offers them a title quote app that allows them to generate quotes, net sheets and preHUDs while being mobile.

Guess who wins in the long run.

3. DISCOUNTS

We’ve mentioned this in a previous post, so we won’t go over it extensively, but the idea that by offering lower prices than everyone else is an advantage has to be re-considered. While it may benefit the title company in the short run, in the long run discounts are bad for the company as well as the entire industry, forcing everyone to cut their fees, eventually driving themselves out of business.

Instead of offering discounts, title companies need to offer value-added services and products. A title quote app could be one example. Electronic closing can be another one. Also, an education center geared towards the realtors and lenders (could be a blog) would be a massive added-value resource.

4. Failure to form reliable partnerships

Whether you are starting out or you’re already an established title company, a partnership is not only a reliable source of revenue, but also of opportunity.

Let’s put it this way. In order for you to market to the general public, or to random realtors and lenders it takes a marketing budget, which sometimes is pretty hefty. You also need to travel to all sorts of tradeshows, follow up with your contacts, serious work that comes at a cost.

In contrast, if you manage to get your foot into the door of one or more realty firms and become their preferred escrow company, things are a lot easier. Title companies should make it their goal to form these kinds of partnerships for obvious reasons.

BUT FIRST, you need to not only get in touch but also adapt your business model to the specific needs of the partner. Whether it’s preferred pricing, a different revenue model that’s mutually beneficial or something else, you need to really listen to your partner’s needs and get creative.

5. Failure to centralize and data-mine existing client data

The fact that most title companies don’t have a database where they track all their clients and what they do, what they prefer, do surveys, polls, etc is another big mistake. It could be a simple Excel spreadsheet, but no, most companies don’t even go into this.

It’s funny how when the industry is changing these companies are the first to complain about how hard it is to adapt to changes and so on. But what they don’t realize is that the change, unless it’s regulatory in nature, comes from the people. And knowing your people and understanding their trends is essential to your survival.

The post 5 Marketing Mistakes Most Title Companies Make first appeared on titlecapture.com.