Many of you may be thinking this: “I need as much business as I can get. I need more closings. I need every Realtor or Lender in my area to send their business to me as their title agency.” While this is the ideal scenario, it’s just not going to happen. For a host of different reasons.Many agents may be doing this part time (not necessarily the Lenders, but mortgage brokers might), others may not be that committed to the job, others may be tire kickers, and the list may go on and on.
If you are familiar with the 80/20 principle or Pareto’s Law, you would be aware that 80% of your business is coming from 20% of your agents. In some extreme cases, 96% of business comes from only 4% of agents (but this may not be your case).
Anyways, the point is that only around 20% of your Realtors and Lenders are sending you business and that’s likely not going to change any time soon. So how do you “grow”, given this circumstance? The answer is DEPTH as opposed to WIDTH.
Meaning, instead of trying to go wide – as in trying to get business from more people, go deep and try to get more business from the same people.
So here are 3 tips on exactly how to do that.
1. Cater to those 20% of agents in person
We’ve seen this for way too long, where title agencies, when launching the TitleCapture App, which is a very empowering tool for Realtors and Lenders, were satisfied with just sending out a bulk, automated email to their entire list of Realtors / Lenders announcing the app, and that was that.
This is not the right approach as not everyone in that list carries the same weight. There are valuable assets there (assets = agents) that need to be catered to in person and invested in. They need to be invited personally to lunch-and-learns, called on the phone, walked through step by step, maybe even taken out to lunch. And this is not just for the free tools your provide to them. It’s also about your offers, training, content, etc.
If they feel like they’re valuable to you, they will keep bringing that value. It’s that simple. So take your time and go manual on them. Don’t just sit in the office because “you’re busy doing closings.”
2. Publicly honor their work
How to do that? You have so many channels at your disposal now, such as your Facebook Company Page, LinkedIn, YouTube, Twitter, Instagram, Snapchat. So many channels where you can post something, whenever your agent’s transactions have just closed.
Snap a photo of the buyer/seller and their agents on the closing day. Make a big deal out of it. Mention/tag them so that everyone sees who the big dogs are, who gets deals, who gets loans approved, etc. The point is they will love it.
But here’s the other benefit. The agents who know you and work with you, but are underperforming, they will look at this and feel like they could be honored too, if they would just try harder and bring more business in.
3. Give vs Ask
We’ve touched on this and will keep talking about this important point. You have to give value to your agents. On a consistent basis. Flood them with valuable content and tools (for free) that help them do more, get more deals, empowering them. Don’t ask for anything in return. It’s not going to make any difference. If you are the one that helps them, you are “top of mind”, so their business is going to come to you either way.
Having a content publishing schedule, whether it’s a blog or your YouTube channel, and whether you promote the content on your Facebook page, LinkedIn profile, Twitter account, or all of them, is key. Posting once a week vs. once a day is not that important. However posting consistently is. Create a schedule. Stick to it.
Try to offer valuable tools (such as the TitleCapture App) once every few months and let them know they can count on these tools for help. Then post tutorials, explaining how to use the tools.
Awareness is one thing, but always being top of mind for your agents is something that requires consistency and patience… and more importantly, it requires you to put in the work.