Working with real estate agents during the closing process is a significant portion of your job if you work for a title business, as you may have already seen. After all, in 2021, 90% of sellers and 87% of purchasers used real estate agents to assist them buy their houses. Therefore, your job will go a little more smoothly if you make it a point to establish relationships with real estate brokers. Additionally, if you establish strong relationships with many agents, those agents may refer more business your way. The question is: how can title companies foster stronger ties with real estate brokers? Check out some suggestions for getting going.
The best method for title insurance in Indiana to win over real estate brokers is to make sure that their clients' closings happen well. After all, real estate brokers want to leave a good impression on their clients so that they will get repeat business or recommendations from other buyers and sellers. Make sure the closing day goes smoothly since unhappy buyers and sellers will be critical of the title firm and the realtor. Thankfully, you have a lot of control over how the closing goes as a title agent.
To prevent closing delays, for instance, you should make sure that the sale contract and all other documentation are accurate before the closing day. Additionally, you should ensure that the client and the agent are well-prepared for closing day, perhaps even by drafting a closing checklist that they can review beforehand. Additionally, maintain a constant contact to make sure you are available to respond to inquiries before the closing. This will go a long way toward impressing real estate agents and likely place your office at the top of the list of title firms they want to work with again if you take these steps to ensure a flawless closing day for every client.
If you're a seasoned title agent, you're probably used to keeping in touch with your clients throughout the closing procedure. Make sure you interact with them as well if you want to win over their real estate agents and set yourself apart from the competition. By keeping real estate agents informed throughout the closing process, you'll demonstrate your commitment to working together to give their clients a positive closing experience.
If you want to develop relationships, you should maintain in touch with them after closing day. Please feel free to share any tools you find that would be useful to the real estate professionals you've dealt with. For your next close, even brief notes on special occasions and birthdays can keep you top-of-mind. Before beginning to work with them, be sure to inquire about their preferred channels of contact. The majority of real estate agents should be able to use either approach if they're unsure of how to start as 89% prefer email and 93% prefer text messaging for client communication.
Being knowledgeable about real estate laws and regulations is a part of your job as a title agent. If you want to be sure you're handling all the title agency tasks correctly and prevent closing day delays due to your office overlooking crucial items, staying in compliance is essential.
The American Land Title Association (ALTA) and other large associations may have standards that must be followed, therefore title companies like yours must demonstrate that they do. Any new details you learn about ALTA and other organizations associated with the title industry should be shared with real estate agents if you want to benefit your clients during closing and strengthen your connections with them.
To accomplish this, you can send other real estate professionals a simple email whenever you learn of fresh information, or you can even create monthly or quarterly newsletters. When you and local real estate agents are working together as a team to guarantee that all house sales contracts are valid and enforceable, huge problems for buyers and sellers can be avoided. This is made possible when everyone has access to the most recent information in this field.
The closing procedure must be simple for clients to understand title companies, and this involves making it as quick as feasible. After all, just like title agents and real estate agents, your clients are probably quite busy. They also want to move into their new house, so they're quick to finish the property purchase. You should make every effort to hasten the closing on their home.
Keeping in constant contact with the client and real estate agent throughout the closing process will help to ensure that any questions or concerns are handled as soon as they arise. Another strategy to prevent closing delays is to do a complete and correct title search.
Making effective use of technology can also boost closing efficiency. In fact, according to a survey, 81% of respondents still prefer in-person closings even if 70% of respondents want a more automated closing procedure. This means that, even if the closing will take place in person, you should include digital solutions in the process. Going paperless for as many papers as you can is one alternative, as eSigning technology is now widely accepted and trusted.
Making the payment procedure digital is an additional option. On closing day, you'll make it quick and simple for clients to deposit funds into the escrow account if you use a secure payment platform for all closing charges. They will not only save time, but they may also be less concerned about wire fraud and bad checks than they would be with other typical payment options during closing.
Thank you for reading this post. If you have questions or clarifications about insurance companies, IndyLegal Title Services is here to assist you!