Posted by HisHughness on 8/11/04 4:06pm
Msg #5941

On marketing

I have a question, and then a followup question (feel like you're in a West Wing press conference?):

How many of you confine your marketing to national title companies, and do no marketing to local branches?

Followup:
For those of you who do market to local branches, how successful are you? And, a followup followup: What are the most successful techniques you use locally?

In my case, I find that I am highly successful in dealing with the title companies nationally, and I really suck in generating business locally. The refrain I get most frequently is that they have no need for such a service; they do it themselves. In one case, I get a little -- damn little -- more interest when I tell them that I find that puzzling, since I have done some three dozen closings for their company in Austin in the past year.

Reply by Darlene/AZ on 8/11/04 4:32pm
Msg #5944

I had a signing business in CA and moved to AZ last year and went to work at an escrow company for 8 months and circumstances required me to have a more flexible work schedule so I started up my signing business here in rural AZ.

I don't market the companies out here and I did make great contacts but they don't use signing agents as they do the local work here themselves. I've just started marketing Maricopa county as all the major title/escrow/lenders are located there and all indicators point to being more successful going out of the county.

To answer your question, I too have had better results with national companies rather than local title/escrow companies.

Reply by Becca_Fl on 8/11/04 6:37pm
Msg #5951

I have had similar results, Hugh.

I've had better luck with local Builders & Mtg. Brokers. I let them know that I, unlike the Title Co's, am available at the borrower's convenience 24/7.

Reply by HisHughness on 8/11/04 6:38pm
Msg #5952

Unfortunately, in Texas a purchase loan cannot be closed out the title company or attorney's office.

Reply by Becca_FL on 8/11/04 6:48pm
Msg #5953

Bummer.

Have you tried your local CU's? Most CU's fund their own loans (HELOCS) and only use Title for for a limited (LCP) policy. Credit Unions are all about taking care of their "share holders."

Reply by Andy_WA on 8/11/04 9:32pm
Msg #5958

My longtime personal title closer from the real estate days advised me not to waste me time trying to get work from local title. At national level, they have their own internal war as to who has best regional cost/profit margin.

My summer class will be done in a week and I've been reeling/dealing with mortgage brokers since last week. This is the best avenue to go locally because the loan broker are constantly in contact with borrowers.

Reply by Julie-MI on 8/11/04 9:47pm
Msg #5959

Local title companies in my area are not interested.

They still focus mainly on new purchases and use in-house closers at $12 per hour.

The ones that do do a lot of refi's are not interested in closing out of the office, because they want to leave at 5 pm. I did have some contact with a local mortgage loan officers who raised an eyebrow (wish I had a smilie for this) and I told them about what I did. They thought it was strange to close outside of the title company.

I have done a bit of work at the end of the month crunch, but actually lost $$ because I sat in the title company office and was paid $60 per closing. They had 12 scheduled and only 3 closed. It made me thankful not to have to work 9 to 5. This was last July. I turned down over $1,000 worth of business for a paltry $180.

Reply by BrendaTX on 8/11/04 10:50pm
Msg #5963

I am sure that "courtesy closings" are irritating if I look at this right. A signing agent is taking a chunk away from local title companies and funneling the savings back into "big" business from their standpoint. Is that a correct assessment?

Reply by Julie-MI on 8/12/04 7:58am
Msg #5975

I don't know if your assessessment is correct, Brenda. It could depend on your location and customs of your area.

In the metro Detroit area, I would disagree. Traditionally, local title companies, even national affiliates such as First American and Lawyers, court builders, real estate offices and local lenders for the business. The title company I used to work for, did all the closings for Schweitzer real estate, whose president was a cousin of the owner of the title company I worked for.

Think of the Affiliated Business Disclosures that are in the closing packages. The Household/Beneficial always use IREP. Primeamerica always uses Chesepeake (sp) for title services. Technically, a borrower can request a specific title company, but I have yet to see a borrower that requested their own title company

National lenders want to use title companies that are licensed in many states. I believe it would be too difficult for national lenders to track down local title companies for their territories.

I don't think the local title companies really see us as a threat. Just my 2 cents.

Reply by Liz/MD on 8/11/04 11:04pm
Msg #5967

Oh my Highness I may be wrong but I feel after being in this lonely business for way too many years that subscribing is the way to go. For the past year, tiltle co's call me only to say I got your name off of....... I am listed on 3. Ofcourse it doesn't hurt to be one of the few of my little kind. (please don't beat me up) I worship you. Xo XO

Reply by BrendaTX on 8/12/04 8:29am
Msg #5976

Liz/MD humbly said: "Oh my Highness I may be wrong but I feel after being in this lonely business for way too many years that subscribing is the way to go. For the past year, tiltle co's call me only to say I got your name off of....... I am listed on 3. Ofcourse it doesn't hurt to be one of the few of my little kind. (please don't beat me up) I worship you. Xo XO"

The players all played at once without waiting for turns, quarrelling all the while, and fighting for the hedgehogs; and in a very short time the Red Hughness was in a furious passion, and went stamping about, and shouting `Off with her head!' or `Off with her head!' about once in a minute.

Reply by HisHughness on 8/12/04 9:45am
Msg #5980

Brenda TXXX took a glance into her Looking Glass, and reported:

***The players all played at once without waiting for turns, quarrelling all the while, and fighting for the hedgehogs; and in a very short time the Red Hughness was in a furious passion, and went stamping about, and shouting `Off with her head!' or `Off with her head!' about once in a minute.***

The time has come, the Stone gal said,
To talk of many things:
Of stamping seals, and refi loans
And the ire a deadbeat brings.

Thank you all for your responses to the marketing question. I was beginning to question my grasp on sales techniques.

I'm off for a solo weekend of camping, sans wife, Chihuahua and grandyoung'uns, at Goliad State Park, there to commune alone with Mother Nature, my state's storied past, and the tattered remnants of my soul. Have an equally great weekend, all.