Client Communications Plan is Critical for a Title Agency
Title insurance, escrow and closing services have always been the most hidden and misunderstood aspects of a real estate transaction for the average homebuyer and seller.
They understand the role of the real estate agent, and they know they need to get approved for a mortgage. But then the transaction goes dark in their minds until they are called in to get their final papers signed.
There are a lot of great reasons to shine a light into that darkness and it takes a solid plan of action to make sure it happens. Here are three reasons you need to collaborate with your managers to get a plan on paper and train your staff to follow through.
Information gathering and assessment
Details, details, and more details. Title insurance and escrow is about pulling in accurate information to accurately assess the title to a property. Communicating with your real estate agent, buyers and sellers about the importance of providing detailed and accurate information from the beginning will go a long way to avoid retracing your steps later.
This is true for every person and company named on the Closing Disclosure who will be paid for services rendered at the close of escrow. If there are mistakes made, your staff may find themselves chasing down the intended receiver of unclaimed or returned checks. Getting it right from the beginning and confirming throughout the process can save you lots of time down the road in terms of managing your unclaimed funds or going through the escheating process.
Cyber fraud prevention
This may be the most essential reason of all to have a good communications plan in place. Every real estate agent, homebuyer and seller you work with must be apprised of the many risks they could encounter from cyber criminals throughout the transaction.
While verbal explanations are helpful, providing them with written materials warning them of the many ways criminals may try to infiltrate the transaction is even more impactful. Delivering these messages in writing and through a channel they’re comfortable with, such as SMS text, makes it significantly more likely they’ll not only receive your reminders, but also look at them!
You can’t communicate about this issue enough, especially as you approach the closing. Let your clients know that the days and hours leading up to the closing is when fraudsters are most likely to strike.
Establishing an effective communication program with your customers can lead to long-term client retention. While this is generally true for every type of business, it is one of the most imperative initiatives for the title industry due to the complexity of the transaction.
Real estate agents and loan officers are hyper focused on getting their transactions closed. Don’t keep them in suspense! Keeping them apprised of where you are in the process will go a long way towards reassuring them the transaction is on track.
Sometimes transactions do go off the rails. When problems arise in a real estate deal, it’s more important than ever to keep everyone up to date. When your clients see you as a bulldog when it comes to problem solving, they are going to want you involved in every future transaction.
And finally, don’t forget to say thanks. After each transaction, reach out to everyone you worked with to let them know you appreciate their business. In addition, take time at the end of the year to send a note of appreciation to all of the clients you worked with over the past year. Alanna’s Campaigns capability not only allows you to provide a note, but to receive genuine feedback about your process as well. Having your name front and center going into the new year is a fantastic way to ensure more deals will come your way.