Identifying your value proposition: A challenge for title agents
Identifying your value proposition is marketing 101 for most companies, but when it comes to title insurance, it can be challenging.
When you are selling a car, you can talk about size, mileage, price, status, safety, or environmental impact. It’s easy because people drive cars every day and they know what’s working and what’s not working, or what they want next, or how their needs are changing. Car buyers often shop for specific attributes, for instance, upsizing for children or downsizing for retirement, or moving to electric or hybrid instead of gas.
When it comes to property transactions, however, buyers – and often real estate agents – don’t have much insight into the title insurance, escrow and closing aspect of their transactions and so title agencies face an uphill battle when it comes to selling their services. Many often resort to trying to sell the generic “great customer service” aspect of their business.
As sales slow in 2023 across the country, it may be a good time to take a hard look at your marketing efforts and put some thoughtful time in on crafting a value proposition as well as determining how you can differentiate your agency in the marketplace.
Value propositions and differentiation
To begin the process, write down your customer’s needs. Or better yet, put together a focus group of your best customers and ask them what they look for in a title agent, where they’ve encountered poor service in the past, and what makes or breaks a title agent’s services for them.
Then make a list of all of the specific ways you can meet those needs, whether that is through the particular talents and skills your staff offers, or your technology offerings – such as your virtual closing assistant, Alanna– that can provide a more seamless way of managing transaction information.
Once you have determined the benefits you offer, the next critical step is to connect them specifically to a problem you are trying to resolve for your customers.
Here are some ways to approach sharing your value proposition in ways that address your customer’s identified needs.
Title Agents Transactions
Whether it’s infrequent transactions such as empty lots, multi-family or mobile home, or unusual buyers or sellers such as multiple owners, heirs or LLCs, always let your customers know of any specific expertise your staff has in handling atypical transactions, so they know exactly who to go to when these less common deals cross their path.
Be specific whenever you are sharing your process. If you tell someone you can meet their deadline needs, make sure you tell them how you are going to do that. What resources do you have that help you push transactions forward more quickly when needed? How will you manage the details of getting what you need from the real estate agent, lender, buyer and seller in order to meet this deadline?
Title Agents Communication
Communication is the most important aspect of managing the transaction as well as the expectations of everyone involved. Again, it is not enough to say you are great communicators. Explain the tools, technology and specific processes you have put into place to ensure everyone is informed every step of the way. And make sure they know the names of the people on staff who will be assisting them throughout the process.
These are just a few ways to differentiate your services and convey your value proposition to your customers. Brainstorming with your staff and getting feedback from real estate agents, lenders, buyers and sellers can help you fine tune this process over time.
Alanna can provide you with several tools and resources that will help you bolster your value to your customers. Contact us today to learn the many ways we can assist you in effectively serving your customers.