I know what you’re going to say. You’re going to see this letter and say to yourself, “Sure seems like it’s been a long time since I got an update from Investors! What in the world have they been doing over there, anyway?!” Well, sorry for the hiatus. However, we have been taking time to enhance the look and feel of the newsletter and our website. In addition, we have been and will continue to enhance our online presence and social media interaction with you and with consumers. We really are excited about it. So, if you’re on our email list, I hope you like the new and improved Newsletter format and find it helpful and instructive. If you’re not signed up for the newsletter, you can subscribe to it in the footer down below!
As we enter a time when we start to see business pick up (and hopefully it picks up a lot), I wanted to suggest something very simple that I think is more important than ever given that the time frames from contract acceptance to closing continue to shrink. This suggestion is to give your contracts to your title company (hopefully ITC) as soon as the contracts are accepted. Don’t wait until the inspections or financing contingency are resolved.
I know some of you do turn your contracts in right away and that’s terrific. I consider that a best practice. It prompts the closer/processor to order the title and begin to gather the information necessary to prepare the Closing Statement and other documents. In addition, if the buyer is getting a loan (and they usually are), the buyer’s lender can get the necessary information from us that they need to keep the loan process moving forward, which is critical for the buyer.
It’s not unusual, however, for a closer to get a call or an email from a lender or another title company asking for information on a transaction that we don’t yet have, which leaves the lender and the other side of the deal worried, confused, and, well, kinda crabby. (Also, keep in mind that we don’t generally charge a fee if a deal falls through so there really is no downside here). In a time when consumers – buyers and sellers – expect (and receive) so many services, products, and information very fast if not immediately, I think we all need to evaluate our processes to make sure we are able to meet the expectations of our clients which, I think, will be even more demanding in the future.
I’m sure you hear people speak about the “Amazon Effect” quite often now, mainly as it relates to retail sales and traditional shopping habits of consumers, etc. But don’t think that its impact is limited to the retail industry. My experience in dealing with consumers is that they don’t have differing expectations for different goods and services they purchase. So, take a look at your process to see if there is anything you can do that would result in a better experience for the consumer. If you don’t turn in your contracts right away, I think it’s a good place to start.
Well, that’s it for now. We look forward to seeing you at our offices (hopefully quite often) this year. Any suggestions or comments are welcome, so let us know. Have a great Spring.
Looking for the best commercial title services or residential title insurance and closing services in St. Louis? Get in touch with the experts at Investors Title Company today!