This is truly a great topic that has been on this forum for as long as I have! I figured I'd share my personal beliefs and then some marketing strategies that may help you. Take it or leave it, I just care to help in any way I can. Look, it is 11:00 PM on "Fat Tuesday" and I am on SOT!!! If it does help, it does. If it doesn't, at least you made an effort and that is worth more than you know.
I truly believe the industry is changing yes, but certainly don't feel threatened and don't feel anyone should actually be scared for their selves, their families and loved ones. Now, that being said, the statement also greatly depends on the areas you reside in, and obviously so does the following. If you live in an area with a small population, then I may worry a little however; you can always broaden your market. Also, take comfort in the fact that houses will always be bought and sold, day in and day out, communities will be built, day in and day out and loans will be refinanced day in and day out. Also, interest rates will drop again; yes this will happen at some point. We all just have to adapt to the changes taking place. Be it positively or negatively, it is a given that businesses must change with the industries they are centered in, no matter what industry. In title, during the refi boom, we all had to adapt to take on the grueling amounts of work that much of us couldn't initially support. I say we couldn't support the work however, did we turn it away? NO! We adapted and many of us sacrificed much more important things than money for lowering fees such as time with our loved ones, vacations, even our bodies due to physical and mental exertion. Can I ask you all a question? Did you raise your fees when you had too much work to know what to do with? Many of you did because it was an on demand industry and you could get away with it. Did you lower them to receive more work? Many of you did that as well to corner the market and keep it within your company. Now that business is slow, a change is in order and you have to adapt. Adaptability is truly key. Business owners of every type of industry face uncertainty and changes and have for over one hundred years. Change is easy for some, not so easy for others while few will simply refuse to even try. I guarantee you every long standing, successful company in America adapted to change and found ways to create a need for their service, even when there wasn't one. Having simple creativity in marketing, advertising and an overall sense of a sales attack can help you avoid having to lower your fees to generate new clients. Below are some thoughts and strategies that I had found to be quite successful:
Effort: This is far most important. Without the drive or will to succeed, success won't likely happen. Put as much energy in marketing your services as you did servicing the work during the refi boom. You will see a increase in revenues. Actually, by reading this post right now, you truly might be losing business to another abstractor who may be e-marketing his or her service.
Create New Relationships: Guess what, if title companies don't wish to speak to you anymore, well target their clients!! Us title company owners must listen to our lenders and brokers desires and if not illegal (haha), do as they ask or we will lose the client. Now, how many of you have actually solicited to your title companies' lenders, brokers and banks? DO IT!!!! Make the lender understand if their title company(s) aren't using you as their searcher, they aren't getting their reports back as quick and with as accurate of information. Explain to them how much title companies rely on the vendor. If they care which more do than do not, they'll listen and will request you to oversee their searches.
Know The Resources Available To You: First of all, every lender, bank and even mom and pop broker shops are a tremendous resource for you to utilize, just by doing what is stated above. No matter where we each are located; on every corner of every business district street, there is someone who is soliciting mortgages. FIND THEM, befriend them and value them!
Use E-Resources for free marketing: In every state, you will be able to find lender, bank and broker email lists. I bet each of us, in no matter what state, can email 1000 lenders that practice within our state lines and pick up 5 new clients. Email is free. You could be doing this right now. You can extract the emails for the lenders through the FHA and your states Mortgage Banker's Association.
Well, as I stated, I hope this helps! Take it for what it is. Just a friendly gesture. Who knows, it just may be an avenue that you never thought of. It certainly will be time better spent than complaining! Proactive is much better than reactive!
Thanks!
Jason C. Sheppard
President and CEO
TruClose Financial Services, LLC
412-928-4699
jsheppard@besstitle.com
AIM: Jaisen1665
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