Starting a title company can be a smart move for a real estate firm for several reasons. Here are just a few:
Increased control and efficiency: By operating their own title company, a real estate firm can have more control over the title process. This can lead to a more efficient closing process, as the firm will be able to more closely coordinate the efforts of all parties involved.
Additional revenue stream: A title company can be a significant source of revenue for a real estate firm. By charging for title services, a real estate firm can increase its overall profitability.
Improved customer service: By operating their own title company, a real estate firm can provide more personalized service to its customers. This can help to build stronger relationships with clients, which can lead to repeat business and more referrals.
Competitive advantage: By offering title services in-house, a real estate firm can differentiate itself from its competitors. This can help the firm to attract more business and to stand out in a crowded marketplace.
Great for refinance and even for for-sale-by-owner transactions: Having a title company will also allow the real estate firm to expand the services that it can offer to its clients, like refinancing and for-sale-by-owner transactions.
Better Data management: By operating a title company, the real estate firm can have access to more data and insights into the real estate market. This can help the firm to make better-informed business decisions and to identify new opportunities for growth.
It’s important to note that starting a title company can be a complex process, and there are many legal and regulatory requirements that must be met. However, with the right plan in place and the right team in place, a real estate firm can successfully launch its own title company and realize significant benefits.
There is no secret that starting a title company can be a great idea for a real estate firm looking to increase control and efficiency, add a new revenue stream, improve customer service, and gain a competitive advantage in the marketplace. However, finding the right title partner is the key. You are in the right place! Contact us today for a consultation and we will put together a full proforma for your business.