Collaborate with Your Referral Sources

Written by Frank Camperlengo on February 26, 2020. Posted in Business Development

When we listen, we can detect areas in which to offer help and provide tools.

The best, most effective strategies for acquiring and maintaining new business do not depend upon the delivery of pastries or a free lunch. Today, gaining business means searching for and then filling needs, recognizing gaps, appealing to goals, and ultimately providing tools for achieving those goals.

A defined process that leads to a better understanding of a prospect’s pain points, coupled with a plan of attack, enables a title agent to bring value to clients.

We’ve all been there. After weeks, perhaps months, of professionally approaching a real estate agent or lender prospect, the much-sought-after initial meeting gets scheduled. 

Our thoughts turn toward how best to provide value to the prospect, within the bounds of compliance, that will sufficiently attract them to begin using our services.

Too often, however, our approach centers around providing the laundry list of goods and services our company offers. We run through that list hoping that at some point our prospect will react favorably and drill down into the particular offer they find irresistible.

In reality, this approach almost never works. What we have unwittingly done is wasted the prospect’s time by offering products or services that are not needed. The meeting ends with a polite “thank you,” and “we will let you know.”

There is a better approach, and it involves putting ourselves in the place of our potential referral source so we can view their business challenges through their eyes. It is a given that they are faced with the same type of struggles we face when trying to obtain business. They are seeking ways to attract their own referral sources, and they are spending time and money to do so.

Instead of laying our tools on the table hoping one will be useful to our prospect, the better approach would be a consultative one. Use the first five minutes of the meeting asking questions about business strategy and goals, methods currently being employed, and the history of success and failure.

When we listen, we can detect areas in which to offer help and provide tools.

For real estate agent prospects, this may involve keying-in on monthly meetings put on by the broker in charge. It is their obligation to provide meetings and speakers to bring value to their franchise, and to attract and keep top agents. 

An offer to sponsor the food, as well as line up industry speakers, will go a long way toward obtaining an endorsement from the broker, while earning valuable face time with the agents with whom we are trying to connect. Providing a short segment on title insurance itself will show your prospects that you are a subject-matter expert and worthy of their consideration.

For lender prospects, offer to line up a real estate office presentation, with them as the main speaker, on lending topics of interest to agents. Again, offering to help with the food, line up the presentation, and participate in the program will bring value to your relationship with that lender. It is possible to work collaboratively with your prospects, employing a consultative approach and filling needs and gaps to help them in their business. This places you and your agency top-of-mind when the decision is made for title work.

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The Best Call of the Day: Optimizing Opportunity at the Closing Table

Written by Frank Camperlengo on January 2, 2020. Posted in Business Development

Showcase your firm’s strengths at the closing table.

Many title agents spend money and time on marketing and sales efforts to increase directable business. While most campaigns are effective, and certainly essential, one of the best opportunities to showcase your firm’s strengths is at the closing table.

A well thought-out and unique closing table strategy will result in increased referral business, and will cost half of traditional marketing plans. A well thought-out closing table strategy looks like this:

1. Target referral sources who attend closings at your office.
2. Showcase your firm’s customer service and competency.
3. Follow up with collateral materials and a call to action.

As real estate professionals, we value a well-planned and executed marketing campaign, directed at realtors, loan officers and future clients.  Typically, this includes direct mail, targeted email, web presence, social media and office visits.

All of these methods have varying degrees of cost, both in dollars and time. Everyone would agree that they are essential to building and maintaining a business.

The closing table, however, is a hotbed of opportunity that is, unfortunately, often ignored. A number of factors that make this situation unique include:

1. All parties can be scheduled and will attend;
2. Traditional referral sources are there;
3. As a closing agent, you control the pace, flow, and agenda of the time you spend together.

As the closing approaches, since your office will schedule, you will be aware of who will be attending. With that information, you can tailor your approach to fit the needs of each. Your approach should be a systematic and repeatable part of your processes.

The buyer’s agent is most likely your referral source. You should acknowledge their competence and professionalism, in the presence of their clients, the buyers, and be sure to thank them with a small, parting gift, in full view of the seller’s agent.

The seller’s agent is your primary target. An informational packet should be prepared with contact information, pricing and an order form. Also, testimonials are always helpful if they can be obtained. It can be useful to acknowledge them in the presence of the parties, and thank them for their help in facilitating the closing. Be sure to obtain a business card and information on their office which could be helpful in future marketing opportunities. Finally, it is always appropriate to ask for their future business in person.

The mortgage broker, if present, and not familiar to you, should have their own take-away packet, containing similar information to the seller’s agent, as well as a document outlining their firm’s experience in handling various types of loans other than residential. An acknowledgement of their professionalism and assistance in putting together the transaction is essential. 

Sellers should be given a branded packet with all their documents, containing all you contact information and some swag such as pens, highlighters or pads. Do not overlook this important contact. They are a potential future client. At some point later in the year, they will be looking for copies of various documents which they have lost. Their ability to contact you and obtain these documents will cement your relationship, and make it more likely they will call on you for their real estate needs in the future.

Finally, remember that you, as the closing agent, are on stage. Whatever you project at this closing, will make or break your ability to obtain future business from the parties. You should be affable, available, and project quiet confidence. This is important at what can be the most stressful experience in a consumer’s lifetime.

At the closing table, by targeting referral sources, showcasing your abilities, and having collateral materials prepared ahead of time, you will be able to take advantage of a unique and valuable marketing opportunity.

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