Marketing Musts for Title Companies: How to Bring in More Clients
No matter the industry, the value of a solid strategic marketing plan can’t be overstated. It’s how you promote your services, attract potential clients and build and maintain relationships. The title industry is no exception from the importance of marketing. And, while it can be a key factor in a title company’s success, it pays to understand how marketing musts in the title industry may look different from those efforts in other sectors.
Understanding How Title Companies Get Their Business
Before you can create a marketing plan for your title company, it’s important to consider how such agencies attract business. Namely, a very large percentage of business in the title industry comes from referrals versus traditional business-to-consumer efforts. While some business can come from “for sale by owner” (FSBO) transactions, the majority comes from REALTOR® referrals, lenders for refinance business, attorneys, builders, developers and other real estate professionals.
Typically, because most property buyers are referred to title agencies by their lender or real estate agent, title agencies don’t see a return on traditional marketing efforts. However, it’s wise not to completely count out these tried-and-true methods. Plus, since the Real Estate Settlement Procedures Act (RESPA) gives consumers the legal right to select their own settlement services providers, many homebuyers and sellers are becoming interested in comparing title insurance companies themselves.
Title Marketing 101: Tips for Promoting Your Brand
So, how exactly do you effectively promote your title company? It starts with considering your “who” and “why.” Although it can be tricky to determine a marketing strategy because of your varied customer audience, it helps to remember the intent of title insurance — to protect homeowners and lenders. That’s why your strategy should incorporate this customer base, as well as the parties that influence the decisions made within real estate transactions.
Next, it’s time to determine your marketing messaging and promote the “what” — specifically, what separates you from your competitors. How can your company offer buyers and lenders peace of mind? What is your experience with handling complex transactions? What else does your company bring to the table? While you can tailor your message to specific audiences, you’ll want to maintain some consistency due to audiences overlapping.
Once you’ve given some thought to your marketing goals, you can utilize these strategies to bring in clients and grow your business:
- Network, network, network – Get out there and attend as many events as possible to make connections and gain future clients and business referrals. These can be everything from large conferences to low-key coffee shop meets. It all matters.
- Borrow others’ target audience – Teaming up with current clients/connections on industry-related webinars, podcasts and more can be an effective way to find new clients/connections.
- Stay top of mind – Through a consistent email campaign and series of ads, you can stay relevant and keep your existing and potential clients engaged. According to Hubspot, 86% of consumers would like to receive promotional emails from companies they do business with at least monthly. It’s well worth the investment.
- Enhance your SEO – Recognize that your website is more than just an informational tool, but a powerful marketing tool. Be sure to use the features of your website, including monthly blogs, to enhance your search engine optimization (SEO). Improving your site to increase its visibility when people search for title-related matters can attract prospective clients.
A Word about RESPA
It’s important to note that, as a title insurance provider, many laws restrict your marketing practices. As mentioned above, RESPA protects consumers’ rights to select their title insurer, but also prohibits title insurers from providing incentives and kickbacks to real estate agents, brokers, and other influencers of real estate transactions. Before you launch your marketing plan, make sure you’re well-versed in RESPA and restrictions from your state’s Department of Insurance.
Proliant Helps Give You a Marketing Edge
Starting, owning and operating a successful independent title agency is no easy feat — so you may be wondering when you’d possibly have time to formulate a strong marketing plan. Luckily, Proliant Settlement Systems offers entrepreneurs a unique franchise opportunity to own their own title company, complete with all the financial operational advantages and support systems that eliminate the most difficult barriers to entry.
With Proliant’s private-label franchise system, you can focus entirely on how you make your connections and build your brand, while we provide you with backend title production and ongoing support. Our fully compliant system helps you run a full-service title company that, from your clients’ perspective, is 100% your business. Plus, we help you find and become licensed by the best underwriter for your particular agency. We offer everything you need, from software and technology infrastructure to processing and consultation, so that you can focus on building your brand.