It is painfully clear that consumers will NOT begin selecting their own title agencies in masses come August 1. However, this doesn’t mean that change in how title agencies market and obtain consumer business isn’t on the horizon.
In my last article I talked about ways title agencies are already using consumer focused marketing technology to grow their existing streams of business. Naturally one might expect this article to logically progress into a singing a similar tune, but for consumers.
Nature has a funny way of not being logical.
The transition from being behind the scenes to fighting on the front lines of a real estate transaction will be slow. But there is one strategy every title company should begin right now to speed up that transition and capture consumer market share.
Educational Outreach
There is one ad campaign that continues to have a direct (and expensive) effect on each and every American to this day. We’ve all heard the story of one company that controlled the diamond supply worldwide and launched a massive campaign to embed diamonds into one of our most important life milestones, marriage.
It is fact that change won’t just simply happen. Something has to ignite the fire that causes change. While the new regulatory compliance measures do a good job at starting the change, it will be up to each individual title company whether or not they grow their consumer channels and create change in their market.
To do this consumers need to be primed to think about title insurance as an essential necessity rather than a back office task that their lender or real estate agent will take care of for them. Title companies need to start educational outreach programs now.
Creating classes, crash courses and even webinars that educate consumers about “Title 101” and answers the question, “What is in it for me?” is the first step to creating a consumer need to make the decision to choose their own title company.
Through education title companies can educate consumers about why is it important that they be an active part of that decision making process. In addition to general education, one can also discuss what to look for in a title company such as underwriters, staff experience, specialties and more.
Enrich Your Partnerships
There is no better way to launch an educational campaign than with the help of the people who already endorse your company. Real estate agents and lenders spend their days directly in the face of eager consumers ready to purchase their next property. Your title company has the opportunity to add further value to the discussions that your partners are already having with consumers through education.
For example, bring your educational campaign to life in a one page print piece that outlines “What You Need To Know About Title Insurance” for real estate agents to give to consumers as part of their initial conversations.
What is most important about print materials for use with company partners is to keep the material simple. It is very tempting, as experts in what you do, to share the entire scope of your craft. Remember, consumers are looking for instant gratification with minimal effort. If the important information is too hard to find, consumers will continue to defer to their lenders and real estate agents as to what avenues to pursue for title insurance.
Don’t overwhelm consumers. Simplicity is the language of a rich consumer campaign.
Consumers will begin to choose their title company. While it won’t happen quickly there is plenty to do to prepare your brand’s consumer messaging. What other steps are you taking to begin capturing the attention of consumers? Tell us in the comments.
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