Good Afternoon —
It is no secret that there are a lot of title insurance companies out there. The American Land Title Association says it represents over 6,000 title insurance agents, abstractors, and underwriters.
In an industry where every company offers essentially the same exact product, how do companies, especially smaller ones, differentiate themselves?
I asked Grace Chakos, the senior vice president of title operations at Landtrust Title Services, this question. The Chicago-based company provides title and closing services to homebuyers and sellers in parts of Illinois and Wisconsin.
Chakos noted that the nature of the title industry is very relationship-driven and in order to be successful companies must focus on customer service.
"One of the things we did to stand out a little bit more is we invested in a CX manager," Chakos said. "We spent a year and a half or so meticulously auditing email and working on programs to set up the customer experience to stand out."
Most title companies are incredibly process driven, Chakos said, but instead of receiving a title order and just sending it out, Landtrust has identified different areas where they can check in with their clients during the process and have added "touch points" in those places.
"We think it makes a difference to the overall experience," Chakos said.
Other initiatives Landtrust has put in place to help improve the client experience include digital signings and what they call "proactive underwriting," where they review the file and handle issues, such as the property being in a trust or encroachment issues, before scheduling the closing.
"Most people don't buy a home everyday, it's a once every five to 10 year experience, so we try to make it seamless and special," Chakos explained.
What is your company doing to stand out? Email me at bhan@housingwire.com.
Until Next Week,
Brooklee Han
Real Estate and Title Industry Reporter
bhan@housingwire.com
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