Showcasing closing technology-Your best marketing tool?
Are you correctly showcasing the way you close real estate transactions? One of the toughest challenges for businesses is ensuring they maximize their marketing efforts to get the greatest possible return on investment. It is doubly difficult when you are operating in a space where the average consumer does not have much prior knowledge of how your business works--such as real estate closings and settlements.
For real estate attorneys and escrow agents, the challenge is even bigger. TRID and other regulations are now aimed at making the industry more customer-facing. A good website and a strong social media presence was not needed 10 years ago. Today, that is a key theme at industry meetings and conventions. Though it can be overwhelming, do not miss the opportunity to tell your story about the investment and commitment you are making to provide a faster, more compliant closing with the right software. Explaining these steps will set your real estate closings apart from the rest.
This month’s Easysoft Legal Software blog is here to help you.
Providing clarity to customers is one of greatest advantages those in the industry can have to distinguish themselves from the competition. Not only does this include details of what to expect during the process in an easily understood manner, but explaining how technology provides piece of mind, transparency and speed to the overall process. Remember that the average reading level in the U.S. is only 7th grade. Just as you might be relatively new to broadcasting yourself to the public, most customers are probably new to shopping around for their own closing services.
A while ago, Title Tap published a blog titled, “How to market your title company like beer.” Based on the title, we assumed the piece was going to be pure clickbait. This valuable post told the story of Schlitz Beer in the 1940s. The company was one of the least popular beer brands in the country and were discussing how to change their image. They brought in an advertising executive for a tour of the brewery. After the tour, the executive asked why the company was not marketing all the steps it took to make sure the customer got a great beer. The surprising response was that everyone does it the same way. To the company, the process was not a marketable asset or competitive advantage. Yet, the agency built a campaign around the painstaking effort Schlitz took to brew beer -- and it amazed customers. Sales skyrocketed because people strongly associated that process only with Schlitz. What was considered a commodity -- the process of brewing beer – became a brand differentiator as Schlitz was the first to explain an unknown process to potential customers.
The Title Tap blog concluded that title companies (and real estate attorneys doing closing work) should be able to explain how they can help customers. By explaining the actions a title company takes to just remain compliant in the industry, can be a marketing asset if properly explained properly and clearly.
We will even take it a step further: if you are not telling customers and potential partners (lenders, realtors, etc.) about the steps taken -- and tools being used -- to improve the customer experience and company compliance, you are missing a prime opportunity.
Think of your utilization of Easysoft Legal Software’s technology. Why do you use us? To get transactions done quicker and minimize errors. Who does that help? Your customers and others working with you, of course, but do they know you have invested in such a tool? Think about how it would be a good selling point to differentiate you among the competitors.
Another example we like to use is the adoption of the ALTA Best Practices. Many title companies proudly say they are following the guidelines, but hardly anyone explains how it benefits the customer. That needs to change. The bottom line is that people should know about the steps you have taken and the investments you have made to improve your operation and your customer experience. Just as importantly, they should know how such decision benefits them once they choose to do business with you. We know you are continuously working to improve your business. Let everyone else know it too.