There are a lot of sophisticated nuances around the use of social media as a marketing tool, and while big corporations employ entire departments of experts to explore those nuances, small businesses or solo practitioners – for instance real estate agents – often lack the bandwidth.
And yet, social media is the lifeblood of the marketing strategy for most agents. It’s a necessary ingredient to sales, especially during quiet markets.
However, there are some cardinal rules of social media that are totally within anyone’s capability and focusing on the basics can help you build a strong foundation for success.
As you begin to plan your marketing efforts for the coming year, here are some basic rules for crafting a social media presence.
Social media platforms are great for posting and updating your fan base but having a website to direct clients to for more information positions you at a higher professional level and increases your credibility.
Your website can be simple, providing basic information about you and your team, but it can also afford a great opportunity for posting more in-depth educational materials about real estate transactions, as well as brief blogs about what is happening in your local market.
And most importantly, remember to keep your personal social media sites for friends and create business accounts for your real estate content. For some social media platforms, business accounts are required, so make sure your accounts are in line with the rules.
“Let’s do some social media,” is a not a strategy, but quite frankly, it’s how a lot of us approach this very important marketing tool. To be successful on social media, the first rule is to create a plan for the year and stick to it. Consistency is one of the most important rules of success. Here are a few things to consider when creating your plan:
Keeping your audience in mind, create content that not only promotes you and your listings, but also connects you to the community in which you live and work and builds good will with your audience. For instance:
In all your messaging, make sure you make it about your clients, your team, and your service providers and not about your successes. When your messaging highlights everyone else’s accomplishments, you build a stronger community of followers who will in turn, want to highlight and support your successes.
And while it’s OK to share some personal information to help your clients to get to know you better, make sure you aren’t straying from the core message, which is your proficiency as a real estate agent and your desire to educate and assist homebuyers and sellers.
At Florida Agency Network (FAN), we have formed a strategic alliance amongst members and third-party providers to better serve our customers. Contact us today to learn how our customized solutions protect and streamline the closing experience for you and your clients.
In the ever-evolving world of real estate, homeownership dreams can sometimes feel like reaching for the stars, especially for first-timers up against a market faced with soaring prices and higher mortgage rates. As industry pros, you understand the hurdles many novice homebuyers face.
Amid these challenging market conditions, Florida Agency Network remains dedicated to helping you deliver top-notch service to your clients. Let's explore four strategies you can add to your toolkit to assist clients on their journey toward homeownership.
Many first-time homebuyers might be priced out of purchasing in their current or preferred neighborhoods. As industry pros, here’s where you can advise them to think outside the box. Exploring more affordable communities that offer similar amenities can help them settle into homeownership sooner. Lately, more buyers are discovering hidden treasures by relocating to regions with a lower cost of living. For those with remote work options, this can open up a world of possibilities.
For clients committed to staying put in a location where buying is beyond their budget, you can introduce them to a unique approach. They can continue renting in their desired area while purchasing an investment property in a more affordable neighborhood. This strategy allows them to start building equity to apply toward their future dream home.
Sometimes, it’s necessary to help clients understand that the perfect home with all the bells and whistles might be financially out of reach. Alternatives like townhomes or condos typically cost 20% to 29% less than single-family homes. Encourage them to consider these other options to get them into their own home sooner rather than later, even if it means sacrificing a private yard or garage.
Educate your clients about the power of co-ownership. If it’s in the cards, suggest they explore the option of teaming up with someone to purchase a property. Whether they live together as roommates, treat the property as an investment, or create other innovative arrangements, a partnership can make homeownership much more attainable. Remember to stress the importance of establishing a legally binding contract that outlines clear terms and an exit plan if the partnership dissolves.
As members of our FAN family, you play a crucial role in helping first-time homebuyers navigate these challenges. By sharing these creative strategies and remaining flexible, resourceful and informed, you can assist your clients in transforming their homeownership dreams into reality.
In the ever-competitive real estate landscape, Florida Agency Network recognizes the importance of reputation management – particularly in today’s digital age. Client feedback holds significant sway in shaping a business’s reputation. While responding to negative reviews is a given, a recent article on FloridaRealtors.org also emphasizes the importance of expressing gratitude to positive reviewers.
Positive reviews are like golden nuggets, helping prospective clients make informed decisions. However, the story shouldn’t end once the glowing review is posted; that’s only just the beginning.
Responding to positive reviews conveys a genuine expression of gratitude. It demonstrates that you value your clients and their opinions. A simple “Thank you for your kind words” can go a long way in fostering goodwill.
A collection of unaddressed positive reviews may raise doubts in potential clients’ minds. By actively responding, you confirm the authenticity of these reviews and showcase your dedication to maintaining a stellar reputation.
Engaging with satisfied clients post-transaction helps solidify your relationship. It opens the door to future business opportunities and referrals. A thoughtful response can turn a one-time client into a loyal advocate.
A prompt and heartfelt response sets you apart from others who may not prioritize client engagement. It’s an opportunity to showcase the exceptional service clients can expect when working with your title and settlement agency.
Responding to positive feedback strengthens your bonds with current clients, fuels your audience's growth and encourages more comments. It’s a strategic win-win approach to crafting an outstanding reputation within the industry.
So, as you navigate the dynamic realm of real estate, remember the power of gratitude, the impact of engagement and the strength of our FAN network. After all, it’s not just about the transactions; it’s about the relationships we build.
The purchase or sale of a home can be intimidating. We can help you get better acquainted with each step of the closing process to help avoid surprises along the way.
We’ve been talking a lot lately about building affiliated arrangements, and that’s, in large part, because everyone’s doing the same. And we’ve also mentioned that our own Aaron Davis and Mike LaRosa have been asked by quite a few trade associations and publications to discuss the matter at length. It’s humbling! We’d also be lying if we didn’t share that our Closingsuite.com brand has been fielding a ton of inquiries: “Should I build an ABA? How do I get started?”
Although there’s a lot of good information out there, and most of the recent conferences and webinars have devoted a lot of time to the topic, there’s just so much to cover. An hour (or two) just doesn’t get it done. That’s why we’ve introduced a new video series: “Build, Grow and Sell: How to Build the Best Title Ops, Including ABAs, From the Ground Up.”
Naturally, Mike and Aaron will be leading the discussion. And we’ve broken the conversation up into short 10 to 15 minute subtopics. Our hope is to cover a wide range of questions and subject matter - related to building title operations – so that we can cover the things you want to hear about.
While much ABA related content sticks to the compliance elements, which are necessary, we’re going to try to dive more into the operational aspects. What will my costs look like? With whom should I partner?
Yes, we’ll also handle some compliance topics as well. And we may bring some familiar guests in along the way, too. But we think the subject of building ABAs is too broad for a one hour webinar. Hopefully, you’ll find this to be a useful resource as we develop it.
Oh, and, by the way…while “Affiliated Arrangements” might have been the phrase that caught your attention, Mike and Aaron feel very strongly that ABAs are NOT the only way a REALTOR or lender or builder can capture title revenue. Nor are ABAs the only ways title agencies seeking to grow geographic footprint can enter new markets without building a brick-and-mortar operation on their own. In fact, they spend a fair amount of time showing clients other, more profitable and sustainable options that are anything but affiliated arrangements. That’s the stuff we’ll try to cover on “Build, Grow and Sell.”
Our first three installments can be found here, here and here!
And if you have a question or topic for us, don’t hesitate. Reach out and let us know. You never know. You could well find yourself joining us as a guest panelists one of these days, too!
Mergers, acquisitions, joint ventures and other varieties of partnership are all great options for growing your business and are particularly effective ways for title insurance agencies to expand their opportunities into new regions and specialties.
Often, when an agent decides to pursue one of these pathways, the first thing they look at is the spreadsheet. What could this mean in terms of new income? Will it increase costs or decrease costs due to shared resources? What will the upfront costs look like in terms of combining two entities?
The one consideration that often falls to the bottom of the list is the challenge of combining two distinct cultures when bringing the companies together to forge a new entity.
In the first bright glow of falling in love with the idea of merger, acquisition or joint venture, one might convince oneself that you and the other business owner want the exact same outcome and in fact it might feel that way in the initial euphoria of putting the deal together.
It’s like the early days of an engagement when two people raised in drastically different cultures, with opposing religious views and burdened by wildly different upbringings may believe that in spite their disparate realities they somehow will be on the same page about how to keep the house clean, raise children and handle money.
Spreadsheets are great, but they are not people. Ensuring you are on the same page when it comes to culture involves a lot of dialogue, which means sharing your truth, listening intently to other views, and coming to terms with where you intend to take this new venture.
Because in truth, culture is complicated.
Culture can be as simple as dress code (jeans or suits) and adherence to rules and norms (showing up on time and how we treat one another) and as complex as shared values and vision.
Make cultural alignment a priority from the outset and commit to putting in the time to explore each company’s culture. This must begin with a frank conversation between the owners and extend deep into each company, whether that means getting on site to view operations, conducting employee surveys or meeting with each other’s top managers.
This whole process requires a tremendous commitment to being open and frank, as well as listening and observing. Every company has its strengths and its challenges. Being candid about how each of you approach management, planning, communication and a plethora of other topics can help you create a much stronger culture than either of you may have had on your own.
After gathering information from these efforts, put pen to paper to craft a statement or outline of what characteristics you feel are important in this new shared culture. This is critical. If you are not on the same page from the beginning, you can bet your employees will struggle with a disjointed culture that does not have a clear set of parameters and goals for growing the company in the future.
Communicating the vision of the new combined venture is critical to its ultimate success. In addition, inviting employees from both sides of the table to participate in the development of the particulars that make up the vision can ensure they are invested in the outcome. This may feel like “your” company, but if your employees don’t feel like it is “their” company, too, you will never achieve the kind of cohesive teamwork it takes to build a really great company.
The #1 rule of blending two company cultures into a new venture is, “Don’t do nothing.” Don’t think you can successfully steamroll your way into a merger, acquisition or joint venture and everyone on both sides will happily fall into line. Just as you are judicious in investigating the financial and technological particulars on both sides, be equally judicious in discussing, defining and implementing a shared culture.
At FAN, we can offer additional capabilities that will strength your M&A or joint venture efforts. Call us today to learn the many ways we can assist you in building a stronger agency for the future.
October and November always seem to be among the busiest seasons of the year, even as “seasonal” sales begin to decline. (Then again, thankfully, there’s not a whole lot of “seasonality” here in Florida!). You’ve probably seen that our own Aaron Davis and Mike LaRosa have been busy sharing their thoughts with a number of respected trade publications. Aaron spoke with The Title Report not long ago about the exploding insurance crisis in Florida while Mike was approached by Housing Wire in October to discuss one of the hottest topics there is right now—affiliated arrangements.
And then, of course, there’s conference season, and this year was no less busy than ever. Aaron and Mike have both made the rounds speaking on affiliated arrangements this year, thanks to RESPRO and ALTA. In fact, Aaron also spoke on digital closings at ALTA ONE. We’ve also attended several shows too, and hope to see everyone at the FLTA Annual or Premier One’s TitleCON in November. Our own Amy Gregory will be presenting at FLTA and Andrea Somers will be discussing cyber insurance at TitleCON, so come hear what they have to share if you can!
Speaking of ABAs and joint ventures, expect a new video series from Aaron and Mike any time now. They’ll take a dive into the elements of building an ABA (or non-ABA operation) that don’t get talked about too often. We’ll keep you updated as to the launch of that series right here.
As busy as we’ve been, it’s always great to take a breath and take in the annual industry gatherings, where the content, exhibit halls and cocktail hour conversations give us all a little perspective on what’s going on in our space.
Several members of the FAN leadership team headed out to Colorado Springs this October to take in ALTA ONE. In addition to being a spectacular venue, the trip was a great opportunity to network and share insights. You didn’t have to be there to know that building affiliated arrangements is one of the hottest topics in the industry right now, but we can confirm it remains hot and may get even hotter! Remember, title revenue can be captured in many ways, and although ABAs are certainly one approach, they’re not always or automatically the best approach.
We’re seeing a lot more interest in capturing revenue—anywhere, everywhere—as rates remain high as well. Aaron and Mike, in their Closingsuite.com roles, have been hearing from quite a few agents across the country seeking ways to enter new geographic markets or partner with lenders, builders and REALTORS to build new operations. That was true at the ALTA show as well.
Much like last year’s event, we can’t say that the attitude in the proverbial room was rosy. But many were guardedly optimistic that we’ve at least bottomed out when it comes to rates and order volume. By some accounts, the magic “turnaround” date will be sometime in April or May, 2024, but, by now, we know better than to make assumptions. Instead, we were impressed by the focus on building partnerships and optimizing processes to help ride out the current downturn. The Broadmoor is a great resort destination, but the folks we talked to were all business.
That’s a great approach to take these days.
Remember, we’re happy to help you consider your options—maybe even offer some you hadn’t thought of previously—if you’re seeking to grow your footprint or open a new title operation. That goes for title agents, real estate brokerages or teams, lenders or builders. Just drop us a note and let’s talk.
FOR MANY SETTLEMENT SERVICES BUSINESSES, 2023 HAS BEEN A CHALLENGING YEAR. Although there will certainly be a rebound at some point, the most successful firms and owners have rolled out several new strategies to bolster revenue until then. After all, Fannie Mae forecasted an overall origination volume of $1.69 trillion this year. It’s not the jaw-dropping number we saw in 2021, but many industry veterans can remember years when a forecasted volume of over $1 trillion was reason for excitement.
The bottom line is that there is business out there, somewhere, for title agents and settlement services firms. But how do you go about finding it?
It’s a solid approach to take many of the usual, proven steps we all rely on when a market becomes soft. We’re all building or shoring up our relationships with local brokerages and Realtors. We’re checking in on loan originators and executives at the regional banks and lenders. And, although it’s not something any of us wants to do, we’ve cut our costs and traded fixed expenses for variable expenses.
However, in especially tough market cycles, those steps may not be enough. We’ve seen considerable contraction throughout the market already, and capital infusions are hard to come by. Revenue is the lifeblood of any business, and there are no true substitutes.
One proven approach to locating and tapping into real estate volume that may not be taking place in our local markets is partnership, whether through a joint venture or other means. Not every title agency is national in its geographic footprint. Not every firm is positioned for maximum operating efficiency. When revenue is down, it’s not easy for most to simply acquire another brick-and-mortar operation in a new market or make a massive investment in operational technology. That’s where partnership comes in, and it’s what an increasing number of title firms are doing in a variety of ways.
It’s easy enough to decide to enter a hot market to get a piece of the action. It’s also easier said than done. Licensing and state or local regulations can create a huge barrier to entry. The expense of building a new operation or acquiring an existing operation—while quite plausible for those with cash reserves—is generally not what most are looking for when the order count is low. And then, there’s the obvious reality that unless an incoming title agent or owner is already familiar with the nuances of a new market or the customs of local brokerages and banks, success is anything but guaranteed for the newcomer.
Another consideration for expanding one’s footprint is the recruiting and hiring of quality local talent. Start-ups or new firms tend to attract the available talent, rather than the top talent. More often than not, that talent is available for a reason. When it comes to wooing the best title personnel, a new firm may get one shot to win them over. A firm that’s just opened its doors in a new market can get off to a disastrous start if it’s built around the wrong person, the wrong team or wrong culture. Partnering with an established local agency with a reputation for good leadership, culture and service can help a firm avoid potential mistakes from the very start.
Whether via joint venture or other forms of less regulated, informal partnership, we’re seeing an increasing number of title agencies entering new geographic markets by partnering with firms that are already well established there. Although we’re also seeing some make the effort to enter new markets with affiliated arrangements that forego the participation of a local title agency, relying instead on their banking or realty joint venture partners, there are quite a few potential pitfalls to going that route, not the least of which is the increasing regulatory scrutiny on suchventures.
Better to rely on the experience and expertise of a local firm when partnering to enter a new market. An established local title business should be comfortable with the in’s and out’s of its home territory. It’s also likely they have the resources and experience to assemble a compliant arrangement without rankling local enforcement agencies.
One doesn’t need to enter new geographic markets to weather the storm, either. Cutting expenses effectively while improving an operation’s effectiveness not only helps margins when times are tough, but also positions businesses to ramp up quickly when order counts start to rise again. After all, a lender isn’t going to gradually increase the order count in deference to the title agent who’s frantically onboarding new staff. Entering new partnerships also makes great sense for agents who don’t have the means or expertise to centralize their operations or trim inefficiencies without harming their core businesses.
There are a number of title businesses out there that have turned to a model that relies on the optimal use of effective technology, staffing and training that aligns with what lenders are seeking (such as digital closings and/or RON, cybersecurity, etc.) and a workflow that relies as little as possible on manual or inefficient processes. Partnering with such a business can lead to immediate benefits, not to mention positioning the incoming partner for success when the market turns.
Of course, not every potential partner is right for the title business seeking a partnership. Demonstrated experience is important. Has the potential partner done this before? What were the results? Does that partner have equally tough questions for the inquiring firm? While it’s understandable that a business might not want to share every element of its “secret sauce,” it’s also critical that both partners considering a joint venture or other form of partnership understand how the other works and what each firm values and strives for.
The title industry can be a competitive place—sometimes inordinately so. But in challenging times, there are numerous opportunities to at least have a share of the business that is out there through partnership. But it’s important to go about things the right way. Just as a successful joint venture can lead to improved revenue and even new opportunities, a bad arrangement can sink a business or hurt its brand for future potential partnerships. Better to get it right the first time!
We’ve been asked a lot about building affiliated title businesses lately. During market cycles like this, everyone’s scrambling to take in as much revenue from as many proverbial spigots as possible. Some folks think an easy solution is to capture as much title revenue as possible. That can be a great solution, but it’s never truly “easy.” After all, you’re really building a new business. That said, having a solid strategy and planning to build a sustainable operation for the long term is the difference between a a very short run and success.
For home builders, real estate brokerages mortgage lenders and even other title agencies (perhaps seeking to enter a new market without truly building their own brick-and-mortar operation there), the first step is finding the right title pro (or pros) to help build the operation. Title insurance and closings vary from state to state and even city to city. Unless you’ve got experienced (and that experience should be recent!) title operators in house, partnering with a consultant or, better yet, a firm equipped to build ABAs is the safest way to go.
There are a few fairly obvious but all-too-often overlooked things you’ll want to know about your potential ABA partner.
Especially for businesses that don’t perform their own title insurance and closing operations, it’s easy to understand that, to run a successful title operation, you’ll need someone who…well, who knows title!
But title insurance and settlement services are anything but universal or monolithic. Every state has its own rules, its own customs, its own enforcement tendencies and its own quirks. In most states, it even varies county to county. So an experienced title professional who has built successful operations in New York doesn’t automatically understand how to do the same thing in Texas.
On the other hand, just because a seasoned title professional hasn’t helped build title operations in the market you’re seeking to enter doesn’t automatically disqualify that person, either. The key is to drill down as you vet your potential partners. Have they built successful title operations? If so, where? When? How many? If they haven’t built businesses in the market you’re targeting, why do they feel qualified to do so? Do they have partners who are? And the biggest question…
“How did you build out successful title operations in the past?” may be the most important question of all when vetting potential ABA partners. RESPA and ABA experts will quickly (and correctly) point out to you that things like ABAs (or workshares) are prime targets for regulatory scrutiny when they’re basically shells of the typical title operation. You may already know that your title ABA’s partner (be it a brokerage or a builder) will need to offer choices other than their own title operations to consumers. You know that you’ll have to staff up your operation and that you’ll want to automate the operation as well for the best margins.
But do you know which technologies are ideal fits for your strategic planning? Or which processes should be outsourced? Or which processes are better kept “in-house,” with shared resources supporting them? Or which local brokerages (or loan officers, etc.) are open-minded to using newly opened title agencies?
These are the details that can make all the difference. If your potential partner doesn’t have a grasp of those details and why they should apply to your operation, you may want to move on in the vetting process to others.
There’s no out-of-the-box solution for building a successful title operation—and beware of those who claim there is!
We at FAN talk to other title agents, home builders, real estate brokerages and lenders all the time about building ABAs that fit their needs. In fact, many times an ABA is not the best way to go. If you’re seeking to enter the market with a new title operation, get in touch. We can help.
Please fill out form below