Remember when short sales were going through the roof, and title companies had to set up new departments to manage the complexity of these transactions? As interest rates go up and down, employment opportunities rise and diminish, or factories close down and new businesses open, title agents have to keep their eye on the trends in the market to be prepared to meet the demand in specific niches.
Florida is such a powerful case in point. The escalation of manufactured and mobile home sales has grown dramatically over the past decade, keeping title agents on their toes to meet the unique requirements for these transactions. While we can anticipate changes in the marketplace, we can’t always perfectly predict what will happen. The best approach for a title agent is to take steps now to have options for meeting unusual demand in any direction.
While your veteran staff is perfectly able to shift from one type of transaction to another, younger staff may not yet have had enough transactions come across their desk to understand all of the nuances of more challenging situations such as homes being sold through probate, with a power of attorney, or by a foreign owner.
Title companies have always had to be flexible to meet a shifting market. To prepare your agency for an influx of REO, refinance transactions, or other specialty transactions, take an inventory of your staff skillsets and experience to determine if there are any gaps that need to be addressed.
You don’t always have to resort to hiring to beef up your staff’s ability to manage every type of transaction. Cross-training is a cost-effective way to prepare more employees to handle unusual situations. Cross-training also offers a host of other benefits.
For a title agency, the most important benefit may be that it creates a more collaborative and empathetic environment among the staff. This is hugely important when work starts to ramp up, as it surely will when the mortgage rates come down. A cross-trained staff that understands the complexity of what other employees are working on increases employee engagement and commitment to working together through logjams.
Cross-training also helps when, through illness or family crises, an employee’s work has to be shifted to another staff member. Having someone ready to step in ensures greater continuity for your customers.
Many companies offer tuition reimbursement and industry training as an added employment benefit. This sends a message to your employees that you value them and that you want to invest in their future. However, this benefit often comes back to the company in terms of increased productivity, greater competency and an ability to offer a broader menu of specialized services to your customers.
During your annual reviews with each employee, explore opportunities they are interested in and encourage them to research and propose training opportunities that will increase their knowledge and expertise.
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