The Largely Ignored Aspect Of The Real Estate Meltdown

When you read and watch the news about the mortgage/real estate meltdown you hear about the mortgage lenders and real estate agents that have fallen on hard times but problems in the title insurance industry are largely ignored.

Reason being, at least in part, is due to the way title insurance was marketed and sold. Because title insurance has been a behind the scenes aspect of the real estate processes the public and the news does not really hear about it. Unless the principals in the transaction are savy investors, the average consumer has no involvement in the selection of the title insurer and basically kept in the dark when it comes to this component of the real estate transaction.

This is also a big part of the problem that title companies are facing now. They relied on referrals from other real estate professionals and when the mortgage lenders and real estate agents go out of business the referrals dry up.

Too many title companies are now being forced out of business because they can’t get the referrals any more. The title companies that are able to make their way out of this market are those who had diverse marketing plans focused on consumers as well as real estate professionals. They may not be able to make big profits but they will be able to survive until the market turns around.

Too many good people are losing their jobs and their businesses and if the remaining title companies don’t take heed and change their business plans to be more consumer friendly we will see many more people on the unemployment line.

Pungky Dwiasmoro Hiswardhani

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