What do consumers want…

I mean what do they really, really want? When a consumer is choosing a title company with which to close their transaction, what are they looking for? For that matter, are they looking? If not, why? With all the press going to companies such as Entitle Direct where supposedly the consumer can save 35% on their title charges, you would be downright stupid not to shop around. The local title companies must only exist to prey on the consumer and charge exorbitant and outlandish fees from their neighbors. It seems to me that the mysterious stranger from out of town must always have your best interests at heart.

I would argue that Entitle Direct has actually hit on something with their approach. Consumers should absolutely shop around for title insurance! I can’t stress this enough. Title Insurance is a must. Your lender is going to require a Policy on a refinance and you must furnish clean title to your new buyer on a sale. But when it comes right down to it, a title policy is a title policy. So Entitle and others like them take the approach that if the end product is the same, then price must be the only factor with which a consumer should comparison shop. As Lee Corso would say, “Not so fast my friend.”

So if it’s not just price, what is it? The answer isn't that hard to figure out… Trust. The consumer must not only trust that the end product will protect them or their lender, but they also must trust that they aren’t being taken advantage of. The consumer wants to know that the policy they paid for is priced fairly and completed in a professional and safe manner. Why? Simple, in the end, Title Insurance is really Title Assurance.

Who can the consumer Trust? The internet is the wild wild west, anything goes. I don’t know anything about Entitle’s underwriting practices, but for the sake of this post, I’m going assume that they are even handed and accurate. But here’s the thing, you don’t know. They are their own underwriter, they don’t have to answer to Chicago Title, Fidelity National Title or Old Republic when they aren’t doing something correctly. Your local ALTA title agent does and has strict standards set by their underwriter. Some may call us the middle man, but we have checks and balances. The consumer has true Title Assurance.

Now as to the 35% that Entitle Direct is going to save you. I don’t fault them for marketing this way. I don’t know what the other markets they do business in are pricing at. I can tell you this though, in the Chicago Market, where I do business. I am going to save you 42% on a refinance… Not on some fictional rate but off of Entitle’s quote. IS that a special deal? No… That is every single day. Am I special? No, not really. The market dictates that a refinance should cost a certain amount in Chicago and Entitle is just that much more expensive.

Would I have put a link to the Entitle Direct website if I coulldn't beat them? So don’t believe the hype… Shop around, but shop local first! You’ll save time, save money and you’ll be Assured of that fact. You can Trust in that fact!