Life is a delicate balance between what we can control and what we cannot.
Over the past couple of years, the real estate market has been a wild ride - one that has proven difficult to predict or manage. Adding to the uncertainty surrounding mortgage rates, the recent NAR Settlement has injected more ambiguity into an already volatile market. What will real estate agents' value count for as buyer's agents are likely to earn less on each transaction?
Wayne Stanley, the CEO and Founder of Bowe Digital, a marketing and advertising company serving over 200 title and escrow companies nationwide, offers insights into this shifting landscape. Before launching his own venture, Wayne worked for ALTA, overseeing the HOP program designed to assist title and escrow companies in direct-to-consumer marketing rather than solely relying on referrals from real estate agents.
Wayne has been advocating for consumer choice long before it became a trend.
As we stand on the brink of a potential significant choice point for consumers - determining the worth of a real estate agent's commission in the transaction - Wayne reflects on the industry's future.
“While no one knows the exact details of how the NAR settlement will affect commissions,” says Stanley, “the title and escrow industry should prepare. If the previous ‘gatekeeper’ to the customer is earning less, what changes can we expect?”
The easiest place to start may be in the level of service and response time, according to Wayne. “If this prediction is true, consumers may rely more on the title and escrow company, increasing our industry’s value in the transaction and elevating companies that provide superior customer service.”
As a voice of the title and escrow industry, Wayne is often seen on stage at title conferences nationwide. With insights gained from speaking engagements, webinars, podcasts, and client interactions, Wayne shares three strategies for title and escrow companies preparing for Day 1 of the Real Estate Agents’ New Reality after the NAR Settlement:
1 - Focus on technology: Wayne emphasizes that tech should be both internally helpful to the team and externally visible to the customer. Adopting technology that streamlines processes and enhances the consumer experience is crucial in today's digital era.
However, Wayne advises against rushing into AI without a clear plan, advocating for thoughtful experimentation and prioritizing automation.
2 - Be more resourceful: To excel in a changing market, title and escrow companies must free up time to focus on customer relationships rather than getting bogged down in busy work. Wayne recommends leveraging automation to optimize workflow and prioritize client interactions.
3 - Focus on GROWING your audience: Wayne stresses the importance of expanding outreach efforts beyond existing customers to attract new business. With a shift towards broadening reach and experimenting with new marketing strategies, title and escrow companies can assert their message and connect with potential clients more effectively.
“Amidst the uncertainty,” says Wayne, “we must embrace change and focus on forward-thinking strategies for success.” By adapting to new realities and seizing growth opportunities, companies can navigate the evolving landscape with confidence and resilience.
The Growth & Scale Report is published by CloseSimple, and explores strategies for growth and tools for scaling your title or escrow company. The report emphasizes the art of balancing growth and scale, with a focus on personal and organizational success stories. It aims to share insights from industry leaders who have navigated these challenges, providing a platform for broader conversations in the business landscape.