How to Find the Perfect Investor-Friendly Title Company [6 Tips]
Whether you’re a newbie or a seasoned investor, working with an investor-friendly title company increases your chances of success.
You may be familiar with what a title company is, but there’s a big difference between an investor-friendly one and one that doesn’t cater to investors. Here are a few tips for finding the company that will work with your best interests in mind…
#1 Know what to look for
First off, do research about what a title company does in general and how it functions within the web of sellers, wholesalers, investors, buyers etc.
Basic responsibilities of a title company:
- Ensure that titles to properties are legitimate
- Issue title insurance for properties
- Monitor closings (prepare needed documents, inform all the people involved, collect and distribute costs)
An investor-friendly title company:
- Knows about investing
- Specializes in working with real estate investors
- Knows about wholesaling
- Performs double closings
- Has a solid reputation
- Is recommended to you by others in real estate
- Builds a relationship with you
#2 Do not just look up companies
Looking for a great title company in a long list on the internet is like searching for a needle in a haystack. There are so many to choose from and most of them don’t tick the checkboxes for being investor-friendly.
You must use other resources at your disposal in order to complete this search process. These resources include other investors, wholesalers, and REIA groups in your market area.
#3 Talk to other investors and wholesalers with experience
Getting in contact with those who have worked in real estate investing for a long time is the best way to gain valuable information.
Ask for referrals and recommendations on social media pages monitored by wholesalers or investors. Find these pages with a quick search on Facebook!
#4 Join a local REIA group and reach out to members
There are so many real estate investor networks and clubs in your area. Join one to receive periodic newsletters with tons of helpful information about topics like title companies.
Lastly, many investor meetings have title companies that pay to be sponsors. They will be familiar with investors’ needs. Not only will you have access to a wealth of information as a member, but you will also meet mentors who can guide you through your journey in real estate investing.
#5 Network, network, network!
In addition to joining an REIA group, you should attend meetings and seize opportunities to network. Speaking in person with others shows your dedication and provides the perfect chance for investors to hook you up with the title companies they trust.
Meetup.com usually has the latest updated information about general meetings. Just search the name of the local REIA group you’re in.
#6 Ask lots of questions
You may have to represent yourself when finding a title company, and this can work against you if you’re a newer investor who’s unsure about what you’re doing. When meeting with potential closing agents, get as much information as possible.
Examples of questions
- Do you work with investors?
- Who are your main clients?
- Are you familiar with wholesaling?
- How often do you do double closings?
- If I have a high volume of closings, would you be able to provide a discount?
- What other transactions do you have experience with?
- Will you be able to work with tight deadlines?
- Who else can recommend you to me?
Working with a company that’s both credible and understanding of your needs as an investor will make closing deals so much easier.