Monday, February 14, 2011

The Title Company Choice!

I was reading a study (done every 2 years) the other day done by the Ohio Association of Independent Title Agents (OAITA). The study talked about the preferences of consumers and their overall comfort level of using a settlement company that was their choice or on that was referred to them by their Real Estate Agent or Mortgage Professional. It started out talking about the last 2 years and how many people choose on their own and how many took the referral from the real estate professional/mortgage broker. The study found that only 23% of respondents selected their title insurance agent on their own, while the other 77% did not independently chose with out some suggestion. Of that 23% that choose there settlement company, 47% of the respondents said that they heard about the settlement company by "word of mouth", and 27% were returning customers, and only 3% found their settlement company through some form of advertisements. Which makes me think how much advertising settlement companies do and what is the best medium to reach consumers? (But I guess that is for another day!)

By reading this study I think that the reason that there are only 23% of respondents choosing their own settlement company is because; they do not know that they have a choice. In Maryland and in many other states in the US, it is the choice of the Consumer to choose the settlement company that bests fits their needs. For one of the biggest investments most people will ever make, I think it is worth the time to do the research to find the best fit for you.

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