Fri, Jul 03, 2009
|
Author |
Starting A Title/closing Company |
Gino
117 Posts
Member Since: 07/06/2003
Pittsburgh, PA
 Join Gino's Network
What's My Favorites Network? |
Posted: 21:22 on 10-05-2004
Does anyone around have experience with opening a closing/title company? It seems to me that all you need is the software, escrow knowledge and away you go.
I'm sure there are plenty of details that need paid attention too. I know it is a very profitable business. Can someone clue me in?
Profile of Gino
 Edit/Delete Post
 Quote this Post
 Report this post
|
baytitleguy
56 Posts
Member Since: 10/07/2004
Clearwater, FL
Join baytitleguy's Network
What's My Favorites Network? |
Posted: 16:43 on 10-08-2004
Gino,
I own a title company in Florida and I hate to be the bearer of bad news it's so much harder than that it will make you puke..
You might want to start by finding out what department in your state oversees title insurance companys, try dept. of insurance or dept. of financial services.
to find out there liscensing requirements .. you will need to be liscensed as a title agent (unless your an attorney) your company will need to be liscensed as an agency. you will need a fidelity bond, a surety bond, E&O insurance, and you will need to talk to an underwriter because even after your liscensed you can't do business until your appointed by an underwriter. You will need a lot of money. Example my software alone cost over 6K. Most of all you will need knowledge and experience. You can hire some of the experience in some cases but thats expensive to.
I'm not trying to discourage you I've been doing for a long time and I think it's fun, challenging, and rewarding --oh yeh and profitable. Just don't kid yourself and think it's cheap or easy..
Good Luck
P.S. Another idea might be to start out just doing a loan closing service, you will build a client list for when you do open a TC and it's a lot easier and takes a lot less expertise.
Profile of baytitleguy
Edit/Delete Post
Quote this Post
Report this post
|
InActive_Account
-5 Posts
Member Since: 02/26/2002
AnyTown, NY
Join InActive_Account's Network
What's My Favorites Network? |
Posted: 21:33 on 10-24-2004
you also must be a VERY sales oriented person in order to get any clients. the days of borrowers coming in the door has slowed down greatly. real estate agents direct buyers to certain title companies, builders have deals worked out with title companies and brokers & lenders have their own companies do the work. What all that means is you must have the ability to draw in these clients who will give you repeat/steady business and that also entails deep pockets. One of the title companies I work with has a box at Camden Yards, has a box wherever the Ravens play, has a rather large 'boat' in the Chesapeake Bay, takes the brokers front & center at Pimlico, etc.
Profile of InActive_Account
Edit/Delete Post
Quote this Post
Report this post
|
sayveon
1 Posts
Member Since: 12/08/2004
Atlanta, GA
Join sayveon's Network
What's My Favorites Network? |
Posted: 12:27 on 12-15-2004
I would like to ask Gino do he recommend starting a title company and is there a market right now for such a company and what type of experience do one need to get started?
Profile of sayveon
Edit/Delete Post
Quote this Post
Report this post
|
JohnMichael
1444 Posts
Member Since: 11/20/2002
Springfield, MO
Join JohnMichael's Network
What's My Favorites Network? |
Posted: 06:13 on 01-09-2005
For most the cost of the Errors & Omissions, insurance can often reach unaffordable levels.
Before ever starting a title company, I would highly suggest working for a title company for several years before even considering as this is not an easy business.
On must be extremely organized and be prepared for long hours and a tremendous amount of upfront cash when starting out.
A site that I favor is http://www.sourceoftitle.com this may provide you with additional information on this subject.
_________________
"What is necessary to change a person is to change his awareness of himself." By Abraham Maslow
Profile of JohnMichael
 JohnMichael's Products
Edit/Delete Post
Quote this Post
 JohnMichael's Group
Report this post
|
gmoney69
92 Posts
Member Since: 04/30/2004
Heathrow, FL
Join gmoney69's Network
What's My Favorites Network? |
Posted: 00:26 on 01-12-2005
GO STEELERS!
Profile of gmoney69
Edit/Delete Post
Quote this Post
Report this post
|
naser
1 Posts
Member Since: 05/27/2004
Elk Grove Village, IL
Join naser's Network
What's My Favorites Network? |
Posted: 19:35 on 01-16-2006
anyone insterested into opening/expanding title in chicago suburbs. I am a knowledgeable title closer.
email me at: **Please See My Profile**
Profile of naser
Edit/Delete Post
Quote this Post
Report this post
|
wrldplayground
80 Posts
Member Since: 11/08/2005
Dallas, TX
Join wrldplayground's Network
What's My Favorites Network? |
Posted: 03:27 on 08-17-2006
I'm with Gino, It looks like such an easy business to operate once you have the right personnel on staff. Glad I read this post.
Profile of wrldplayground
Edit/Delete Post
Quote this Post
Report this post
|
|
|
|
| |
|
