I was able to find three other people from some of the Title Companies that I had before interviewed but not any of the people were the same, as instructed. I was able to pick their brain on how they view the product they want to buy from me. First of all they determined a list of how they rate different vendors, on 1. Turn time, 2. Quality, and 3. Price. Turn time is the most important as they have SLAs that they need to meet with lenders, quality being second as they need a error free product to present to the lender before the SLA expires, and price being the last as they will pay for the other two before going cheaper and getting a cheap product.
In this industry it is understood that you really do get what you pay for and that is why some companies charge a premium as they have great reviews and track records. All of the product delivery will be done online either through portals or emails that give the Client a direct copy of the product quickly and easily. Payment is usually done through escrow accounts or overnight checks, this is true for each company that I spoke with.
All products will be reviewed by Title Examiners and their managers before being sent to their Lenders and that is where they can kick it back to me if my company missed something as everyone makes mistakes.
When reviewing the products, they are satisfied when there is no errors and the product was turned in by either the agreed time or a little after, just before the SLA expires so they are able to complete their task. Turn times that are not met or products with many errors cause them to not make money and they will take immediate action to prevent that person from getting any more orders or less volume until they improve.
All in all the three people from the three companies all had the same wants, needs, and requirements for their work. This is because the industry is very defined on what is acceptable and what is not. They all pay very well for products that are produced very well and very fast. This is why my business needs to be in tip top shape with employees and procedures even before the first order enters the database.
Hi Patrick,
ReplyDeleteI can definitely see why turn time and quality would rank number 1 and 2. If either of these topic categories do not meet expectations or have errors in the jobs they are performing it could cause major issues and cause backups. In my mind I would agree with the way they are ranked. When each of the people have the same needs it makes me wonder if you have found the formula to running a successful business now it might just be figuring out how to get started and compete with your competitors. Great Job!