Survey Concludes Tampa/St.Petersburg Real Estate Agents Prefer Using Outside Title Companies Versus Those In-house
December 2, 2002
Many Tampa-area Agents Say Their Realty Office Owns A Title Company ? But Some would Rather Not Use It?
Richfield, Ohio?The nation?s most respected and widely read title insurance publication is currently polling over 1,500 real estate agents regarding their views on the title companies they use and the overall title insurance process. As part of The Title Report?s National Real Estate Survey for title companies, the research team polled 100 top-selling agents in Tampa/St. Petersburg/Clearwater, Florida . Other Florida markets now being surveyed include Miami/Fort Lauderdale.
The Tampa survey data show that 15% of agents say their realty office owns a title company. This is the largest percentage reported to date among all markets surveyed, which include those in Texas , California and the Washington , DC metro area. Of these agents, most said they are strongly encouraged to use the in-house title company, but many believe they do not get the same level of quality service from this company as they receive from their primary, off-site title company. The survey provides detailed statistics and analysis on this as well as other agent responses.
?Real estate agents in the Tampa/St. Petersburg area are open to trying out new title companies if they believe they will get better service, but do not like to be told which company to use,? saidRenee Becker, National Real Estate Survey project manager. ?There is a real marketing opportunity for title companies. Our study shows that agents in Tampa are very loyal to the title companies they use, but there appears to be more of a trend by realty offices toward setting up affiliated business arrangements and funneling business through their own company,? she added.
In addition to data on technology, selection habits and agent views on small versus large national brands, the Tampa edition of the National Real Estate Survey contains over a dozen data points on agent satisfaction of the products and services offered by their primary title company. In Tampa , agents gave candid performance reviews for 52 title companies. They include:
Real estate agents reviewed their primary title companies on the following performance factors: Overall performance, turnaround time, responsiveness to requests, problem solving, error-free work, closing on time, pricing, title reps and personalized service.
?With each survey we complete, we are intrigued by the similarities and differences in title performance across the county,? said Becker. ?The Tampa/St. Petersburg survey results will soon be compared against Miami/Fort Lauderdale, when that market is completed.?
October Research Corporation is a leading news publisher and research company for the real estate services industry. The company producesThe Title Report,The Legal DescriptionandAppraisal Intelligence newsletters, the most widely read publications in the real estate services industry. The company has also published several special reports, includingTitle Technology, theE-SIGN Perspective, the Mortgage Impairment Special Report and RESPA Reform 2002.
For more information about the National Real Estate Survey, or to order Tampa survey results, contact October Research at: 877-662-8623; M-F 9am-5pm EST. Or visit us online at: www.thetitlereport.com. ALTA members are eligible to receive up to 25% off the retail price of the surveys!!!
Source: October Research Corporation