As a realtor who was interested in opening my own title agency, after watching this video, I am so scared, in fact, I don't think I'll do it anymore. Thank you for sharing!
Your just trying to scare real estate agents from stealing your business which I understand, but one of your main points is bs, you don’t have to pay for wire fraud, for one money is fdic secured and also if a buyer or seller gives u fraudulent account it’s on them
I didn't make this video because I'm worried a Realtor is going to take my business. I made this video because there are Realtors who feel that starting or owning a Title Company is not only easy but super profitable. Many Realtors barely understand the process of what a Title Company does or what is "Title Insurance" so when the issues of claims, fraud, and marketing tools, it's not all easy. And...yes there is a hook for wire fraud. If a buyer or seller gives you the wrong wiring instructions, it's on them?? How is it their fault if someone hacks into the escrow officer's email and sends a phony email to a buyer or seller? Or if the escrow officer sends the proceeds to a fraudulent account? It's a good way to have your underwriter drop you.
@@WadeVanderMolen it’s a lot of what ifs but just be honest most of time when title company’s have to pay it is a blatant screw up, end of the day it’s insurance and all claims can be haggled even if it’s the title company’s fault, Allstate homeowners insurance is notorious for getting out of having to pay claims, and it’s rinse and repeat when getting prior information on a house, in the grand scheme of things it’s not a hard business and requires no marketing, half the time real estate agents use the same title company every time eventually for some agents that percentage you give them to use your company is not gonna be enough when they can save thousands in the long run, I plan to start my title company sometime next year I’m still learning the ins and outs, their are 11 companies in my county last year their were 4k homes sold very profitable area
As a realtor who was interested in opening my own title agency, after watching this video, I am so scared, in fact, I don't think I'll do it anymore. Thank you for sharing!
What is the best way to go about finding sponsoring underwriter?
Can you make a video on how to start a settlement company?
Hey could you clarify what state this applies to? I think it may slightly differ per state?
Thank you for this information
Ga is a closing attorney state. I seek to open a closing firm. Do u have any idea how to start one?
Thanks Wade!
Your just trying to scare real estate agents from stealing your business which I understand, but one of your main points is bs, you don’t have to pay for wire fraud, for one money is fdic secured and also if a buyer or seller gives u fraudulent account it’s on them
I didn't make this video because I'm worried a Realtor is going to take my business. I made this video because there are Realtors who feel that starting or owning a Title Company is not only easy but super profitable. Many Realtors barely understand the process of what a Title Company does or what is "Title Insurance" so when the issues of claims, fraud, and marketing tools, it's not all easy. And...yes there is a hook for wire fraud. If a buyer or seller gives you the wrong wiring instructions, it's on them?? How is it their fault if someone hacks into the escrow officer's email and sends a phony email to a buyer or seller? Or if the escrow officer sends the proceeds to a fraudulent account? It's a good way to have your underwriter drop you.
@@WadeVanderMolen it’s a lot of what ifs but just be honest most of time when title company’s have to pay it is a blatant screw up, end of the day it’s insurance and all claims can be haggled even if it’s the title company’s fault, Allstate homeowners insurance is notorious for getting out of having to pay claims, and it’s rinse and repeat when getting prior information on a house, in the grand scheme of things it’s not a hard business and requires no marketing, half the time real estate agents use the same title company every time eventually for some agents that percentage you give them to use your company is not gonna be enough when they can save thousands in the long run, I plan to start my title company sometime next year I’m still learning the ins and outs, their are 11 companies in my county last year their were 4k homes sold very profitable area
@@WadeVanderMolen you don't have to explain yourself to someone who clearly doesn't know. As a realtor in Michigan I understand your point.
Lol...comeon this sounds more like u are trying to tell them why u should not.
I will tell all realtors to open a title company.
Good luck.
He also seems frustrated. Almost agitated