Tips Overcome Switching Escrow Companies

Today’s real estate industry is reflecting an all-time low on interest rates for mortgages, as well as reverse mortgage rates.

If you’re involved in transactions like these, you most likely will need an escrow provider.

When buying or selling a home, your real estate journey is only so good as your partners and services.

Have you ever been so dissatisfied with a service provider to the point that you decide to cut relationships and start fresh?

Tips to Overcome Switching Escrow Companies: eAskme
Tips to Overcome Switching Escrow Companies: eAskme

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You would not be the first, but it is necessary to think about the cost of switching.

As with anything in life, switching escrow companies comes with an added cost.

Costs do not necessarily come in the form of money.

They may also come in the form of the time and effort you and your provider have already put through the escrow process.

Sometimes, it might seem that the benefit of switching in the middle of the process does not offset the costs.

However, more frequently than not, it does!

Reasons People Switch Escrow Companies

At times, it might be an absolute necessity to defect from using an escrow company and switch to one of their competitors.

In services like escrow, the main relationship as a real estate agent is with the individual closer. The individual closer is your direct contact with the escrow company to get updates on the process.

They are the ones that have managed your and your client’s files, know your communication preferences, and someone you possibly even built a personal relationship with.

The level of investment you have with that person is what makes it hard to even consider switching to another escrow provider.

So, why do people feel the need to switch escrow providers in the middle of the process?

Some people have simple reasons for wanting to switch companies such as moving cities.

Nevertheless, many companies lose their clients over poor customer relationship management or poor quality of work that damages their reputation.

Reputation in a service-based company, especially one that deals with transactions of millions of dollars, is an important factor to consider when choosing an escrow service provider.

It is not uncommon for workers in an escrow provider company to be overloaded with information. 

With information overload, workers are more likely to become unproductive because they have to juggle between 30 things at a time.

Individual closers usually take care of multiple accounts at a time, and have to make sure not to drop the ball with any of them.

Sometimes, companies prioritize some clients over others, which might lead to a delay in the closing process.

You and your clients would realize that this is no way to close a transaction.

When the partnership between you and your escrow services provider no longer seems like a partnership, it is time for you to find another escrow provider.

Otherwise, you run the risk to lose YOUR clients because the escrow service provider partnership you used as a selling point is no longer an added benefit. 

With the right escrow company, you can go through your day worry free!

Find yourself a real partnership that will benefit you and your clients, and in the long run, will help you stay competitive as a real estate agent.  

Tips for Switching Escrow Companies

If you find yourself to the point you need a new escrow service provider, there are some things you can do to make your transition smoother.

The number one thing to do is pick the right escrow service provider for you. All companies all offer different services and bring various types of talents to the table.

As mentioned earlier, a relationship between a real estate agent and an escrow provider should be a real partnership beyond selling.

Both parties work together in different ways, but a real estate agent needs to think about the value-added the escrow company will bring to them and their clients.

You must wonder how you determine which escrow services provider is the right fit for you.

In general, there are 5 tips for choosing the right escrow company:

  • Look at reputation
  • Choose a communication style that fits your needs
  • Make sure they have ample resources and experience
  • Consider their location
  • Compare their prices to others

These 5 recommendations are essential to determine the right fit.

In fact, once you determine which escrow service provider is the best for you and your clients, there will not be a need for switching escrow companies.

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