The word “diversify” has become ubiquitous throughout the title insurance industry, as it continues to be touted as a kind of panacea for the market troubles devastating businesses around the country. The market has changed, customers are requiring more and more services and title companies are striving to provide those services.
“You have to keep adapting. The old ways of doing business are gone. The whole business world has changed.”
Diversifying Your Title Business
While diversifying appears to have become almost a necessity for staying afloat, the challenge to any company considering such a move is try to figure out how to do so in a way that will stabilize rather than distress their business. In the process of taking on that challenge, title companies must assess a number of variables, from their core competencies to customer demand to product offering options.
Prior to going down that path, however, a company should first assess its relative strength in the marketplace to understand if its current business model is structured to fail, or if indeed it is viable.
This special report, from the editors of The Title Report, provides 10 critical principles to consider before, during and after your move towards diversity. From evaluating your core competencies, customers and competition to staffing and technology concerns, you’ll get valuable insight into the process of diversifying your title business.