I really love working with you, but, your fees are just too high!

By
Title Insurance with Key Title Corporation 63078

That was the call I took last month  from a Realtor with whom I have completed several transactions.  She called to tell me that she had just sold a home to a first time home buyer and that she was going to refer the transaction to me, but another title agent quoted her a fee that was $50.00 less than my normal fee.   The buyer was  just barely able to prove the required funds needed to complete closing and the Realtor wanted to make sure that title fees weren't going to keep this young buyer from achieving her dream!  She did not ask me to reduce my fees and I did not offer to do so.   My support staff and I earn every penny we charge and we don't apologize for charging a very reasonable fee for our expertise and professionalism.

And then today I got a call from the very same Realtor on the very same deal, and she was in a lather and in a panic!!

The title company  that she referred the deal to, the very one that that had offered such low fees,  had not yet contacted the lender, had not completed the title search and had not ordered the lien certificate. (30 days from the date they were contacted originally)  Why?  Because they wanted to make sure the deal was going before they spent any money on it.  Evidently, the title agent was waiting until all possible roadblocks had been removed before they were willing to move forward.   For example, they were concerned that the home inspection would come back with issues, the appraisal may be low, etc., etc. So, now with the contract closing date being only 3 days away, they are asking the agent to get an extension to allow them time to complete their work!!  REALLY??!!

Yes, you, as a professional looking out for your client, should always be looking for the best value for the client's dollar.   But are you being penny wise and pound foolish when you look only at the dollar sign and not at the level of services being rendered?

The Realtor has asked me to step in and rush my work so that the closing deadline can be met and she has offered to pay me personally for any additional rush fees that might be incurred. 

The next time you are shopping services on behalf of your client try to remember the old adage you get what you pay for.  Sometimes cheaper is simply not better.

 
Please leave me a comment and tell me one of your horror stories about cheaper being "better"  I would love to hear from you.

Charlene Perry

Key Title, Inc. 

35 Fulford Avenue 

Bel Air, MD 21014 

410-803-4800 

 

Posted by

Charlene Perry
Key Title, Inc. 
35 Fulford Avenue
Bel Air, MD 20104
410-803-4800

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Tags:
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Ambassador
4,297,836
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Charlene, isn't it given? WYPIWYG? What is pay is what you get?

Aug 19, 2014 06:16 AM #1
Rainmaker
773,997
Joanna Cohlan
Fresh Eyes For Your Home - Chappaqua, NY
Designing, Decorating & Staging Westchester Homes

Charlene, there is no question that in this world you get what you pay for - and all over $50.00? Obviously, the Realtor  has no respect for the value of the relationship and is all about the pennies.

Aug 19, 2014 06:18 AM #2
Rainer
100,361
CHARLENE PERRY, CLTP
Key Title Corporation - Perry Hall, MD
Insuring the Past to Protect Your Future
Thank you for your comments. I'm pretty sure the Realtor has learned a lesson and won't be so quick to simply shop the dollars in the future
Aug 19, 2014 07:17 AM #3
Rainmaker
1,433,926
Yolanda Cordova-Gilbert
Richmond, TX

Charlene,

 I work for David Weekley Homes and we are not the cheapest builder, we are the best.  When someone comes in and says discounts discounts, I tell them try somewhere else we are not the cheapest but the best!

Aug 19, 2014 09:00 AM #4
Rainmaker
533,311
John Mosier
Realty ONE Group Mountain Desert - Prescott, AZ
Prescott's Patriot Agent 928 533-8142

I do not shop for prices when I work with escrow companies. I have found the ones I know to be dependable and I quit shopping around. This is not a place to price-shop.

Aug 21, 2014 04:35 AM #5
Rainer
100,361
CHARLENE PERRY, CLTP
Key Title Corporation - Perry Hall, MD
Insuring the Past to Protect Your Future

Thank you John and Yolanda for your input. I think that this Realtor has learned what could have become a very expensive lesson.  I appreciate that you took time out of your day to read and comment on my blog. 

Aug 21, 2014 04:42 AM #6
Rainmaker
96,081
Eileen Begley
Coldwell Banker, DelMonte - Carmel, CA
Monterey Real Estate

I would never even dream of shopping lowest price for escrow/title services!! Wow! Guess the agent learned a good lesson.

Nov 14, 2014 12:45 PM #7
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Rainer
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CHARLENE PERRY, CLTP

Insuring the Past to Protect Your Future
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