Someday, I'd like to hold an employer-required class for real estate service company employees to reveal to them a number of things that they've either never been taught or never bothered to consider.
One of those things I would like to drive home, and then drive home again, is that the real estate agents are their clients, it's not the agents' clients. Here's why.
In the main, a huge percentage of the business title companies and their escrow officers, mortgage companies and their individual loan officers, home inspectors, and home warranty companies, come to them on the recommendation of real estate agents. It's not the parties of the transaction. Normally, they are agnostic to who is picked to serve them.
That's an important lesson to understand, especially where there are zillions in each category competing for business.
This was especially driven home to me recently. A title company and one of its escrow officers were picked by the co-op agent. From the date escrow was opened, the company performed promptly and spectacularly.
But on the day of closing, an interesting thing happened. My client's appointment was set for a specific time in the afternoon. When I arrived about ten minutes early, it appeared my client hadn't yet arrived. I notified the clerk at the desk who I was and which client I was representing.
About fifteen minutes later, another clerk who I had been kibitzing with to bide the time away, said, "Well, I think they've just about finished the closing," and she took me to the office.
I was shocked!
Sure enough, my client was sitting there, and the escrow officer was out making a copy of the file for my client.
While it probably wasn't of particular importance this time, nevertheless, a significant part of the agent's service to the client is to be present when the closing takes place.
More than once...in fact, many times more than once...a transaction has begun to fall apart at the closing table, and I've been able to resolve the issues and the closing was completed.
This was denied me, and that was totally inappropriate.
Of the thousands of files I have closed, this was the very first one I've ever not been present for. The very first one.
When the escrow officer returned to the room, she said to me, "Your client arrived early, so we went ahead with the closing." That, of course, completely ignored the fifteen minutes I had been waiting in the lobby.
So the question is, Will I ever close another file at that company's office? And the answer is, Not if I can help it.
But in a large town like Dallas, it really doesn't won't make any difference to the title company or its agent. There are always more agents to replace those they lose.
The same with Realtors, doctors, appliance repair people, and with beauticians and barbers. The check and balance of service people doesn't begin to be on the same required level as that required to survive in a smaller town.
Keller Williams Dallas Premier
Direct: 214 503-8563