BrokerIPTV: Today, we are talking with Tim Gibbs, Owner and Broker of Star Brokers, a Metro Brokers affiliate, welcome. Thanks for being with us.
Tim Gibbs: Thanks for having me.
BrokerIPTV: Tell me a little bit about your business, your history, and so forth.
Tim Gibbs: Well, I have been in real estate for 15 years and I have been with Metro Brokers for 13 of those years as a Broker/Owner of Star Brokers.
BrokerIPTV: And how has it been going?
Tim Gibbs: Its been fantastic. Its been a great career for me having left the consumer products industry years ago.
BrokerIPTV: Yeah, well, you would be out in Vegas right now doing the consumer electronics products and so forth if you werent in real estate, but I understand you are part of an ABA, an Affiliated Business Agreement, and how is that going?
Tim Gibbs: Its going fantastic. I worked with the bigger traditional companies for many years and was approached to join the ABA by Mark Eibner a while back and it has been great for me because #1, the company splits the profits. I am a shareholder in the company and so if the company makes a profit, then I get a share of that and I like that arrangement for one and #2, the service has been excellent. I wouldnt have done it if the service wasnt there for my customers because obviously they come first. The costs are less to them, which was the #1 reason and if the costs are less to my customer and the service is fantastic, there is no reason why I wouldnt do this.
BrokerIPTV: And the company we are referring to is Meridian Title and Escrow and they are in affiliated business arrangement with Star Brokers, but prior to joining and doing the ABA, what were your thoughts on ABAs?
Tim Gibbs: Well, I didnt have very high thoughts of it because the way I had learned about it years ago when I first started in the business was that the big real estate companies owned them, like RE/MAX and Coldwell Banker owned these companies and that the agents had no benefit to use them. It just helped the owners of those big companies, so I thought, well, why would I do that if its not going to help me and if its not really necessarily going to help my customer anymore; I might as well work with people who I really want to work with.
BrokerIPTV: Two things I have heard about Meridian Title and Escrow in reference to the consumers, price and service. Have you found that to be true?
Tim Gibbs: Excellent, yes. They are both excellent. I compared the prices. Like I said I wanted my customers to get a good... a better price because thats most important thing is what their bottom line is to me. So, the prices are better to them and the service is still good. The service has to be good. You cant run a title company if the service isnt good. It just, it leaves a lot of people unhappy with a pretty bad taste in their mouth if the transaction doesnt go as planned.
BrokerIPTV: One of the reasons why they are able to offer that is because they can do more work with less people; is that right?
Tim Gibbs: Thats right and especially lot less overhead, thats the nice thing as you know, we can charge less for title, for title work because there is a lot less overhead. There is not multiple offices and multiple people that that need to be paid in order to close a transaction for a seller.
BrokerIPTV: And there are some other benefits, I mean you have got choice of underwriter for instance right?
Tim Gibbs: Yes; we have a few different underwriters and I also like the opportunity that I have. If I have a question, I can call the plan directly and talk to people who actually do the underwriting and they can assist me with anything I need.
BrokerIPTV: You have got a 10 year reissue rate.
Tim Gibbs: Thats a real biggie. Thats one thing that I really sell people on because a 10 year reissue rate is so important because if someone wants to refinance down the road, they are only going to pay half, whereas with other companies it decreases yearly and typically after five years, there is no reissue rate at all, but if you have a 50% ten year reissue rate, thats amazing. Its a really amazing, its an amazing deal for people.
BrokerIPTV: Safe to say then your experience has been positive.
Tim Gibbs: Oh yes, very positive.
BrokerIPTV: Tim, thanks for being with us; I appreciate it.
Tim Gibbs: You are welcome. Thanks for having me.
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