According to a recent report by the National Association of Realtors (NAR), existing-home sales jumped to their highest annual rate in 18 months in March 2015. This statistic, and others like it in recent months, has led to optimism concerning the formerly sluggish housing market.
Reports indicate that formerly distressed homeowners are now finding themselves in a financial position to re-enter the market, a move which is projected to boost housing demand over the next five years. Lawrence Yun, NAR chief economist, says:
“The deep wounds inflicted on the housing market during the downturn are finally beginning to heal as distressed sales continue to decline and home prices in some parts of the country have bounced back to their near-peak levels. Borrowers with restored credit will likely have the ability and desire to own again, encouraged by the long-term benefits homeownership provides in a stronger economy and more stable job market.”
This can only be good news for title companies around the nation, as this service industry feels very directly the peaks and valleys of the ever-volatile housing market. As home sales begin to steadily rise, now is an especially prudent time for title companies to consider how best to market their services to a wider audience of attorneys, real estate agents, and bankers.
Choosing to outsource your marketing needs is wise on many levels. While internal marketing efforts may help you achieve some of your goals, leveraging the experience of an outside marketing firm reaps rich rewards. Marketing campaigns tailored to your particular niche in the marketplace and seamlessly executed with minimal work on your end are a benefit that saves your valuable time, allowing you to focus more clearly on the day-to-day operation of your business. Such campaigns also save money, as carefully coordinated marketing efforts target the exact customers you want in your client base.
In lean economic times, title companies often stay afloat because of the re-issue of policies to existing clients. However, when opportunity arises to widen your client base, it is the best course of action to promptly ramp up your efforts to market your services immediately.
For more information about how to do just that, please contact us. We will be glad to help you place your title company in its best position for sustainable growth and profitability.