How to Get Consulting Services for Free*

Contributed to Growth & Scale Report by Liz Casselman, Owner and Chief Operating Officer of Birmingham Title Agency and American Title Agency of Lenawee

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The role of business consultants has really exploded in the last few years. Companies are putting a lot of value in industry professionals who have done the work, grown and sold their own agencies, and want to pass that knowledge along. It’s a great concept: pay someone to come into your agency, learn the intricacies of your processes, the types of clients and transactions that make up your business, and identify solutions for your specific objective.

I like the concept so much that I started consulting myself, helping professionals who want to start their own title agencies navigate the nuances of the industry. But here’s a little secret: your title agency already has consultancy services built right in, and if you’re an agency owner, you are already paying for those services.

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I’m not referring to the vast services that our underwriting partners provide their title agents, or any third-party vendors. I’m referring to the biggest expense line item on your balance sheet: your payroll.

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A claim comes across my desk regarding a HELOC loan. The transaction was a refinance; we insured the new lender and paid off the line of credit. The insured is questioning its first lien position and upon review of the file, my agency did indeed pay off the line of credit but did not, as is our practice, secure the close out letter.

This resulted in the homeowner making draws on the line of credit.

Clear agent error.

As an owner, it’s important to recognize that while I have control over processes, I do not have control over human fallibility.

The solution: too many to count.

Cue my in-house, highly trained business consultants - my team.

I put them all together in a room, explained to them the claim, the existing internal process, and my objective. I told them I could come up with numerous redundancies to ensure that this problem never occurs again and I can direct them all to do it. But instead of that course of action, I would much rather have them come up with solutions and processes that can accomplish the objective while making the most sense for how they do their jobs.

From order entry to examination, title clearance to processing, recording to policy issuance, I went through every suggestion they had to arrive at a solution that made the most sense for how my agency does business.

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Your team is your greatest asset for problem solving. Not only are they highly trained in your specific company’s internal processes, they also usually bring years of experience at other agencies or facets of our industry. It can be tempting to search for a magic product, solicit recommendations from your network, or register for every conference in search of the perfect solution.

Why not go to the individuals that will be impacted the most by any change you implement? You have already hired your best business consultants, you need only to leverage them and align them to your objectives.

About Francis Liz Casselman:  Liz is an attorney, title agency owner, 1031 exchange specialist, and author. She loves talking title journeys with industry professionals and uses transparency and collaboration to cultivate a community focused on shared experiences and goals.

And be sure to subscribe to the “Not Just a Title” newsletter on LinkedIn, where Liz shares her random musings and experiences in the title insurance industry, guaranteed to put a smile on your face and provide a few-minute retreat from the busyness of title and escrow.