Things Real Estate Agents Should Look for in an Escrow Partner

A real estate agent and escrow agency partnership should be mutually beneficial. When they work together, they can provide exceptional customer service to their clients and guide them through the closing process with greater transparency and confidence.

Sellers already have enough on their minds after they sign the contract to sell their homes. They trust you to recommend service providers who share your values and offer the same level of customer service and integrity you have. The right company is an asset to your own business, as it saves you time so you can focus on giving your clients the exceptional service they’ve come to expect.

Building and maintaining a working relationship benefits everyone involved in the transaction. As you choose an escrow agency to partner with, consider these factors:

Cost Structure

No one wants to pay more than they have to at the closing table. Few moments are worse than seeing a surprised seller or buyer who is asked to pay more than expected. This is why choosing an escrow agency with a transparent cost structure is essential.

The escrow company should give sellers and buyers an estimate of closing costs so they know what to expect. They also should have representatives willing to answer clients’ questions at any stage in the process and explain the fees they see on the closing statement. This helps your clients make the decisions that best fit their needs.

Value Added to Your Business

The escrow agency should augment and add value to your work. Pay close attention to how they do business. Do they schedule appointments around their schedule or yours and the clients? A client-centered approach tends to work best for everyone involved, as it validates the client’s concerns and underscores their value to both businesses.

Look for an escrow company that streamlines processes to save you and your clients time and money. Do they offer paperless closing services or e-sign documents to simplify the process of submitting and tracking documents related to the closing? You don’t have to stop by the post office or find time to send faxes. Having all of the closing documents in a single place makes it easier for you and your clients to see exactly where they are in the closing process and what they need to do next.

Products Offered by the Company

As a real estate agency, you want your clients to have a positive experience throughout the entire purchase process — and even after the seller hands over the keys. One question that can help determine the value an escrow agency adds to your business is what kind of products it offers.

For example, escrow companies commonly have title insurance available to protect the buyer and lender against title defects. However, you may want to find out if the company also provides errors and omissions insurance to protect sellers. Ask about coverage limits and costs to know what they’re offering your clients.

Ready to Choose an Escrow Partner?

Discover today the value of partnering with an escrow agency that shares your values and offers customers the same level of exceptional service that you’ve used to build your business. The team at New Venture Escrow has decades of experience in escrow and is a pioneer in implementing the latest technology to create a seamless closing experience that’s faster and more secure.

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