Most people will deal with a title company only when they sell their home and move to a new home. But as a real estate investor or rehabber you’re likely to visit a title company office more frequently than your chiropractor, dentist and doctor’s offices. What could the best title company in Philadelphia do to help your real estate investing business?
What title companies do
Before we look at what the best title company in Philadelphia could do for your real estate investing business, let’s review what title companies do. After giving your offer to purchase a property to the title company, they will examine the title history of a property to ensure that all liens and other claims of ownership from the past are taken care of and removed. They provide title insurance to protect from claims against the property or title disputes. And they do all the work needed to transfer funds and complete the paperwork for closing day so that your name is placed on the property title.
What the best title company in Philadelphia could do for investors
Unlike real estate agents who advertise themselves everywhere, title companies do not run ads on TV or sponsor bus benches or send out direct mail. The way title companies market their businesses is by providing services, access to information and whatever else they can to help real estate agents. Many of these things title companies do to help real estate agents could also benefit real estate investors.
For example, some real estate investors call on their title company representative to give them names, addresses and sometimes even phone numbers of owners of properties that they are interested in wholesaling or rehabbing.
Title company reps have the kind of tools that let them do things like find properties of a certain age, properties with a certain number of years that the owner has lived there, properties with less than $10,000 on their loan and so much more! They have ways of identifying properties that you probably can’t access. Some title companies have employees whose main focus is on finding more deals for their real estate agent clients.
Sometimes they have maps and other marketing materials designed to help real estate agents in the area. You might also benefit from these resources. Some title companies even offer classes to real estate agents on aspects of real estate that might interest you.
You may not be a real estate agent, but if you’re a real estate investor scaling your business you’re going to bring them a lot of title work as well. You won’t know what they can do for you unless you ask.
Summary
How do you find the best title company in Philadelphia? If you’re financing your flips with a hard money lender, they’re likely sending a lot of business to their preferred title company so that may be a good place to start with your current property deal.