Business, Business management, marketing, strategic planning, Title Insurance New York

Ever hear of the Weber-Fechner Law

Weber-Fechner Law

If you made it to this point after a title like that one, the Weber-Fechner Law is actually a very interesting concept that can be applied to any business! 

The Weber-Fechner Law looks at the relationship between some physical stimulus and the impact that stimulus has on the receiver. For example:

There are two bags of flour and one weighs three ounces more than the other one. If someone is trying to figure out which bag is heavier it would be much easier to try and decide if one weighed 1 pound as opposed to one weighing 20 pounds.

Relating that to a business, the question then becomes one of how easy it is for a company or law practice to make the “proverbial splash” that gets them noticed by potential or current clients.

In other words what can corporate leaders do to not only excite current clients but to turn the heads of prospects as well?

Any of us involved in the exercise of strategic planning knows and understands this quandary well. What may seem to be a great product innovation, service enhancement or marketing idea to us may be seen as incrementally insignificant by those we are trying to reach.

So what to do? If the firm in question is involved in an area that can be considered to be commodity in nature, the task can be somewhat more daunting than if a firm is in an industry that has constant innovation and the company in question is on the forefront.

Of course that doesn’t mean that we don’t continually push to be noticed as our industry’s leader because if that isn’t a goal then there may be a larger strategic problem.

Some ideas and thoughts!

  • If possible explore product niches in your area of expertise that may be under-serviced.
  • Always over-promise and then over-deliver on those promises.
  • Develop innovative ways to get yourself in front of clients and prospects. In other words try and “think outside of the box.”
  • Offer thoughts on issues and topics that may have little to do with your product but that’s useful and value-added no matter what industry the reader is in.
  • Become a go-to resource for your clients.
  • Always remember that no matter what we do that we are all in service industry’s and that if our clients are not 100% happy and satisfied that they will typically have other sources that they can go to.
  • Treat your clients in the way that you would want to be treated!
  • Never stop learning or listening because the following adage will always ring true: “Every man is my teacher in that I may learn from him!”

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At Hallmark Abstract Service our pledge to our clients is to deliver on 100% of what they expect from a title firm each and every time that they trust us with one of their valuable transactions.

Service, attention to detail, fast turnaround times, going the extra mile in every aspect of the transaction and reasonable pricing on non-policy related fees. These are just some of the things we focus on and that our clients have come to expect from us!

And that’s why we continue to earn their business, time and time again!

Call or email us today to set-up an appointment and we will come to your office, learn about the nuances of your practice and explain to you the way that we approach ours!

Mike Haltman, President

516.741.4723 (O)

Hallmark Abstract Service LLC

mhaltman@hallmarkabstractllc.com

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Closing costs, New York, Title Insurance New York

Is it worth shopping for title insurance in New York? You bet it is!

Title Insurance New York

When someone enters into the process of buying a house or commercial property often their focus will be on couple of specific items!

The first of course will be negotiating the best price for the property. This will depend in no small part on whether the real estate market is currently favoring buyers or a sellers. Therefore this part of the process can vary from relatively easy to extremely difficult given a clients side of the transaction.

The second critical piece to the puzzle is the process of obtaining financing which in today’s mortgage market can be extremely difficult. Where 5 or 6 years ago lenders were falling over each other to make loans to borrowers who possessed a wide range of application criteria, today even those who appear to be the most stellar borrowers may face difficulty in getting bank financing.

And, if the financing desired for the house or commercial property falls into the jumbo loan category, the purchaser needs to be prepared to put more money down, to expand the search for  potentially interested lenders and face interest rates that look very different from the ones being advertised in the papers for conforming loans. The difference in rate for conforming versus jumbo loans could potentially be many hundreds of basis points.

Shopping for the best prices!

Once the above part of the process is behind them, should buyers be looking at potential areas to cut costs in the closing process when they finally get to that point?

Over the past years consumers have been schooled by companies trying to sell them products to shop by price and to look for sales.  So why not in one of the largest purchases any consumer will ever make?

If there are avenues where money can potentially be saved in the closing process while at the same time not sacrificing anything in quality of product, why not explore the possibilities?

In the case of title insurance while it is true that the premiums being charged will not vary from firm to firm, the same cannot be said about the fees that go along with the policies.

It pays To shop around and you are legally entitled to do so!

Remember what Smokey Robinson said. Of course when he sang about it the topic was somewhat different, but the same basic meaning exists when it comes to saving money on your real estate transaction:

My mama told me…’you better shop around’
(Shop, shop around) a-whoa-yeah
You better (uh-huh) shop around!
(Shop, shop around)
Uh-uh-uh

The prices charged at Hallmark Abstract Service for services such as searches, preparation of ACRIS docs and recording of deeds, mortgages and satisfactions are among some of the lowest in the industry which allows our clients to potentially save hundreds of dollars on their transaction.

If consumers are willing to go to five different stores to save a couple of bucks on a television or drive miles out of their way to save 3 cents on a gallon of gas, shouldn’t the same effort hold true in the closing transaction for a property they are buying?

Of course it should and for Hallmark Abstract Service, educated consumers are our best customers!

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