It’s a common refrain among title industry veterans that “you don’t find work in title, it finds you.” Now, in the midst of record refinance and home sales, more people are taking notice of the title industry and capitalizing on the unique career and growth opportunities available. Title businesses are in every county and state across the country, and those working in title are truly making a difference every day—helping people protect one of their biggest investments. Here are a few of the reasons more people are considering a career in title & escrow.
1. The real estate market is hot
Last year, the pandemic shook up the U.S. workforce and eliminated millions of jobs in its wake. As a result, many people began exploring new industries and career paths in industries that offered greater stability and market potential—notably a deluge of people entered the real estate industry.
While the uncertainty of 2020 negatively impacted other industries such as hospitality, retail, and foodservice, the real estate market experienced a record-breaking year. Continued low-interest rates and an increasing number of people working from home fueled that demand.
2. Title & escrow is at the heart of every single real estate transaction
Title & escrow professionals are at the heart of every real estate transaction, whether it be a financed home purchase, all-cash home purchase, or refinance. Because title agents are involved in every transaction, they are the super-connectors between the buyer, seller, mortgage lender, title insurer, and real estate agent.
The complex work title & escrow businesses perform protects every member of a real estate transaction. Their work is the final piece of the puzzle before a homebuyer receives the keys to their new home. Purchasing a home is one of the most significant investments many people will make in their lifetime. Those who work in title and settlement services help guide clients through the process during an incredibly important moment in their lives.
3. Competitive salary
According to the Bureau of Labor Statistics, title occupations (not including attorneys) boast a median wage higher than the national median wage for occupations that require the same level of education and on-the-job training. Unlike other industries that require bachelor’s degrees, many entry and even mid-level title & escrow positions only require a high school diploma or GED. Therefore, title & escrow companies have a strong advantage over the rest: higher wages.
4. An environment of mentorship
The title industry is a niche field with professionals who have worked in the industry for their entire careers. Many seasoned title professionals with a wealth of information are eager to pass along their knowledge and expertise to the next generation. Because title & escrow work is so complex and locally nuanced, much of the on-the-job training comes from learning from experienced title & escrow agents. This affords a unique opportunity to build strong mentor-mentee relationships.
5. A dynamic industry with various career opportunities
Title is a fast-paced industry with an incredible amount of detail involved in many of the day-to-day functions. Due to the complexity of each transaction, there are a variety of roles within a title company. In this quick-paced environment, there is endless potential to learn new things and solve interesting challenges with each transaction. The industry draws in people who enjoy multitasking, problem-solving, and working under pressure.
The title industry is rich with stories of people who have worked in the industry for decades. These individuals found a passion for the industry and worked their way up from an administrative position (in high school or as a college intern) to owning their own title business. For example, Qualia recently shared Megan Meloon‘s story. Meloon is the Assistant Vice President and Agency Representative at Old Republic National Title Insurance Company. She started out with a part-time position at a title company while finishing out her senior year of high school. “The exciting thing about the title industry is that there is no clear or straight path and there are endless opportunities,” Meloon said.
This is an incredible time to be in real estate, and Qualia will be following along with our new series “Workplace of the Future.” To stay up to date with the latest stories in this series, click below to subscribe and receive updates straight to your inbox.