MLO | Mortgage & Real Estate Guide

Home Owners Insurance | How This Impacts Your Closing Date | Cheaper Doesn't Mean Better

April 05, 2020 Addy Nett Season 1 Episode 1
MLO | Mortgage & Real Estate Guide
Home Owners Insurance | How This Impacts Your Closing Date | Cheaper Doesn't Mean Better
Chapters
MLO | Mortgage & Real Estate Guide
Home Owners Insurance | How This Impacts Your Closing Date | Cheaper Doesn't Mean Better
Apr 05, 2020 Season 1 Episode 1
Addy Nett

This is episode we have the opportunity to dive into the Insurance side of Real Estate and how this impacts our closing dates. Tyler Ross, trusted industry profession has made a name of himself with outstanding customer service and dependable on-time support. He is trusted by hundreds within his network and the Real Estate Community. Listen in to gather valuable insights to improving your home buying or home selling experience. 

Show Notes Transcript

This is episode we have the opportunity to dive into the Insurance side of Real Estate and how this impacts our closing dates. Tyler Ross, trusted industry profession has made a name of himself with outstanding customer service and dependable on-time support. He is trusted by hundreds within his network and the Real Estate Community. Listen in to gather valuable insights to improving your home buying or home selling experience. 

Addy Nett:   0:00
homeowners insurance? Not necessarily something that we put top of our lists. When we're talking about my today we have a deep dive for all agents blown officers, buyers and sellers. Tyler Ross from me. West Insurance pulls back the curtain, lets us know how to preserve Precious a long time I'm your host with please keep in consideration. We're all recording from home. My man Tyler absolutely did his best win. Pulling out the old headphones, see what audio we could pull off. Thanks for listening in everyone and enjoy the show. All right, my man. Right, people. My everybody out there working, getting into homes. We have a special guest today. Live Tyler Ross. So warm that I know very personally in a part of our industry doing home loans, mortgages, real estate, all that jazz. Tyler is one of the most trusted top performing insurance agents in the Portland local market. Tyler. Thanks for taking the time, man.

Tyler Ross:   1:21
Thank you. Appreciate it, man. Thank you for welcoming. I appreciate that.

Addy Nett:   1:24
Oh, yeah, for sure. And you know, one of the biggest reasons Tyler I wantedto have you is we just had months. And so march just ended in a lot of purchase sales closed out, and even our team we're navigating through some of the most choppy ist operation communication with remote work corresponding with verifications of employment insurance is I want to dive in today. What the difference between using a 1 800 insurance company and a local trusted representative and professional like yourself. So it is a huge difference, guys, and I'm not trying to take the stage too long. But like man trying to work with the 1 800 insurance companies really, really put a lot of closing dates at wrist. So as everyone a part of the transaction can actually advise our clients to speak with someone like Tyler. So, Tyler, give me a breakdown just like one too little 12 punches of what the difference is, man.

Tyler Ross:   2:27
Yes, so let's talk about the first part. That kind of hurts you guys being as lenders. The hardest part is, is you guys need Binder back to be able to close on time. The hardest part with 1 800 numbers, is what we like to call is that Sometimes you let's say you're on the phone and you're having a going to get a bite. Or you could be on home for three hours trying to get in contact with someone just to find out how to get a minor issue. Um, going through an independent agent or going through just any actual real life agent. They have access to that in 10 to 15 minutes. It doesn't take as long, and so that's a really beneficial to your guys business. An example yesterday had a lender who was waiting on the binder from one carrier that was direct online, and they've been winning for days, and they still haven't gotten a binder. So I was able to work up a quote in five minutes since the quota on over. Don't talk to her about it and send the binder over. And probably that all took about 10 to 15 minutes in the amount of time it took for days to them to get quotes that not even get a binder.

Addy Nett:   3:26
So I want to dive into that a little bit deeper because okay, first of all, that's awesome. Nothing moves that fast when your corner 1 800 number. But what is a binder? I mean, I know what it is. But even maybe agents want a

Tyler Ross:   3:39
refresher. Yeah, So it's just proof that you have homeownership homeowners. And so what happens is if your first time home buyer and you don't have any homeowners insurance before, they're gonna have to show proof that you're ensuring your home. So that way you can lend on. So that's huge. Because if you guys obviously, if you don't have that you're not gonna a loan officers won't that you move forward with your S O That binder is really, really key with purchasing your home.

Addy Nett:   4:06
So one thing I've I've noticed tie or two is a lot of these closing dates might be shifting from the original agreed upon closing day. So how does that affect the binder in the insurance world? Because I have three guys on my team who last week of the month when the majority of purchase contracts closed all calling employer's insurance companies. So give me some insight on the back end of that.

Tyler Ross:   4:31
Yeah, so it's again, it's that same concept. So imagine if your clothes date is April 10th and you have to push it back out to April 18th and let's say you're are you on the phone with the 100 company? For how we're trying to just get a binder. It's going to take you longer to get another binder with a different effect of day. Um, so going through actual agent, whether again it's independent agent or just any real agent out there, they have access in time to be able to switch that relevantly relatively easy. Yeah, it's as simple as Hey, for whatever reason, they got pushed back and you send updated biter because it's closing sooner. That's even better. Is if you heard Hey, we're closing two days earlier. Could you send update the binder? To be able to do that in five minutes is key and huge only for clients. But for the one officer itself.

Addy Nett:   5:15
Yeah, and I've got ah, Jennifer West saying, Are you local or nationwide? And I'm all answer this for Tyler. Jannette. My boy here is 100% local, so it's a good question.

Tyler Ross:   5:29
Yeah, and it's and it's nice because we are local and we are actually more actually nationwide. Tuas. Well, I know you sent over someone who doesn't live in the state of war again, and because of the resource is and carries that we have because we don't represent one care represent multiple nationwide. So not only are they able to get policies here in Oregon, but they can maximize discounts because we could actually do the policies in the state of California to as well.

Addy Nett:   5:54
So, yeah, are you seeing the same? Give me a perspective from your point of view, because I've got mine as a loan officer. The agents have. There's the clients of theirs, but I don't think we ever really thought about asking the insurance guy or go. What's What's the industry like right now for you? Is it like you got the remote thing like everybody else? But tell me what the day's Reich is. Air. You getting panicked calls? Are you getting what? To give me more?

Tyler Ross:   6:22
I think it's different because our industry as an independent agent, we represent so many companies right at this moment, there are a lot of people right now who are struggling with whether it's jobs because of they lost. The job took over 19. We have multiple carriers to offer different payment options or different options in general. If you're one of those people who did lose your gun. So that's key because we don't have to tell people. Hey, we have one company. This one company, for whatever reason, isn't doing anything. Get help you out on the pavement in terms of getting new business or new insurance. People are just curious to see what's out there. People are more time now more than ever to ask questions about their insurance. Usually, insurance, as you know, sometimes gets put on the back end of things. But now, with so much time people are really curious about, is it the best policy? Foda. And they're getting that expert advice, whether it's from friends or family or from a loan officer, a realtor eso Right now our business, our industry is going. What's hurting the most within our industry are the small businesses, because we do also do small business in church large business insurance. Then we also do benefits insurance, the benefits and the commercial insurance. Those are the ones that are hurting the industry. The motion, because you're having restaurant's going out of business bars that are shutting down. Employees can't pay the benefits. Those things like that that's really hurting But when it comes to personal insurance, the everyday driver it's the same. It's the same old song and dance. Everything's going smooth. People are still reaching out of seeing who has the best rates. But I think in during this time they want to make sure they trust someone who could get them going. Coverage of the need. Yeah, because this is kind of a reset to check on those things.

Addy Nett:   7:58
Okay, Cool. Cool. Cool. This is all really good. And I want to make sure, Jennifer, um, all of our questions are answered, sir. Set. Thanks. So just Oregon in Cali. I have a purchase in Arizona. In Montana. Shopping now?

Tyler Ross:   8:15
Yeah. So, um, we have offices aware nationwide, so we could right all over the United States, Believe or not the Montana we, uh that's where headquarters, if you want to say, is that pain West is probably one of the largest independent agents on the Northwest on we have majority of the market in Montana. That's because that's where No. So if you live in Montana, you probably are very familiar with pain West. But we are nationwide and were able to help out clients all over the states. Oh,

Addy Nett:   8:44
I love that. And guys, I just want to tell everyone in the current state of where the nation is, there is a lot of stress on our clients, which then trickles down to the agents and the lenders and all the third party people from Title and escort her to the HR of the employers. Everyone's under a lot of stress, especially when it hits the month. And so it's nice that we're top end of the month now. But of all our things as professionals orchestrating the closing transaction, we need to also do it. We can, too, not only educate relief, relieve the stress from our clients. And this was a conversation that I had just over the weekend when I was like, Hey, point blank, you can use the 1 800 insurance But here's the steps you'll have to get involved, which I hate asking the kind to get involved because they're not taking the lenders calls a top priority. They're taking direct customer top priority. So now, like the clients a part of the operation side of it. So I'm getting long winded, but I want people to know like we could take out a lot of the stress and this is a really easy component. Two. It is choosing the right insurance company to partner with, and I think I want a Segway Tyler over Thio. What is the main difference? And what I love about you is you have a reputation of breaking down what insurance really does for you because cheap ird isn't always better.

Tyler Ross:   10:11
No, of course. I think the thing that our industry needs to get back to is letting consumers have the ability to say no. I think at the end of the day, there's a lot of people. I get calls all the time. I want the cheapest insurance that you have. Well, that that doesn't mean that client didn't say I didn't want any coverage. They just want a good price. I think when we hear I want the cheapest coverage we automatically go to Okay, I might have to cut this coverage and I have to cut this one just to be able to get that climb. At the end of the day, we have to educate our clients to give them every endorsement, every thing that we could provide as an insurance and let them be able to say, Hey, I do not want this cover. There's so many times where I'm getting, whether it's a lead from a loan officer realtor or just talking with someone who's calls in. And I go over their current policy that they can't have. And when I asked him, Hey, did you know he didn't have water, things like water and sewer, back of coverage? And they said, Oh, I thought I didn't even know I could even get that It says one right here says that you denied this coverage and they're like, Well, I didn't even get asked that And that goes back to Price is such a huge part of our industry. But at the end of today, clients should still be educated enough to make those decisions on what they want for themselves. It's crazy, this world, there's so much about service and, um, we just need to get back to allowing our clients the option to pick out their insurance and understanding, not meaning to be experts, giving them the kind of one down what your current policy is and what you should have because of the end of a lot of people, just whether they go online or whether they have a local agent, whether it's independent, whether it's, uh, online carrier, whether it's a direct carrier, at the end of the day, we could do a better job with ensuring our clients and making sure they have all options on hand. Um, the classic story I like to tell is, not all every insurance company will cover you in the event of a total fire loss. The how they cover you. That's what's more in depth with policy, Um, and so we just need to get back to allowing the clients that have an opportunity to say no. And the reason why we go so in depth with our clients is because we want to make sure that they're not just buying a piece of paper. They're not buying something that they can't touch. They're getting something to wear in the event that something happens, they are covered. There's two mind sets. You could look at it you could look at it to. I want to sell this short this policy right now, and whatever happens right now, this is the insurance policy. I look at it, and I look at worst case scenario, work my way back. So I look, when I'm talking to a client, I put myself, in any event, they have a huge auto accident. Is this policy that I put for them in place going to be able to hold up in the event that there, someone's coming after them for their assets and they have a huge home loss? I want to make sure that in the event they have a $40,000 water claim loss, I want to make sure that they're not paying out of pocket rather than I'm trying to save them $50 a year. For the cost of insurance, that would have been $40,000. They have a pair of pocket. And so just understanding the risk of insurance is the key part for industry and especially paying

Addy Nett:   13:10
well. Know what I love about you, Taylor is You take the time toe, actually have a conversation about it. So the level of service difference not only your alleviating the stress of getting the binder and everything required for closing on a purchase transaction, but say you're refinancing in, you're really lucky. It'll lower your monthly overhead. And maybe with that strategy, you're just going to get really cheap insurance because all you want to do is a little your bills. However, you might be able to get the scene the same insurance cost, which with way better insurance. So I love you. I love your approach to like, man. It just I really connect with your approach because it's like, you know, give someone like Tyler call and really take. I mean, how long would you say it takes to run through a snail on average? Just want like,

Tyler Ross:   14:00
Yeah, so it takes about five minutes to gather all your information. It could take longer, depending on your current situation. Not everyone's lifestyle is the same. So if you have multiple properties, it's gonna take longer to hear information that someone who just has one home of them out of no. After we get that information, we go through the court process, then we kind of break down. What's the difference is what you have, and then what we're offering the good thing about our industry. I have a colleague who used to be a district manager at Allstate, have another colleague who used to work at farmers insurance throughout a footprint. I think we have gosh over 80 80 insurance agents who probably worked at other, different carriers and then came to pain less. And so what we do with that knowledge is we know other carriers policies inside it now. We don't assume that's what they're offering, but we just know that are companies. We know what they offer, and we know what other companies can or cannot. So when I'm going through quotes, I could say this company that we're offering can offer this endorsement one of the classic endorsements of Service Line endorsement. We majority of our company's offer that endorsement. A lot of the companies out there on the market that's through direct. They don't often, so I couldn't sit there and say, This is something they just don't offer yet Not about things not no insurance company, not also insurance carriers are for everyone, but least I could break down and say, I kind of know what you kind of what they have to offer or what they are not. But like I said, it takes. Usually if we go from start to finish, I could get things done, whether the relatively in about 30 minutes. Believer. Yeah, um by going through an understanding and having those conversations

Addy Nett:   15:33
so we can take an extra 30 minutes, which a lot of us are stuck at home and we can learn a little bit about insurance, and we can put ourselves in a position to close on time, or at least alleviate another variable that might be holding us back. So, Hey, Tyler, I really appreciate you taking the time. And this was this was a conversation. I've been one to get out to everybody because especially experiencing all the clothes is from March, um, huge, huge game changer, working with people that are on your side, who are in the local community and hopefully know exactly what they're doing. And I can tell you from personal experience that makes a huge difference. So thank you for being a leader in your industry. Trusted professional.

Tyler Ross:   16:18
Thank you. Yeah, again. I just want to make it quick shot to if you guys are struggling. If anyone is whether it's through Addison's friend profiler mind if anyone struggling with payments for insurance and you have been affected by Kobe 19 carriers should have options were new. And don't cancel your auto insurance. I know that's kind of the first thing people's mindset goes because a lot of people are driving. But call your agent, call your online Caracol whoever to make sure you have all the options in front of you before you make that decision. And then again, if you have a friend or family who and I mean that sincerely, if you know someone who owns a small business, if you know someone who um oh, even a large business have him reach out of someone because they're really affected by this not just financially, with people coming in and out of doors buying purchasing things, they're still meeting falsies. Things put in place to make sure they're being taken care so myself to the beaver in chamber, I could get if you're in the return or whether to call your local chamber a lot of chambers. Right now, we're doing things to make sure that small businesses have the opportunities they thrive through this through this Kobe 19 hours, so make sure if you have a friend of family, have them reach out of myself for the local chamber receiving options they have. You could do your family a huge, huge deed by just throwing that. We don't know you're out there.

Addy Nett:   17:33
Yeah, well said, I think thanks for taking the time to message in Cap with that. It's very good. So once again, man, thank you so much. And if anyone has any needs for specific questions regarding insurance, especially now we're at the top of the month, you know, bills, or do people are evaluating? And we're all hunkering in together to get through this. Let us know his industry professionals in the local market how we can help you. So thanks again, Tyler. And will certainly be in touch me and keep up the good work.

Tyler Ross:   18:04
Thanks, guys. Appreciate it. Thank you.