California Department of Insurance Reviews Disclosure of Property Information

By
Title Insurance with First American Title Company ePro, MBA

The Title Insurance industry typically provided Property Profile and Farm information to Real Estate Professionals with their branding on them.  Title Companies can NO LONGER in California.

Real Estate professionals wishing to have their photo, logo and property photos must now subscribe to systems independently.  The California Land Title Association released a reminder to Title Companies and Real Estate Professionals of this fact.

"The Department of Insurance is working towards developing a clear policy to guide title companies regarding disclosure of property information."

"In the interim, the Department is reminding companies that property profiles cannot be distributed in a manner that would allow them to be converted by real estate agents, mortgage brokers, or any other persons into advertising for their own businesses and the distribution of property profiles cannot be done as an inducement for any person to place or refer title business to the insurer."

There are several good Companies providing the data that Real Estate Professionals need to prepare for listing presentations.  A new one just entered the market at ProfilesandFarms that integrates property data, farm information and lead generation/management systems.  This system has the ability to pull basic property information, demographic and community information for FREE and the detailed property profile information report as a charge with a per unit or report cost OR a monthly subscription.

LPS, Core Logic and Dataquick all have similar systems with monthly subscription based systems.

 

 

Posted by

Make it a profitable day!

Scott Hoen

SHoen@FirstAM.com

Direct:  (714) 250-5014

Cell:  (714) 270-9607

"The Views expressed herein reflect only the individual's personal views and are not the views of the author's employer."

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Rainmaker
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Cheryl Johnson
Cheryl Johnson, Bob Taylor Properties, Inc., Los Angeles, CA - Highland Park, CA

Also, don't forget PropertyShark.  :-)

In my mind, at any rate, the kind of unfortunate thing with all the new legislation is that many title reps will end out phased out of their jobs.

After all, more information is now publicly and freely available than the title companies are allowed to provide,,,  and then add the subscription services, such as you've named, for access to even more information  ,,, and since the title reps can no longer legally deliver a box of donuts to a real estate office, there just isn't much left for the poor title reps to offer...  :-)

August 19, 2009 09:17 AM #1
Rainmaker
458,155
René Fabre
First American Title - Seattle, WA
New Media Marketing

Actually Cheryl, we're reinventing ourselves for the new age and becoming very necessary and valuable partners in the internet marketing arena. Like everyone in the related real estate industries, our jobs, value, and worth are being redefined. 

August 24, 2009 11:49 AM #2
Rainer
224,151
Scott Hoen
First American Title Company - Yorba Linda, CA
VP, SWD Director of Marketing, ePro, MBA

Cheryl - Property Shark is great although limited to their coverage.  Another application just on the market is ProfilesandFarms.com that integrates a property profile system with contact management system, listing syndication, property flyers and a online farm manager with the data downloaded.

I agree with Rene -- real estate professionals are coming to appreciate the level of expertise of title professionals when it comes to closing their transactions.  Transactions are becoming more complicated with all the fraud that exists and you need that experienced title professional that can navigate through the closing process with their in office team.

August 25, 2009 09:28 AM #3
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Rainer
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Scott Hoen

VP, SWD Director of Marketing, ePro, MBA
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