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Western Resources Title Improves Service with MDA DataQuick Information Tools, Market Share Grows

posted by : DataQuick on November 10, 2010



Who: Nancy Fletcher, vice president of Marketing
Orange, Calif.-based Western Resources Title

When: 2001 to present

What:
As a regional firm, Western Resources Title, which provides title insurance and escrow services to real estate and lending professionals throughout southern California, could not match the marketing budgets of larger competitors. The company opted to rely on outstanding customer service, namely through providing accurate, up-to-date real estate information, to maintain its existing client base and attract new prospects. Dissatisfied with other data products, Western Resources Title turned to MDA DataQuick for decision-making and operational performance solutions

Challenge:
In a crowded southern California housing market, regional, privately held Western Resources Title decided the best plan to expand its market share would be to differentiate itself through superior customer service. One of Western Resources Title's strategies is centered on supplying its real estate agent and lender customers with the most updated, reliable and accurate real estate data regarding the local market, title and mortgage industries and overall financial climate.

After extensively researching a number of data providers Western Resources Title selected MDA DataQuick data tools.

“Given our position in the market, we understood that we had to change our business model to focus more on our clients' needs,” said Nancy Fletcher, vice president of Marketing for Western Resources Title. “It became clear that the easiest way to build trust with our clients was to provide thorough property data that, in turn, would help them generate business. We tried several database software products, but were not comfortable with the low quality or bulky format of their reports.”

Solution:
MDA DataQuick's intelligent owner and property research tool PropertyFinder and Property Pro CD maintain data on more than 87 million properties, enabling mortgage and real estate professionals to research housing market conditions. Detailed, real-time reports are available 24/7 and include property profiles, property history reports and FARM by radius. PropertyFinder and Property Pro CD reduce time, costs and risks involved in real estate transactions. Western Resources Title also tapped DQNews.com for access to real estate news and customized data.

“Our search for a data provider centered on two areas – accuracy and currency – and we found MDA DataQuick offered both better than competitors,” said Fletcher. “Just as our customers depend on us, we wanted to be able to depend on a vendor who has a proven reputation in software and service.”

Result:
Implementing MDA DataQuick has enabled Western Resources Title to differentiate its service from that of competitors and expand market share. The software has accelerated the data search process through setting very specific search criteria as well as saving searches for faster turnarounds on future requests. Western Resources Title has been able to save anywhere from 30 minutes to two hours on search requests.

“We regularly compare the results we receive from MDA DataQuick to other products in the market, and no other system comes close to providing such quality data,” said Fletcher. “The program is easy-to-use and flexible to our situational needs. When we need sales comparables quickly, MDA DataQuick accurately reports only those that fit the subject property. Our customers can rest assured that they are receiving the all-encompassing information they need to carry out transactions.”

The title company and its clients can access property lists in groups, as defined by search criteria, instead of reviewing them individually. They can also produce sales comparables that make sense for each property. As Western Resources Title has grown – claiming over an additional 50 percent increase in business in five months – MDA DataQuick and its accurate data tools have helped employees not only meet an increasing number of needs, but surpass customer expectations. From October 2008 to March 2009, Western Title Resources experienced a 221 percent increase in title orders and 61 percent growth in title sales.

“This may not sound like an obvious differentiator, but MDA DataQuick's ability to produce printable and professional profiles and formats also helps us to maintain our image and reputation with clients,” said Fletcher. “We like that the profiles are available online and look professionally formatted.”

Western Resources Title recently expanded its use of MDA products to include MDA DataQuick's real estate news and customized data Web site, DQNews.com, to formulate demographic charts and tables.

“DQNews.com is a great resource for Western Resources Title,” said Fletcher. “We can quickly pull information, data and trends, which I easily turn into graphs through Excel.”

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