Tuesday, April 23, 2024
I’ve been thinking about storytelling. During an episode of one of my favorite podcast shows earlier this week, the host was asked by the guest, “If you could go back earlier in life and give yourself a piece of advice, what would it be?” The host replied he would tell himself the biggest secret of success he has learned thus far: “become a better storyteller.” That advice seems especially on point, just now.
This week I enjoyed catching up with two long-respected colleagues, sharing our views on the current state of our industry. One of these people is one of the very best storytellers our industry has ever known – more on that another day. Obviously, with everything going on currently, we had plenty of ground to cover. Each of these industry veterans asked the same question during our conversation: “Why aren’t people in the title and settlement industry more vocal about the value of what they do?”
Having spent nearly my entire professional career helping title companies market, educate, streamline operations, ensure compliance, protect family wealth and secure capital markets in the housing sector, this was not a new question. And to be fair, our answers haven’t changed much over time, either. Whichever words are used during an average answer, the tone tends to be the same. Our responses have too often been half-hearted (sensing the audience doesn’t actually care or want to understand). Our answers are also often punctuated with a sigh that wistfully connotes if only anyone really cared about title insurance.
Well, good news everybody. Title insurance got elevated last month to such a lofty height of rating a mention during the State of the Union address.
Many of you received that information as the starter pistol signaling the beginning of a new race. One that you’ve likely run before, but now with new hurdles to clear. Truth be told, it might feel more like a steeplechase today.
Yet, you might also find that now, given the heightened attention to the matter, you have a better opportunity to tell your compelling story in a new way. Your audiences just might be a bit more attentive.
Back to the podcast episode I mentioned at the top. The host went on to describe that he teaches his teenage sons the importance of being a good storyteller. He recounted that good storytelling plays a crucial role in nearly every job, especially if one has the knack for taking complex ideas and conveying them in a way that is engaging and easy to understand. Next, he brought up that good storytellers are especially attractive as potential mates, because of the importance the role of storytelling plays in raising children and generally passing along our collective knowledge from past generations. Finally, he recounted that good storytellers are often happier in life, because their rich interactions with others contribute to a more engaging and satisfying social life.
I am not suggesting that our traditional way of talking about this career is ever going to win top prize for riveting content if we slog through intricate details of riparian rights and appurtenances at a cocktail party. No chance.
And yet … the tales from the trenches are interesting. I mean, a couple of my personal favorites involve an ex-wife who tried to run over her ex-husband in the parking lot and she then returned inside the closing office to inquire (in full deposition mode) “Did anybody see that?!?!”. Or the time a borrower brandished his pistol after learning the final interest rate on his Note. “I’m going to need some further clarification…” he said. Gulp.
I’d be willing to bet you have some equally fabulous stories of title claims, or near title claims that you were able to iron out much to the relief of everyone involved.
My neighbors are not title people; instead, they spent their lives working in emergency rooms, and their stories are riveting. They don’t bog their stories down with medical jargon. They don’t try to tell all the intricate details of why one diagnosis or another procedure would have been better or worse. They don’t assume that without four years of medical school I couldn’t possibly understand. No, instead they stick to the basic formula of good storytelling: Problem, Solution, Result.
This is a great time to brush up on your storytelling. One way is to submit your story to Title Insurance at Work, our Resource Center filled with first-person accounts about the important role title insurance plays in the real estate transaction. Industry members have a real-life answer to share when someone asks, “But what does title insurance do?”
And to place yourself in front of audiences who can act, consider attending the ALTA Advocacy Summit in D.C., for nationally elected representatives, and the National Settlement Services Summit (NS3) in Naples for representatives from the FTC, Freddie Mac, HUD and various state commissioners.
Now is exactly the right time to be in the room with these decision makers, not only listening to their stories but also confidently telling yours.
Until next time,
Mary Schuster
Chief Knowledge Officer
October Research, LLC