Industry Veteran Doug Pierce sold on consumer benefits of AfBA Title Insurance

BrokerIPTV: Today we are talking with Doug Pierce, owner of Pierce Realty and Doug, welcome to the program.

Doug Pierce: Thank you very much Dan.

BrokerIPTV: Glad to have you. I want to talk about affiliated business agreements (AfBA Title Insurance Company) and well, before we get there, tell me a little bit about your background and history.

Doug Pierce: I have been in the real estate business for an awful long time, 36 years. I have been with Metro Brokers since 1980 and I am an independent agent with Metro Brokers.

BrokerIPTV: I understand you are a part of an affiliated business arrangement (AfBA Title Insurance Company) with Meridian Title and Escrow. Tell me a little bit about that.

Doug Pierce: Yeah. I have been with Meridian Title and Escrow for about three years and I had many opportunities to affiliate with some associated businesses in the real estate industry and was always afraid of that kind of exposure, but Meridian Title and Escrow shows me that they have got an awfully good opportunity to provide service and quality to our customers.

BrokerIPTV: Affiliated business agreements (AfBA) for a long period of time kind of had this like little cloud over them, I mean you shouldn't be involved, maybe there is a disclosure issue. I mean... were those some of the negative things that you had heard about joining one?

Doug Pierce: I have been worried about liability really, but Meridian Title and Escrow has outstanding service for our customers and it is a little cross brand, efficiently run, and the delivery of service is prompt and reliable.

BrokerIPTV: Well, I guess you know Colorado title insurance seems to be a bigger and bigger issue these days. In the past, title insurance was all about what the seller wanted. It's slowly changing. Talk a little bit about that.

Doug Pierce: The cost of Colorado title insurance have been very, very high because most of the brands are not efficiently run, but Meridian Title and Escrow is offering a lower cost business model and as a result, my customers benefit with a much lower premiums that they have to pay and we have a 10 year Title Insurance reissue rate so that customers enjoy some benefit and lower premiums and lower expenses.

BrokerIPTV: So, you are talking about controlling costs, choice of Colorado Title Insurance underwriters, you know talk with the other members and owners of Meridian Title and Escrow, that has got to be all part of the benefit, correct?

Doug Pierce: It has. We have a choice of three underwriters, Dakota Homestead, Southern Title and Alliant Title are three of them that I have experienced with. My customers receive their title insurance commitments promptly, same day in many cases and the title policies are issued promptly right after the closing.

BrokerIPTV: So, it is safe to say now you are in 100% in favor of an affiliated business agreement (AfBA Title Insurance Company).

Doug Pierce: I think it is an outstanding way to go and I think it is good for the consumers and I am kind of a booster of it on the sidelines for my own benefit.

BrokerIPTV: Doug, thanks so much for being with us. Appreciate it.

Doug Pierce: Thank you very much Dan.

Posted on December 18, 2008 15:25:28 by Blog Author