What do your last 8 out of 10 deals tell you about the business you have? Are they all purchases? Are they coming from Realtors or Lenders? Do you see many Refinances?
The answers to these questions will be a good starting point to help you navigate which type of net sheet calculator is right for your business.
In an earlier post, we shared some of the top advantages of using a net sheet calculator such as providing better and faster service, saving time, and improving brand awareness.
Now, we’re going to walk you through some key considerations when evaluating different net sheet calculators, including:
8 Essential Factors To Consider When Evaluating Net Sheet Calculators
When you are evaluating different net sheet calculator options, here are some key things to consider
1. Ease of Use
A general rule of thumb is, the easier it is for lenders and realtors to use, the more likely it will be widely adopted. This starts by having a clean and user-friendly interface.
For example, if you can’t make updates to rates and fees quickly or it takes ages to pull up new rates, people won’t use it. The same goes for if there are tons of unnecessary fields.
2. Simplicity
Having one place where you can reference your title insurance rates, closing fees and other line items can be especially beneficial for busy realtors and lenders.
With pre-populated rates and calculations a realtor or lender will feel more confident in the information they are sharing. It also saves a boatload of time, and makes them feel supported by having all of this come directly from a title company’s calculator.
Make side by side comparisons simple as well since most sellers and buyers typically want a “good” “better” “best” summary to help them with their decisions. With side by side scenario planning, be sure the data can be easily copied over scenario by scenario so no has to start from scratch, your Realtors and Lenders will love it!
3. Speed
This is fairly self-explanatory. Busy Realtors and Lenders want to be able to pull up their net sheet calculator and get the rates they are looking for in a matter of a few seconds. The faster you can deliver this information, the stickier the product becomes. The more both realtors and lenders will rely on it which is a great thing for your title business!
4. Marketing Capabilities
A professional net sheet calculator is like having a billboard in your pocket. It is a branded utility tool that should provide your customers with instant net sheets at their fingertips!
One of the main features you should make sure is included is the ability to not only brand it with your branding but also co-brand it with the Realtor or Lenders Picture and logo. This feature will allow you to personalize the look and feel of your net sheet to match the customer’s brand. Just imagine sharing your net sheet with a new prospect and then opening it to see their own picture and logo already there, talk about wow factor!
Think of it like stepping into a new car at the dealership already tuned with your favorite radio station and seat adjustments just the way you like it!
5. Operational Efficiency
Take a look into how easy it is to change your rates and fees with any net sheet calculator you are considering.
Ask your provider about turn around times and/or if there are any self-service options. You are busy and want this to be easy and quick!
6. Mobile
At a minimum, does it work across mobile devices? Ideally, is there an easy-to-download mobile app?
Most of your Realtors and Lenders are using their mobile devices more than desktop. Make sure the net sheet calculator you choose is mobile friendly and looks great on any device, first impressions are everything!
For example, with our Net Sheet Calculator, you don’t even have to download it from the app store. You can just scan a QR code and start using it on your smartphone.
7. ROI
ROI from a net sheet calculator starts with defining what you deem as a success from your investment. Is the goal to merely have enough influenced sales come from the calculator to have it pay for itself or are there larger goals that deal with brand retention or customer activity within the calculator?
One best practice to remember with ROI, is that 50% of the strategy is owning a great solution but the other 50% is how you market it to accomplish your goals.
Make sure the net sheet calculator solution you choose comes with marketing support to help you get there!
8. Business Insights
This brings us to our eighth and final point. What business reporting capabilities are you looking for in a net sheet calculator? This is important as it is likely required to track your ROI.
Not every net sheet calculator provides reporting capabilities. Knowing metrics like who has logged in, number of shares made, and name and email information are among some of the details you should be asking when it comes to your net sheet calculator to get a better understanding of your audience.
The insights should also give you summary details on the activity happening so you can get more details on the sales pipeline of your customers to better position how you can help them. With this data in hand you will have more informed and candid conversations with your realtor and lenders to build rapport in your follow-up messages.
If you aren’t using a net sheet calculator – or are using one that doesn’t have built-in analytics or business insights, you are essentially flying blind. Make sure you are setting yourself up for success to close more deals faster.
To close us out, not all net sheet calculators are created equally. At the minimum, you should evaluate a net sheet calculator based on the eight criteria we’ve outlined above. Plus, it can be helpful to outline your own list of must-haves and nice-to-haves.
To learn more if our net sheet is right for your title agency or law firm, request a demo today!