We’re All Grown Up
Ninety years ago, The Pennsylvania Railroad was the largest publically traded company in the world.
Their expenses were larger than the budget for the entire US government. No Joke.
They paid out dividends for 100 consecutive years, which is still a record. They were rich like Vladimir Putin, Carlos Slim and Warren Buffet all combined.
Seventy years ago, they reported a loss for the first time in their 100-year history. Twenty years after that, they filed for bankruptcy. They went broke. They blew it.
Nowadays, that actually happens a lot, but faster.
According to CB Insights:
Pennsylvania Railroadis a classic and early example.I don’t think they failed because they were cocky as much as they failed because they didn’t understand what they did.
They dominated trains when all goods were shipped almost entirely by train. Technology came along in the form of trucks and expressways.
This is where you say, “ah, they didn’t keep up”. But why doesn’t a company or a person ‘keep up’? Are they just too arrogant? Maybe, and I’m sure that’s the case a lot. According to CB Insights, it’s happened at least once.
If you’re successful and arrogant and don’t think a little guy can bash you over the head at any time, it’s probably just a matter of time until you lose.
But there’s a lesson here for the wise and humble people too.
What. Do. You. Do.
Often, people and businesses just don’t have a wide enough perspective to see what it is that they’re truly great at. Pennsylvania Railroad wasn’t a railroad company, they were a transportation and logistics company. They were great at moving goods around. They had too narrow a view.
What do we do?
The name ‘title insurance company’ specifically defines what a company does: insures title.
But little of our time is spent producing an insurance policy.
Most people don’t feel the pain to buy insurance on their real estate transaction any more than I feel like I need to go buy tornado insurance. I live in Philadelphia; I’ve never seen a tornado.
But no one can get through a real estate transaction without a guide and experts to help them manage the lender’s requests and paperwork, explain the process, coordinate with realtors, lenders, brokers, processors, buyers, sellers, tax authorities, municipalities; make sure you’re not buying someone else’s debt or a future legal headache, record deeds, create documents, represent and advise, hold and disburse the money, manage dozens of payouts.
Experts know they don’t want to do it on their own. We get calls from novices everyday who realize the complexity and just don’t know what to do.
It’s not the insurance policy.
It’s the guidance. It’s the management. It’s the specific knowledge.
We’re real estate transaction experts.
We’re also essentially a data company and aspire to use the rich data that we understand so well for a better purpose.
We rebranded recently, in May 2017, which means you lost one more dusty old title insurance company and gained a team of real estate transaction and data experts that can guide you through complex trades.
We’ve been here a while. We’re just all grown up now.