Pros:
1. Low startup costs. Compared to other businesses, title companies can have relatively low startup costs. You need specialized knowledge but don’t necessarily need to purchase expensive equipment or materials.
2. Minimal regulations. The regulations governing the operation of title company are typically minimal compared to other industries.
3. In-demand services. Title companies provide services that can be in high demand, especially when the real estate market is booming.
Cons:
1. Competition. The title company industry is competitive, and you may face tough opposition from existing established businesses.
2. Risk of errors and negligence. Although title companies must provide their services with the highest degree of care, there is still a risk that errors or negligence may occur, leading to costly claims against you.
3. Slow payouts from customers. Working in the title company industry may mean dealing with slow-paying customers who can delay your ability to pay your own bills.