Business partners who have launched the new land title company called Birchway Title Agency are (from left) Sonya Rarey, Amy Medinger and Billie Finkler. The company is virtual for now but plans to settle into a suburban Cleveland office soon. With a combination of business backgrounds to cover key aspects of growing a Cleveland company, three women have launched Birchway Title Agency.
The founders are Sonya Rarey, who had a business analysis background before venturing into the land title agency business two years ago, as president; Amy Medinger as vice president of commercial sales; and Billie Finkler as commercial escrow officer.
Medinger and Finkler have decades of experience in the title insurance business.
Rarey said the three teamed up to launch Birchway not only because their skills complemented each other, but their vision did, too. “We want to take a fresh approach to the title business,” Rarey said. “Who grows up to want to be in the title industry as an escrow officer or title examiner? We want to provide opportunities and mentorship to make it a career for young people, young bright people like our kids.”
Rarey said she believes the industry needs to take advantage of mainstream data analysis to identify and build business, particularly on the residential side.
Finkler, who has owned stakes in title companies in the past, said she had hoped to find like-minded people to start a company with when she met Rarey. “Otherwise, I was ready to retire,” Finkler said.
The company will do residential work but has its focus on commercial work. That’s where Medinger comes in.
“I want to be the person looking over title documents,” Finkler said, while Medinger has a large list of commercial real estate contacts. Rarey agreed. “Amy is the person who knows everyone’s birthday,” Rarey said. “She knows where they went for vacation and how many kids they have.”
For her part, Medinger said title insurance remains a relationship-oriented business, but she believes that newer forms of marketing will help it grow. During summers, Medinger can be readily spotted at real estate trade events by her signature straw hat.
The founders also believe that despite declines in residential and commercial sales volumes, 2023 is not a tough time to start a real estate service business. That’s because they share a belief that the business will grow as volume returns with better times.
“That’s the perspective you get from having been through past downturns,” Rarey said. “I’ve worked for several companies through the years where the owners felt a recession was a fine time to start a business, because it prompts people to find opportunities.”
However, Medinger noted that several companies have given them significant real estate transactions already that she considers a vote of confidence, as well as assignments. The firm has multiple title insurance underwriters it can place business with.
Then there is the knowledge side of being able to find problems with a piece of property that might prevent a title insurer from guaranteeing what is referred to as clean title.
“I get calls from people who want to know how to handle or locate an easement (a right to access property),” Finkler said. “Generally, that turns into business.”
Although the business is new, the trio say they can handle land deals across the continental U.S. Birchway also shows it’s a post-pandemic startup. So far, it has been operating virtually. Medinger said the company is looking at multiple locations to set up shop. “We all need a place to land, even if not every day,” Finkler said.
