7 Signs it’s Time to Switch Your Real Estate Tax Monitoring and Escrow Processing Vendor

If you’ve been with your real estate tax service vendor for a while, switching vendors is likely not top of mind. However, there are times when it makes sense to evaluate your current services and explore other available options. Here are some signs that it might be time to switch.

1. Unsatisfactory Service

How quick is your vendor’s customer service? Do they respond instantly or take days to get back to you? Perhaps most importantly, are you being charged extra just to access basic service?

2. Haven’t Evaluated your Options in Years

When is the last time you evaluated alternative vendors? It’s normal to get comfortable with your vendor, but superior options may have emerged since you last shopped around.

3. Institution Needs Have Changed

If you’ve been with your vendor for years, consider how your organization has evolved in that time. Are your current needs still being met by your long-time vendor?

4. Unhappy Borrowers

Are you getting borrower complaints related to tax monitoring and escrow processing? How often are there undetected delinquencies or fines pushed on to borrowers?

5. Unhappy Internal Staff

Does your staff enjoy working with your vendor? Are the processes smooth or is staff bogged down solving problems and dealing with errors?

6. Audit Concerns

Have you had any audit challenges during your time with your vendor? Are you confident in the accuracy of their work and elimination of risks to your institution?

7. Future M&A Activity

If you are even considering an M&A in the near future, having the right tax servicer is critical. Find out in advance how your vendor handles these transactions or explore alternative options.