BELLEVUE, Wash., May 12, 2021 /PRNewswire-PRWeb/ -- NexTitle, a leading joint venture title and escrow company in the western United States, today announced record results for its joint venture title and escrow operations for the first quarter ended March 31, 2021.
First quarter revenues from its joint venture title and escrow operations increased 74% compared to the prior year quarter setting an all-time record for the first quarter. Net income from joint venture operations showed record gains as well, growing 20X compared to the prior year quarter.
Amid this record growth in its existing joint venture operations, NexTitle expanded into Washoe County, Nevada and is now serving the Reno metropolitan area. Future growth will include Carson and Douglas Counties. This newest operation is currently wholly-owned and operated by NexTitle and will be converted into a joint venture operation later this year. With the opening of the Reno market center, NexTitle is now in 5 states and continues to look for expansion opportunities across the western U.S.
"The typical first quarter slowdown never materialized and our joint venture operations continued their amazing growth," said Stephen Routh, CEO of NexTitle. "The real estate industry understands that affiliated business revenue is becoming critical to overall brokerage profitability and distributing hundreds of thousands of dollars to our Realtor partners is well-aligned with this realization. And, we are thrilled to open our new Reno office where we will be introducing our joint venture concept to top producers in that market very soon."
NexTitle partners with top performing real estate professionals and team leaders who recognize the importance of diversifying their revenue opportunities. NexTitle's joint venture model enables the delivery of the highest quality local title and escrow services to consumers while also creating a truly unique "win-win" business model for real estate professionals.
NexTitle is a family of local title and escrow companies serving real estate professionals and consumers in Washington, Oregon, Idaho, Hawaii and Nevada. The company is one of the leading joint venture title operations in the western United States and is poised for massive growth in a changing real estate industry.
Russell G Cofano, NexTitle, +1 (425) 457-7852, [email protected]