BELLEVUE, Wash., Feb. 4, 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 quarter and full year ended December 31, 2020.
Fourth quarter and full year 2020 revenues from its joint venture title and escrow operations each increased 59%, compared to the prior year quarter and fiscal year. Full year 2020 revenue set all-time records in all of its local market centers. While fourth quarter revenue slipped 6% compared to third quarter as a result of typical seasonality, that revenue decrease was substantially less than the same period in 2019 indicating continued strong growth.
Net income from joint venture operations showed record gains as well, increasing 217% over the prior year quarter and more than doubling for the full year 2020 with an annual increase of 125%. Local title and escrow market centers averaged nearly $500,000 each in net income in 2020 resulting in record distributions to NexTitle's Realtor partners.
"2020 was a memorable year," said Stephen Routh, CEO of NexTitle. "Even though 2020 will be remembered most for the unprecedented economic and social challenges brought on by the COVID-19 pandemic, our remarkable financial performance tells a story that our joint venture model is on the leading edge of a rapidly changing title industry. Being able to distribute hundreds of thousands of dollars from profitable RESPA-compliant joint ventures to our Realtor partners is a win for everyone. We're excited to extend this model into other markets with new venture partners in 2021."
NexTitle partners with top performing real estate professionals and team leaders who recognize the importance of diversifying their revenue opportunities to include ancillary services. This 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.
About NexTitle:
NexTitle is a family of local title and escrow companies serving real estate professionals and consumers in Washington, Oregon, Idaho and Hawaii. The company is one of the leading title and escrow companies in the western United States, including the delivery of title and escrow through local joint venture operations, and is poised for massive growth in a changing real estate industry.
For more information, please visit the company's websites at http://www.nextitle.com and http://www.nextitlejv.com. Media and Trade Contact inquiries: Russ Cofano [email protected]
Media Contact
Russell G Cofano, NexTitle, +1 (425) 457-7852, [email protected]
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