These remarkable results, achieved during the unprecedented economic and operational challenges brought on by the COVID-19 pandemic, is proof positive that our joint venture model is on the leading edge of a rapidly changing title industry. - Stephen Routh, CEO
BELLEVUE, Wash. (PRWEB) November 05, 2020
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 third quarter ended September 30, 2020.
Third quarter revenues from its joint venture title and escrow operations increased 51% compared to the prior year quarter setting all-time quarterly records in all of its market centers. Revenues also increased sizably from the previous quarter, showing a 43% increase.
Net income from joint venture operations showed record gains as well, coming in at 260% more than the prior year quarter and over 280% compared to Q2 of 2020. Joint venture market centers averaged nearly $250,000 in net income resulting in record distributions to NexTitle’s joint venture Realtor partners.
“We are so proud of everyone who took part in our amazing performance this quarter,” said Stephen Routh, CEO of NexTitle. “These remarkable results, achieved during the unprecedented economic and operational challenges brought on by the COVID-19 pandemic, is proof positive 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 to our Realtor partners is a win for everyone.”
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.
“Before we found NexTitle, our relationship with our preferred title company was purely that of customer,” said Chase Williams, a team leader with Keller Williams Spokane and NexTitle joint venture partner. “Now, as both a customer and an owner, we have the opportunity to help NexTitle deliver the kind of services our clients demand, while also providing us the opportunity to share in the economic success of the operation. I wish I had found NexTitle years ago!”
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 joint venture title operations in the western United States and is poised for massive growth in a changing real estate industry.