LandAmerica Financial Group's chairman and chief-executive-officer, Theodore Chandler, Jr., believes that the company's recent implementation of a new business model in Colorado will lead to improved convenience and efficiency of real estate transactions in the Centennial State.
According to Chandler, the new business model will enhance estate closings in Colorado by decreasing the number of bricks and mortar locations in the state while expanding the number of specialists who deal one-on-one with clients.
"LandAmerica management in this market is innovatively improving our service capabilities while reducing reliance on fixed-cost physical locations," Chandler said. "We will evaluate the performance of the Colorado initiative to determine its applicability to additional markets in the future. There are features of this approach that may well be appropriate for other markets and may facilitate further office consolidations over time. Our ultimate objective is to intelligently eliminate costs and improve service levels at the same time."
The title insurance giant believes that the Colorado model will combines the functions of sales representatives and escrow officers into account managers while centralizing data-driven functions into fulfillment centers or "hubs." These new account managers will provide a higher level of local service by working out of home-based offices, offering clients increased personal interaction and a single point of contact for resolution of issues.
"Continued low mortgage origination volume in second quarter 2008 has spurred creative solutions to cost elimination," Chandler added. "In addition to Colorado, we have other previously announced strategic initiatives underway that will maximize our efficiency by transforming LandAmerica into an integrated and unified operating company. We've clearly demonstrated an ability to take out significant costs while maintaining our competitive position and, in effect, strengthen our company during this cyclical downturn."
To learn more, please read "Title Company Unveils New Operating Structure for Colorado Offices."