Sylvia Smith, the new president and chief executive officer of Reno-based Western Title Co.
Inc., finds herself pulled in two directions these days.
At the same time that her company works in an industry increasingly dominated by big national players,Western Title's customers want more of the personalized service that's a specialty of smaller local companies.
Smith figures she can meet the competitive threat through a combination of strategic regional alliances, reliance on technology and further development of a staff that's already far more productive than most.
Western Title Co., which traces its roots to a predecessor company founded in Reno in 1902, these days employs approximately 135 in 10 offices across northern Nevada.
Its market share, as calculated by the number of real estate closings it handles, runs well over 20 percent, and Western Title is among the biggest players in the highly specialized business of closing commercial real estate transactions.
At the same time, however, giants walk the earth in the title and escrow business.
Houston-based Stewart Title, for instance, operates nearly 8,000 offices nationally.
Some big lenders have brought their title and escrow services in-house, especially for routine transactions.
The threat for Western Title? It relies on volume to make a buck.
On the sale of a typical home,Western generates revenues that total less than 1 percent of the amount of the transaction.
From those fees,Western supports an extensive database about real estate transactions in the last 100 years the information it uses to assess the risks in the title insurance it provides.And its escrow team pulls together the information from lenders, sellers, buyers and others to ensure that sales are closed accurately and on time.
Smith, a veteran escrow officer and a member of the Western Title management team since 1995, says the company gains muscle from Westcor Land Title, a Las Vegas-based company that acquired Western Title last year.
Westcor, which owns a portfolio of title companies throughout the West, allows Western Title operating autonomy but gives the northern Nevada company access to a referral network.
Western Title also works with Westcor to develop technological tools to serve the real estate agents and lenders who generate title and escrow business for the company.
The company provides, for instance, an online database of CC&Rs conditions, covenants and restrictions on properties.
Coming soon is online tracking of the escrow process, telling the real estate agent where her deal stands at any moment.
Technology also allows Western Title to open more branch offices closer to real estate agents and lenders.
Because documents can be moved electronically, the title office no longer needs be anchored close to the courthouse or county recording office.
In an industry in which there's little price competition, better service becomes a competitive advantage, says Smith.
While Western Title continues to invest in technology, she says the strength of the company is the experience of its staff an average of 24 years experience for loan officers, for instance.
"Experience makes a huge difference," she says."It can make or break a deal."
It makes a huge difference as well to the operation of Western Title.
Its escrow officers handle an average of more than 50 closed transactions a month compared with an average of about 37 elsewhere in the industry.
The quality of the staff shapes the approach that Smith, one of a handful of female executives in a male-dominated industry, takes toward management.
"The best part is empowering employees," she says."We are a team.We have a bunch of great people here.
It's fun to let them go."
And Don Allen, who moves from Western Title's presidency to become chairman of the board, says he expects that Smith will bring new energy to the company.
"We need new and fresh ideas," he says.
"Sylvia is the perfect person to do that."
