Your Secret Weapon For When The Market Turns
Reduce The Time to Marketable Title
Tracts was built to improve the workflow of all partners involved in producing marketable title. While numerous companies provide the documents necessary to research title and to produce a title opinion, these documents must still be processed and reviewed. Processing these documents and understanding their relationship to each other is a time intensive process.
Using Tracts, not only are you greatly reducing your project costs (billed based on time), you are drastically cutting the time necessary to make well-informed company altering decisions before they pass you by.
This is where Tracts becomes your company’s secret weapon for generating clear marketable title faster and acquiring core leases ahead of the competition. The software has been developed with efficiency as the number one goal. No longer do landmen need to copy down indexes or photocopy deeds in order to organize and analyze them afterwards.
A More Efficient Title Process
With Tracts, the landman reviews the documents on the spot and enters the important information directly into an electronic note card. Each time a new document is entered:
- Tracts instantly recalculates interest
- Updates reports
- Adds the document to the appropriate spot in the title chain
Instead of carrying around stacks of note cards or photocopies, the field landman can scan or snap a photo of each related document and attach it directly to the chain. Making the review for the internal land team and title attorneys a matter of reviewing whether the landman entered the proper data into the form.
Traditional Method vs Tracts
Tracts reduces the title running process from 10 steps to 3 steps by instantly completing steps 2 through 9 as the landman records the instrument:
What are you paying when running title?
An E&P company pays the tab for the title running process. Nearly 100% of the associated costs come in the form of billed hours or days.
- The average day rate for a landman in the courthouse is $250 – $450 a day1,2. This rate does not include expenses such as mileage, meals, hotels.
- The average hourly rate for a title attorney is $200-$2473 an hour, often with multiple attorneys working simultaneously on the same tract.
Tracts.co can save you up to and exceeding 50% on these billable costs. This doesn’t include potential savings on mileage($.54/mile)4, meals(~$51-$74/day)5, hotels(~$120/night)6, and hours of work by your salaried internal land team.
Increase productivity without increasing budget or workload.
With less time wasted on calculations, drawings and building reports your employees and partners will free up time to utilize their research talents more efficiently. Your team will be able to double their output, allowing your company to uncover and evaluate twice as many opportunities.
What effect will Tracts have on your next project?
Enter your project size and billing rates into our calculators below to see the difference Tracts can make for your business.
Tracts.co is a forward-thinking company, passionate about bringing technology and innovation to the E&P industry. Our proprietary tool was developed to solve inefficiencies in our industry while keeping an eye on the future of land acquisition technology. Tracts.co is built by a team of developers with decades of experience running title and developing software. We believe there is no one more qualified to offer a solution as innovative and robust as Tracts.co