LAGUNA NIGUEL, Calif., Nov. 19, 2002 (PRIMEZONE) -- TransCloser, a Web-based computer platform that promises to allow commercial real estate customers to conduct business with their title companies online, has won the endorsements of a variety of major users who were among the first to utilize the program during the past several months, company officials reported today.
Developed by real estate technology veteran Gilbert Barnes, the program enables real estate attorneys, commercial real estate investors and lenders to order, track and receive documents related to a property's title insurance without ever leaving their desks.
Since the system became available in first quarter 2002, Barnes and his company have handled $3 billion in escrows through the TransCloser site at http://www.transcloser.com. Among current clients are a major title insurer, a large automobile manufacturer that is financing a series of dealership properties, several major real estate law firms, a national pension fund, and a series of commercial real estate lenders.
"This is a pioneering initiative for the commercial real estate industry, one of the last industries to integrate Web-based platforms with its everyday business operations," said Barnes. "What we provide is a workable and easy-to-use platform for electronic transaction and vendor management for title insurance and other closing services. It is a revolutionary utility for this industry."
Clients agree with that assessment. They point to the time saved in sending and receiving critical closing documents, its cost effectiveness, and the platform's tracking capabilities as being among its most revolutionary elements.
"We recently had the opportunity to work with TransCloser and found it to be extremely helpful in a very complex transaction," said Dan Case, a partner in the Los Angeles law firm of Case, Knowlson, Jordan & Wright. "We used it in a transaction involving the simultaneous refinancings of 12 properties located throughout California, which included parties located on the West Coast, in the Midwest and in the East. We were very pleased with how smooth and timely it made the closing."
TransCloser's success stems from several factors, according to CEO Barnes, but chief among them is that there is no training required to operate the program, unlike other platforms, especially those now used extensively in the residential real estate industry.
"Over a 12-month period, we conducted usability surveys to gauge our clients' reactions," said Barnes. "As a result, we created a platform that is highly intuitive and easy to use by anyone in the commercial real estate industry."
Based on customer feedback during beta testing, officials at TransCloser became convinced that customer adoption of theirs or any other Web-based order fulfillment utility would only occur if the product required no training.
"We like to draw analogies for TransCloser and its ease of use with those of such easy-to-understand and apply portals like eBay, Orbitz and Yahoo!," Barnes added. "It's that simple to use."
Headquartered in Laguna Niguel, California, TransCloser is a limited liability corporation that develops and implements e-commerce initiatives for real estate-related industries and services throughout the United States. Further information is available through the company's Web site at http://www.transcloser.com.