CLEVELAND,– Parcel Revenue Corporation and its Highland Heights, Ohio based subsidiary, Pro REO Settlement Services, which does business under the trade name ProReo™, launched the highly anticipated Title/Escrow Load Balancing Platform last month. The platform is already receiving rave reviews from some of Northeast Ohio’s top real estate agents.
“What this program is doing for the inner city and zombie homes is absolutely amazing,” said Jelena Krilova, a real estate agent with Howard Hanna Realty in Strongsville, OH, located about 20 minutes from Cleveland. “I have never seen a real estate deal close so quickly and easily.”
Krilova represented a local real estate investor who purchased a condemned property on Cleveland’s west side. The property had been empty for years and the property taxes were $15,000.00 delinquent. Today, just a month removed from sitting vacant and condemned, the property is under renovation, the taxes have been paid, and the new owner plans to move in once renovations are completed. The property is also just a few addresses from Benjamin Franklin School and posed a safety hazard to children walking to and from school.
The platform uses artificial intelligence and analytics to monitor the workload of participating title agents and attorneys and routes orders to the agent with the least number of pending transactions. Historically, title agents have closed transactions on a “first come, first served” basis which creates logjams in the escrow process. Since state law regulates title insurance rates, the buyer and seller are not financially impacted by which title agent closes their transaction. “Every title company in Ohio sells the same product at the same price,” said Wendy S. Rosett, a Cleveland-based attorney for Parcel Revenue Corporation.
About Parcel Revenue Corporation
Parcel Revenue Corporation is developing the technology platforms of tomorrow that will aid local governments nationwide in the fight against abandoned homes, increase and protect incoming tax revenues, and predict housing vacancies before they occur. Local governments can learn more by visiting www.parcelrevenue.com. Pro REO Settlement Services, LLC was launched to meet the growing and underserved demand of escrow services tailored to urban properties.