GITC Yearly Business Review

Greater Illinois Title Company Annual Business Report 2007

A slowdown in the real estate market impacted by rising interest rates and the credit crisis, caused a sudden drop in activity in late summer and presented Greater Illinois Title Company (GIT) with a new set of challenges in 2007. The company’s revenue was down when compared to last year while it closed 72.4 per cent of all transactions ordered by customers. The company fell short of its financial objectives but took advantage of growth opportunities in new market areas. Moving forward in 2008, the company is very well positioned to take advantage of new business prospects as well as the impending market rebound.

In 2007, Greater Illinois Title Company saw title order volume decrease by 21.7 per cent and title closing volume decrease by 17.8 per cent. However, the company was successful in achieving revenue increases in the commercial market segment as strategies to increase market share and revenue were successfully executed.

The company continues its commitment to enhancing its reputation of integrity, professionalism and customer service. Exceptional customer service remains the key fundamental upon which the company operates. In 2007, customer service education for employees was accomplished by mid-year.

Strategic moves by GIT in 2007 included opening an office in Waukegan to take advantage of increased activity in Lake County. In addition, GIT opened an office in Yorkville to better serve customers in Kendall County. The company will continue to take advantage of growth opportunities to advance its core title business where special circumstances exist. The company is nearly complete with its two year “Operations Emergency Preparedness Plan” which will allow for operations to continue in the event of an emergency ‘shutdown’ in one or more of its office locations. Finally, the company executed a lease extension for its Corporate Headquarters location at 120 North LaSalle Street in Chicago. Comprising of 12,800 square feet on the ninth floor of the Helmut Jahn designed office tower, the corporate office is located in the heart of the legal, financial and central business district of Chicago. This ensures that GIT will continue to be part of the fabric of Chicago’s dynamic business community.

GIT continues to dedicate resources to specific market segments in a continued effort to diversify its product lines and revenue. GIT offers an expanded menu of products and services for customers by providing ‘one-stop’ shopping capabilities for commercial, industrial, condominium and new construction projects. Its growing portfolio of projects includes many high profile projects in the City and suburbs as well as out-of-state transactions.

GIT acts as a Qualified Intermediary to facilitate the use of 1031 tax deferred exchanges through it’s wholly owned subsidiary, Greater Illinois Tax Deferred Exchange Corporation. As part of its menu of services, land surveys ordered through Greater Illinois Survey Company, allow parties to review the survey along with the title insurance commitment prior to closing to ensure that closing problems are minimized and closing deadlines are met. The Rapid Title Services Department (RTS), a separate division that provides short-form title commitments and title searches for a variety of customers, continued to grow its customer base by expanding its product offerings through the customization of real estate information products to suit specific customer requests.

Another targeted segment resulted in the steady growth of the Gateway Services Program. Through this program, GIT offers title and closing services to policy-issuing agents of Chicago Title Insurance Company. The company has successfully grown this market segment with nearly 1,000 title agents utilizing GIT as a title and escrow services provider. By providing personalized customer service and attending to the needs of attorneys and their clients, GIT continues to grow in this increasingly competitive market segment.

Since 1985, Greater Illinois Title Company has been providing the Chicago area with an innovative range of title insurance, escrow closing and real estate information services. GIT has grown to become the largest title agent in Illinois and one of the largest title agents in the country. The company can handle any transaction within the state of Illinois and anywhere in the United States. This provides a more efficient way for customers to meet the needs of their clients regardless of where the property is located. For more information: www.gitc.com