Headed by James Park, each of the original 10 founders of Central California Escrow was truly immersed in the real estate business. From the 1970’s through this decade, CCE has operated lucratively, posting modest profits in most years. The most profitable in recent history was 2001 when, despite a slow real estate market and substantially lower sale prices, the company generated over $60,000 in profits. In 2006, the owners of CCE, many reaching retirement, or having already retired, decided it would be best to sell the company. Bakersfield Real Estate Partners purchased in the summer of 2006 – ready to re-establish the shareholder driven model that made Central California Escrow a success for 35 years.
Central California Escrow is seeking to bring in a select group of professional and proven real estate partners from the local community to once again return CCE to the successful shareholder-driven model of over three decades. In addition CCE has undertaken a two pronged expansion plan: to establish a presence in Delano, California and to hire additional Escrow officers who have an identifiable and distinct market niche with a relevant book of business. Looking to rival our larger competitors, CCE has an aggressive timeline for the development and introduction of all the tools and resources necessary for client growth and satisfaction.
In order to reach an overhead absorption rate that could sustain meaningful profitability and growth objectives, CCE has to generate additional revenue organically and/or from external sources. With the market forces in place in 2007 it seemed unlikely that organic growth would be a sufficient source if increased revenue; therefore, CCE seized an opportunity to acquire a profitable Delano, California escrow operation, hiring two escrow officers, two marketing representatives and an escrow assistant. To retain market presence, the physical office space was also assumed. The Delano branch office is scheduled to reopen in 2008, with escrow staff already in place. This will be the sole escrow office in a marketplace of over 38,000.
In January of 2008 two additional escrow officers were added to the main branch in Bakersfield. These two officers brought with them specific industry skills, experiences and competencies that gave them a unique ability to retain their clients even after their move to CCE. These new officers have each demonstrated the performance and ability to open many new doors for CCE. It is our goal to identify and attract additional officers with similar marketability.
Because escrow pricing is almost identical industry-wide and is heavily regulated, the largest advantage Central California Escrow has is the relationship with local real-estate agents and brokers through the investor driven model. This model, if properly executed, will ensure CCE’s competitiveness and profitability for years to come.
In addition to client satisfaction, there are a number of strengths and opportunities that have been identified as driving this profitable business venture: