Meet The Title Management Software Here To Fix It
Use Case | Tracts | Title Management Software
The majority of land work is done using spreadsheets built by many different parties, the majority of which are contractors paid based on units of time. Many problems result from this:
Minimal project oversight
Contractors make money billed on units of time which incentivizes them to stretch out a project. Without a change to the incentives it is imperative that land managers have access to real-time project status and productivity metrics. (See: 3 Metrics Every Land Manager Should Have When Running Title)
Multiple versions that lack uniformity
Reports are built by individual landmen using spreadsheets with no defined industry standard on data formatting. This creates confusion for colleagues analyzing and manipulating data further down the timeline. These spreadsheets are passed between coworkers who edit the information, leading to error and multiple versions of a single document.
Each step of the process is dependent on completion of the preceding step due to the lack of a central work file. Work products are delivered via snail mail, email or flash drive and updates are only view-able by the user that is making them. This process prohibits collaboration and unnecessarily extends project timelines by a significant margin. (See: Title Management Software and Golf)
Data security issues
Oil and gas data security is of utmost importance. Contractors store sensitive data on local machines and continue to hold data after completion of the project. This data is valuable both strategically and monetarily to competitors.
Spreadsheets are error-prone
Spreadsheets were built for general use and are not tailored to the land process. Running title requires keying long formulas and creating multiple sheets when ownership is severed. The sheer quantity of keying combined with the complexity of interest calculation has been found to cause title defects in 19.9% of leases according to recent studies. (See: Accurate Spreadsheets: An Oxymoron)
Lack of Innovation
Computers and cloud storage have not been fully implemented into the process of running title over the years. Most of the task required, such as interest calculation, report generation and project management are handled with paper, pencil and dated spreadsheets.
Tracts is built for in-house land departments. Tracts enables land departments to provide their contracted brokers, in-house landmen and attorneys a streamlined workflow and standard data set that eliminates excessive risk in their oil and gas land assets. Tracts can be implemented and utilized at any point in the land project life cycle; during analysis and recording of courthouse instruments at the beginning or when generating vital reports, calculating ownership interest, performing lease checks, acquiring leases, divesting the asset, or maintaining a revenue deck after the project is producing. Tracts facilitates pro-active project planning through collaboration, transparency, and access to accurate data in real-time.
Standardize Processes: Create a company and industry wide repeatable workflow by eliminating redundant processes, improving the exchange of information and facilitating collaboration.
Standardize Deliverables: Create a company and industry standard for the delivery, formatting and storage of mineral title and leasehold data.
Eliminate Risk: Utilize math engine to eliminate human calculation errors. Reduce keystrokes and eliminate transcription of data. Create project master files to eliminate multiple versions. Secure sensitive company research in a company master file and not on third party local machines. Have instant access to the master file anywhere and anytime.
Increase Productivity: All of the above goals aim to significantly streamline the process by eliminating redundancies, automating routine tasks and speeding the flow of information reducing overall project times by 20%-40%. This speed increase equates to getting a weeks worth of work done every 3 to 4 days.
- Cost Saving: With the added speed of project completion, clients have seen billed time shrink by 20%-40% upon implementing Tracts.
Cutting 1 to 2 days per week saves $350 - $1,000 per landman and $1,400 - $3,200 per attorney. Your effective production rate is $300/day for a $500/day landman and $120/hr for a $200/hr attorney. (Try our Title Cost Calculator)
While a project is active
Tracts uses single document entry to populate all reports and compute ownership interest in a master file and delivers real-time data instantly between remote teams. Teams work together on a master file to eliminate duplication of effort and error due to multiple versions of documents. Management can view project status and activity metrics to better manage their team.
After a project completion
Stored data is organized, accessible and easily updated or adjusted. Data can be integrated into current land management systems (LMS) and shared in virtual data rooms (VDR).
- Math Engine
Our one of a kind and proprietary math engine combines single document data entered by landmen and instantly calculates ownership for all interest types and multi-dimensional severances. Tracts continuously updates ownership as data is inputted across eighteen (18) dimensions of ownership. This eliminates the need to manually connect instruments and build complex formulas, greatly reducing the opportunity for human error.
2. Document Management
Documents are securely stored in a company managed master file allowing all authorized users to quickly find and understand the information they need, 24-hours a day from anywhere an internet connection is available. Data is processed by loading it directly into Tracts, ensuring sensitive company data doesn't get into the wrong hands.
3. User & Project Metrics
Because work is completed directly in Tracts, in-house landmen have access to user and project metrics that have been previously unavailable. Metrics that clients can accurately measure include documents per day and the cost of single documents from courthouse to title opinion, view-able on both the project and individual user level.
4. Broker Partnerships
Companies can train their current broker partners or access the Tracts Land Network of certified pre-trained brokers and attornets allowing clients to hit the ground running no matter where you are in the project life cycle.
To start a project fill out the project scope and ROI forms. After these forms are received you will be provided pricing and the service agreement. Pricing is determined based on the volume of data, users and training involved. Pre-trained brokers are available to reduce training costs.