Thank you Patrick for your response and statements. I really didn't feel the need to disclose why I'm not in the business anymore but I'm more than happy to address your statements.
First, My Title company is a family run business that still operates, today, on the same structure that I created for it prior to my departure into the software arena. My company once had 3 employees and now we employee 14 in a sick Michigan Real Estate market. Further, because of our strategic shift, we were able to move the business from mortgage brokers with unstable sub prime business, to national banks and developers. Currently we have 3 active banking relationships (1 residential retail and 2 commercial) with banks with more than 56 billion in assets. Through the usage of technology, we were able to compete because of our technology infrastructure. In conclusion, let's just say that my family situation supports my investment in time and money into other industries.
Second, my purpose was not to endear myself to your community but to have honest dialog with this community about technology and it's impact on your industry. Yes, I outsourced search work to India and technology allowed me to do it. Was it a good idea at the time? Court is still out on that. Am I still doing it now? No. Does some hybrid of having search work done in-house and oversees make sense? Yes! Why? Because when I have to successfully compete with the guy down the street and my clients (Banks, Real Estate agents, Developers and Mortgage companies) expect fast turn around time from me, I have to find a way to make it happen. Theoretically, I could have an Abstractor in-house working 8 hours a day and when I shut my doors at 5pm, have my overseas Abstractor plug into my system and perform search work at night when everyone is asleep in the Midwest (Virtual 24 hour office). So my question to you Patrick is: Can you or your fellow Abstractors provide me with the same benefit? I would guess the answer is: YES. What prevents you from plug into a title companies systems at night, abstract their fills, type the commitments and shove them back into the title companies systems for access, by them, the next morning? Technology is the only vehicle to accomplish this idea. You could call it: “Patrick’s After-hours Abstracting Services.”
In conclusion, I want people to think out of the box and squarely. I can't accomplish this goal by being deceptive in describing my methods of increasing revenue for my stakeholders. Nor do I help you by not telling you about what’s going on in the minds of title owners and within the market place. This is the world we live in today and if I can help you “square up” and harness technology to grow your business and compete - great!
PS. I meant "down time" not "down town." I can see that you are an excellent abstractor – catching all the little details!
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