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[+] E & O - Deborah Manion/VA (5 replies)
1/4/2006 10:46:12 AM (1825 views)

Hotel rooms for NALTEA conference - Tim Lunn/NY
1/3/2006 12:30:05 PM (1507 views)

[+] Inspirational Post - Interview with God - Lisa Ramsey/TX (4 replies)
1/2/2006 11:15:58 PM (2902 views)

[+] AH HA...... - Loretta Reed/MD (2 replies)
1/2/2006 7:45:53 AM (1903 views)

[+] Order processing - J Nisonger/CA (5 replies)
1/1/2006 11:25:10 PM (1961 views)




[+] Scott - Kevin Ahern/CT (13 replies)
12/30/2005 5:22:13 PM (2115 views)

[+] Outsourcing - Ricky Farrow/FL (12 replies)
12/30/2005 10:17:26 AM (3183 views)

[-] How Do You Explain This?? - Glenda Hodge/TN (24 replies)
12/29/2005 9:48:09 PM (2153 views)
Re: How Do You Explain This?? - Rachel Malone/PA
12/30/2005 12:04:27 AM (2216 views)
Re: How Do You Explain This?? - Wanda Steudel/OH
12/30/2005 10:43:38 AM (2206 views)
Re: How Do You Explain This?? - Ricky Farrow/FL
12/30/2005 10:28:58 AM (2202 views)
Re: How Do You Explain This?? - Lisa Ramsey/TX
12/30/2005 12:10:08 PM (2212 views)
Re: How Do You Explain This?? - Ricky Farrow/FL
12/30/2005 4:53:41 PM (2092 views)
Re: How Do You Explain This?? - Lisa Ramsey/TX
12/30/2005 7:51:33 PM (2093 views)
Re: How Do You Explain This?? - Ricky Farrow/FL
12/30/2005 10:26:00 PM (2132 views)
Re: How Do You Explain This?? - David Bloys/TX
12/31/2005 9:13:42 AM (2070 views)
Re: How Do You Explain This?? - Robert Franco/OH
12/30/2005 5:16:14 PM (2145 views)
Re: How Do You Explain This?? - Jay Duncan/MO
1/1/2006 7:47:21 PM (1995 views)
Re: How Do You Explain This?? - Kevin Ahern/CT
1/1/2006 8:27:23 PM (1971 views)
Re: How Do You Explain This?? - Glenda Hodge/TN
1/1/2006 11:26:33 PM (1937 views)
Re: How Do You Explain This?? - Kevin Ahern/CT
1/2/2006 5:55:17 AM (2007 views)

The industry is changing drastically to the detriment of the independent abstractor. If you are relying on it exclusively as a source of income, you will probably experience difficulty in the days to come.

Expanding your areas of coverage to supplement lost income is a losing proposition if you are the only one performing abstracting. You would need to increase the number of searches completed in a day, and thereby decrease the amount of time devoted to each search. The quality of the product suffers. You can hire additional abstractors , and recapture a portion of the lost income after you pay them, employer contribution to FICA and benefits (if any), but that requires you to spend more time on business administration and less time in the field.

Offering the discount pricing to the client that you mentioned above is a precarious business arrangement. Very often the client will deliver the volume for a few weeks or months, but reduce the volume of work thereafter. However, they will expect the discount to continue after they no longer deliver the volume. If you are offering discount pricing make certain that you have a written agreement for it. They tend to be more responsive when the agreement is in writing. 

As both you and Jay have noted the abstractors that multi task and offer other services besides abstracting alone get the business. Time is the great leveler in this business. There are only so many hours in a day that the town halls/court houses are open to complete searches. Rather than expand your geographic area of coverage, it is easier to expand the number of services you offer. Most closings are done in the evenings at the convenience of the borrowers. The money is much better than abstracting. Your price negotiating power is greater. There are scores of signing services that go in and out of business every month, and the pool of clients constantly replenishes itself.

However, you do need to stay on top of them to make sure you get paid on time, and not be afraid to enforce timely payment through legal process.It is easier than you may think. 

You can offer closing services to an existing client or to new clients in addition to abstracting services, increase the number of hours in a work day, increase your income and rely less on the mercy of the VM.s for abstracting assignments.Unlike abstracting electronic automation is not yet a threat to closing work. It is also impossible to outsource the work because state statutes require the signing agent/attorney closer to be present at the closing to officiate.

In a small number of states the signing agents are required to work under the supervision of an attorney. In another small number of states there are special training and licensing requirements. Maryland is one, and I believe Illinois and Indiana are moving in that direction. As far as I know Tennessee is not among them, but you would need to check its requirements before beginning as a signing agent if you are interested


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Re: How Do You Explain This?? - Glenda Hodge/TN
1/2/2006 1:27:27 PM (1982 views)
Re: How Do You Explain This?? - Kevin Ahern/CT
1/2/2006 2:00:09 PM (1960 views)
Re: How Do You Explain This?? - Glenda Hodge/TN
1/2/2006 2:14:29 PM (1861 views)
Re: How Do You Explain This?? - Kevin Ahern/CT
1/2/2006 2:33:30 PM (1905 views)
Re: How Do You Explain This?? - Glenda Hodge/TN
1/2/2006 2:50:58 PM (1946 views)
Re: How Do You Explain This?? - Robert Franco/OH
1/3/2006 12:51:00 PM (2034 views)
Re: How Do You Explain This?? - Kevin Ahern/CT
1/3/2006 1:45:35 PM (1949 views)
Re: How Do You Explain This?? - J Nisonger/CA
1/2/2006 6:14:00 PM (1962 views)
Re: How Do You Explain This?? - Lisa Ramsey/TX
1/2/2006 11:22:24 PM (2032 views)
Re: How Do You Explain This?? - J Nisonger/CA
1/3/2006 1:16:34 AM (1995 views)
Re: How Do You Explain This?? - george Hubka/MI
1/3/2006 6:52:10 PM (1819 views)

Scanner update - J Nisonger/CA
12/29/2005 9:54:37 AM (2592 views)

[+] Acculink - Deborah Manion/VA (4 replies)
12/28/2005 3:13:07 PM (2210 views)

DLC Title Services - Susan/OH
12/27/2005 4:34:46 PM (1782 views)

[+] NALTEA CONFERENCE - Ximena Vargas/NY (1 reply)
12/27/2005 3:55:51 PM (1866 views)

[+] The Christmas Closing - Wanda Steudel/OH (3 replies)
12/27/2005 3:32:05 PM (1825 views)

[+] Soliciting an Abstractor’s point of view - Tracy/OH (18 replies)
12/27/2005 12:49:26 PM (2146 views)

[+] Rose Parade - Warning Personal Post! - Lisa Ramsey/TX (9 replies)
12/27/2005 12:26:25 PM (1985 views)


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