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[+] AH HA...... - Loretta Reed/MD (2 replies)
1/2/2006 7:45:53 AM (2409 views)

[+] Order processing - J Nisonger/CA (5 replies)
1/1/2006 11:25:10 PM (2447 views)

[+] Scott - Kevin Ahern/CT (13 replies)
12/30/2005 5:22:13 PM (2616 views)

[+] Outsourcing - Ricky Farrow/FL (12 replies)
12/30/2005 10:17:26 AM (3754 views)

[-] How Do You Explain This?? - Glenda Hodge/TN (24 replies)
12/29/2005 9:48:09 PM (2648 views)
Re: How Do You Explain This?? - Rachel Malone/PA
12/30/2005 12:04:27 AM (3767 views)
Re: How Do You Explain This?? - Wanda Steudel/OH
12/30/2005 10:43:38 AM (3730 views)
Re: How Do You Explain This?? - Ricky Farrow/FL
12/30/2005 10:28:58 AM (3763 views)
Re: How Do You Explain This?? - Lisa Ramsey/TX
12/30/2005 12:10:08 PM (3678 views)
Re: How Do You Explain This?? - Ricky Farrow/FL
12/30/2005 4:53:41 PM (3618 views)
Re: How Do You Explain This?? - Lisa Ramsey/TX
12/30/2005 7:51:33 PM (3565 views)
Re: How Do You Explain This?? - Ricky Farrow/FL
12/30/2005 10:26:00 PM (3627 views)
Re: How Do You Explain This?? - David Bloys/TX
12/31/2005 9:13:42 AM (3688 views)
Re: How Do You Explain This?? - Robert Franco/OH
12/30/2005 5:16:14 PM (3696 views)
Re: How Do You Explain This?? - Jay Duncan/MO
1/1/2006 7:47:21 PM (3532 views)
Re: How Do You Explain This?? - Kevin Ahern/CT
1/1/2006 8:27:23 PM (3468 views)
Re: How Do You Explain This?? - Glenda Hodge/TN
1/1/2006 11:26:33 PM (3448 views)
Re: How Do You Explain This?? - Kevin Ahern/CT
1/2/2006 5:55:17 AM (3521 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 (3437 views)
Re: How Do You Explain This?? - Kevin Ahern/CT
1/2/2006 2:00:09 PM (3498 views)
Re: How Do You Explain This?? - Glenda Hodge/TN
1/2/2006 2:14:29 PM (3332 views)
Re: How Do You Explain This?? - Kevin Ahern/CT
1/2/2006 2:33:30 PM (3332 views)
Re: How Do You Explain This?? - Glenda Hodge/TN
1/2/2006 2:50:58 PM (3421 views)
Re: How Do You Explain This?? - Robert Franco/OH
1/3/2006 12:51:00 PM (3532 views)
Re: How Do You Explain This?? - Kevin Ahern/CT
1/3/2006 1:45:35 PM (3414 views)
Re: How Do You Explain This?? - J Nisonger/CA
1/2/2006 6:14:00 PM (3469 views)
Re: How Do You Explain This?? - Lisa Ramsey/TX
1/2/2006 11:22:24 PM (3687 views)
Re: How Do You Explain This?? - J Nisonger/CA
1/3/2006 1:16:34 AM (3520 views)
Re: How Do You Explain This?? - george Hubka/MI
1/3/2006 6:52:10 PM (3269 views)




Scanner update - J Nisonger/CA
12/29/2005 9:54:37 AM (3198 views)

[+] Acculink - Deborah Manion/VA (4 replies)
12/28/2005 3:13:07 PM (2794 views)

DLC Title Services - Susan/OH
12/27/2005 4:34:46 PM (2151 views)

[+] NALTEA CONFERENCE - Ximena Vargas/NY (1 reply)
12/27/2005 3:55:51 PM (2349 views)

[+] The Christmas Closing - Wanda Steudel/OH (3 replies)
12/27/2005 3:32:05 PM (2340 views)

[+] Soliciting an Abstractor’s point of view - Tracy/OH (18 replies)
12/27/2005 12:49:26 PM (2672 views)

[+] Rose Parade - Warning Personal Post! - Lisa Ramsey/TX (9 replies)
12/27/2005 12:26:25 PM (2454 views)

[+] Did you have a white X-mas? - Robert Franco/OH (9 replies)
12/25/2005 11:34:18 PM (2421 views)

[+] Casualty Insurance - Ricky Farrow/FL (14 replies)
12/25/2005 8:25:52 PM (2359 views)

[+] Tell Your Children - J.T. Shoemaker/NY (1 reply)
12/24/2005 3:14:00 PM (2493 views)


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