I agree that some form of group marketing needs to start very soon. The market seems to be shrinking every day with the impact of on line data bases, the perpetual pressure of clients to impose sub-standard fees, and let us not forget the ever present cut rate searchers that encourage further downward pressure on title search fees. However, indiscriminantly raising prices in a tight market without offering something in addition to justify the increase will probably result in more damage than financial gain. It is human nature for a client to want more bang for his buck. Right now their attention seems to be concentrated on reducing the cost of a title search. The group marketing effort should focus on raising the level of search fees in conjunction with something extra to make it economically attractive. The something extra may take the form of additional information in the abstract, a faster but managable turn around time, greater abstractor expertise in analysis of the indexed information, some cost savings to the client or any combination of the above.

In so far as abstractors entering alternate fields is concerned, I do not think there is any problem. I would even encourage them to assume additional duties in the fields of signing services,
free lance para legal work and/or title insurance agents in the states that allow it. If anything the additional income from the additional services makes them less dependent on fees from abstracting, and allows them to resist the efforts of a client underpricing the market value of a search. With respect to there ever being a lack of competent abstractors in relation to volume of available work, there will always be a sufficient number of abstractors if the volume of work and adequate search fee is present. We had a slump in business here in Connecticut beteween late 1999 and the beginnng of 2001. Thereafter the interest rates started dropping, and the refi boom started. A number of searchers secured part time work or left the business entirely during the slump, but they all returned as soon as the slump ended

to post a reply: login - or - register