Why bother with retainers?  Simply require to be paid when you receive the order. (Cash on Order)

Every online service does it  (Think Amazon).  Appraisers do it.  Home Inspectors do it  Surveyors do it.

I work nationally and internationally. - USA and Mexico.  I hear all the vendors in the USA cry about not getting paid, fall out files, slow pays, etc.  In Mexico, you pay up front for EVERYTHING.  If you hire a closing company, you pay them at the time of hire.  If you order a search, you pay for it at time of hire, etc etc

Too long in the title industry have we allowed our clients to misuse our services by not paying promptly or at all.

I recently had a NY client tell me how bad his fall out was in his office and they are operate in 3 states.  Like 1 in 3.  And that is after they have searched, done the title work, ordered the ancillary searches, etc.  So, he loses approximately $300 hard money cash on a fall out deal and that does not include his office /employee costs.

If EVERYONE decided to charge for their services when hired, it would shift the industry.   This is why local abstractors and title agents should agree to pay when hired.   

The clients would have no other options would they, if we all banded together?  Food for thought

 

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