Job opportunity: How to become an abstractor
About the job:
Abstractors research all documents and activities affecting ownership of properties. The work involves sifting through public records, often in a county clerk’s office, for mentions of things like liens or bankruptcies or land boundaries.
Essentially, abstract companies make sure that the seller of a property does in fact own the property and has a “free and clear” title.
“We are a transaction industry,” said Brian O’Sullivan, president of Frontier Abstract and Research Services, which is based in Rochester. “Any time any transaction happens with a property, including foreclosures, we’re involved.”
An “abstract” is presented to a title examiner, who makes a title insurance report that goes to attorneys. The work can be tedious and exacting.
“We go through a lot of records,” said Bill Collins, director of title insurance at Frontier. “We run the names of owners…sometimes, we search hundreds of records.”
Qualities needed:
Attention to detail is critical. Also important is being able to learn quickly and to hyper-focus on tasks, to be resourceful and to use what Collins called “spatial reasoning.”
“These are people who like to investigate, to put together puzzles,” he said. The nature of the work also requires acting professionally and respectfully, Collins added.
Education/training needed:
A high school diploma or equivalent is necessary. A college degree is favorable, but, as Collins said, “Abstracting is not really taught in colleges.”
Much of the work involves on-the-job training, which companies like Frontier provide. “You have to have ‘qualities’ more than education,” Collins said. “It’s about how well you can learn (the work) and an ability to research.”
People who had been paralegals or lawyers or who worked in lending at banks have done well as abstractors, O’Sullivan said.
What the job pays:
O’Sullivan said the starting salary for abstractors is about $30,000, but said that can quickly increase as they learn the job. Seasoned abstractors, he added, can make in “the upper 50s.”
Collins said the rates vary by location, with abstractors in cities earning more than those in rural areas. Title examiners typically earn more than abstractors, he said.
The New York State Department of Labor states the median salary for “title examiners, abstractors and searchers,” lumped together, is about $57,000 in the Finger Lakes region.
The job picture:
The federal Bureau of Labor Statistics calculates a 3 percent decline in positions for “title examiners, abstractors and searchers” through the end of the decade. O’Sullivan and Collins were more optimistic.
“There are going to be a lot of opportunities opening up, based on turnover,” O’Sullivan said. “The market is based on real estate. That’s one of the major pillars of the economy. There is always going to be real property being transferred.”
Collins added, “A lot of people will be retiring from this industry fairly soon. That will open up positions and opportunities. A lot of people were hired in the early 1980s when we had a big housing boom.”
Quote:
“Most of us find this industry by chance,” O’Sullivan said. “It’s a pretty noble industry. None of us at age 18 dreamed of being in abstracting. Making (people) aware of the industry is the first step to what can be a rewarding career.”
Where to learn more:
Frontier’s website is www.frontierabstract.com
The New York State Land Title Association’s website is www.nyslta.org
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Alan Morrell is a Rochester-based freelance writer.