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[+] Bertrum Settlements - Rob  Robinson/PA (37 replies)
4/30/2008 11:48:29 AM (3625 views)

[+] Title Jokes - David  Lee/CA (3 replies)
4/30/2008 11:25:53 AM (3644 views)

[+] Commercial Abstractors - Deborah Manion/VA (6 replies)
4/30/2008 11:09:56 AM (3652 views)

[+] National Title Net - ANTHONY MUZIO/NY (2 replies)
4/29/2008 6:00:30 PM (3478 views)

A Possible Solution to the Gas Prices - Cheryl O'Brien/VA
4/28/2008 9:08:56 PM (2749 views)

This could work but I can also see how it couldn't.

Build a network of independent abstractors in your outlying counties and trade work.  For example, give Joe down in County X all your work for that county (60 miles away) and Joe could give you all his work for County Y (that you are close to). 

Some of the problems that would have to be ironed out would be equitable exchange, meeting turn times, etc. 

We use QuickBooks and tracked the orders sent to other indpeendent abstractors who serviced some of our outlying counties.  We tried to keep the money balanced, rather than the types of searches.  You have to pay close attention so you don't end up with a large bill at the end of the month (because one thing we learned is we couldn't afford to just pay independents to do our work...not enough margin).  We checked the exchange status at least weekly.  At the end of the month if we were over a little, we would write a check to our "partner" and vice versa. 

One of the problems we encountered is that other abstractors will always put their work before your work.  ("Their work" being work for which they will be paid directly.)  Your network needs to understand that doing your work is the same as them doing it, because you are doing their work with the same standard of care and timeliness.)  Or their attention to detail isn't the same as yours.  Or they have clients that have different (lesser) requirements.  There are always wrinkles to iron out. But this is a system that can work, though it does require a little more administrative work, such as having to prepare your own order form to maintain confidentiality of who your clients are. 

We only had a few bad experiences.  One was an abstractor we networked with who tried to "wine and dine" one of our assistants into giving her our client list.  (She didn't, thankfully.)  There was another abstractor who appeared to deliberately give poor turn times for her own purposes (because we knew her to be a good abstractor and two days with no communication when she was sitting on 20 of our orders indicated something was up.  On day three, we cancelled her and sent two of our in-house abstractors two hours away to complete those searches so they wouldn't be late).  So you have to be constantly aware that all turn times are being met and be prepared to act quickly (daily basis) if they suddenly aren't being met. 

So, there are pitfalls, but if you can work through them this could work.  And it does save time, gas money, and wear and tear on your vehicle.  (Any independents that you network with should carry their own E&O). 

 

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[+] How many years??? - Theresa Root/OH (1 reply)
4/28/2008 7:27:13 PM (3392 views)

[+] Infinity - Cherie Smurthwaite/CA (31 replies)
4/28/2008 3:02:49 PM (4074 views)

[+] iMortgage Services - VIVIAN SLYKER/OH (2 replies)
4/28/2008 2:46:58 PM (3935 views)

[+] Mortgage Connect - VIVIAN SLYKER/OH (3 replies)
4/28/2008 2:45:01 PM (4054 views)

[+] Urban Settlement does not pay - Leigh Attridge/MA (5 replies)
4/28/2008 7:30:00 AM (3643 views)

[+] POSTS - Bonnie Pierson/FL (2 replies)
4/28/2008 2:34:06 AM (3379 views)

[+] Gas Prices - Bonnie Pierson/FL (2 replies)
4/28/2008 1:23:15 AM (3332 views)

[+] Title Source - Bonnie Pierson/FL (3 replies)
4/28/2008 1:16:06 AM (3379 views)

Circling the drain - Bonnie Pierson/FL
4/28/2008 1:04:18 AM (2785 views)

[+] Blast From the Past... - Scott Perry/PA (3 replies)
4/25/2008 1:52:45 PM (3467 views)


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