Thanks for your response and words of encouragement..

I want to be clear though…..I’m not basing my decision to leave the business based on the results of my mailings.

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Next series of mailings is going to be the opposite offer.That means that the ones that got the low ball offer will now get the other offer and vice versa.

  

This decision has been evolving over the past year.

 

Let me tell the story as briefly as I can because I want to be clear on how & why I came to this decision. Who knows?...Maybe someone will see something I don’t and give an objective viewpoint…

 

I’ve been in the biz for 18 years now, 14 of those as an independent.

 

I started out with one client…my previous employer

5 years later I had something like 17 clients…..all local title companies.

 

I built up my customer base SOLELY on referrals and I had a very nice deal going.

 

Over the years, through mergers, going out of business, and me giving up a few smaller accounts, my client base has gone down to 7 clients.

 

I ‘v raised my prices every few years, so the price increases offset the attrition…..fine by me. It’s the way I wanted to structure my business..a “lifestyle “choice if you will.

 

Sounds pretty damn good……..

 

Until last year….

 

4 of my 7 accounts have informed me that once this company  DataTrace gets their plant up & running, I’m history…done…needed no more.

 

DataTrace is not marketing on price..they charge very well.

They are getting a huge share because of the technology they are bringing to the business HERE IN NJ.

 

They have already put a real hurtin on a lot of searchers

Me included……….they’ve taken 3 survey clients and 1 title client……to the tune of about 12-15 thousand a year in lost business to me.

 

Once my other accounts switch………..I’m done because they are my biggest clients..

 

The other threat, or maybe I should say hindrance ARE OTHER ABSTRACTORS…..maybe not in your area…..but it is VERY REAL here.

 

SO I found myself between this MegaConglomerate who are driving me out with technology, and these abstractors who are charging such low fees that it basically has reduced the searcher to a low wage  “commoditized” service.

 

I did my mailing as test to see if I would even want to stay and compete.

 

So the way I see it is….if I want to stay in business, I have to lower my fees, expand the coverage area, spread myself thin and burn myself out….not gonna do it.

 

I really do not see a future that is fulfilling here any longer. I like the work, but not the conditions under which I will have to perform the work

 

 

David, getting back to the mailing, I went after title companies first because that ‘s where the money is , out here at least.

 

The financial instituitions utilize the services of what we call “credit checkers” and they do these record owners for anywhere between $8 -$15 each. (they still hand abstract these things)

 

I’m exploring another angle to market my knowledge as an abstractor, but not in an abstractors role.(can’t divulge yet).

But it does have to do with the real estate investor community.

 

Once I test it and feel it’s a viable income source…I will let all of you know so that you may incorporate it into your business.

 

I am more than willing to answer any marketing questions that anyone may have.

 

BUT..I want to be clear to everyone….I will eventually be running an advertising/promotional consulting business , so I will eventually be charging for “stuff”……BUT…in the meantime I am at all of your service.

 

 

Thanks for staying with me here

 

Mark

 

 

 

 

 

 

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