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Posted by  Teri_PA on 7/5/15 7:16am
I, too, seldom post here. I've been in this field for 20 years, and have survived and thrived. Different hiring entities have different profit objectives. Some want quality and reliability and experience and are willing to pay for it. Others are volume driven with low margins, and they are well aware of the risk that a certain percentage of closings will not be conducted in a quality manner. But, it is a risk they are willing to take. The experienced agents out there, know the difference, and know what each type of company is willing to pay, and what expectations are. Most of my clients expect a perfect closing with no issues, and expect me to alert them to difficulties or problems they might experience with the file. They know that I know my job and can deal with almost anything. I do take some work from high volume, low fee payers. Why? It fits my model, where I determine the minimum amount of revenue I must generate per hour to make this venture profitable. I, personally, don't think in terms of dollars per signing, but dollars per hour. A signing more than an hour away from me, with tolls and traffic, with a title company that I know has brokered files with surprises, is not worth taking unless the fee is very high. That same closing, in my neighborhood, might be.
We are not the only professional field that has people that work for peanuts and those that command high fees. How does H&R Block survive and thrive. By volume. Most of the returns completed are satisfactory, with no problems, and are sufficient for the average person and have set fee schedules per schedule. Experts in the field, command a high dollars per hour, and can deal with almost anything that comes up, and are well worth the higher fee. Does everyone need the higher priced firm? Probably not. A simple W-2 return with no schedules, doesn't need it.
We need to know and accept that in every field there will be individuals who will price themselves low, looking for volume. Once they get to a certain volume level, they learn that their model is not as profitable as they thought. And, they adjust or move on.
A well crafted website, an excellent marketing plan, a well defined business plan, and a great reputation will sustain a true professional in this business- one who will be there for years and years, until we choose to retire.
Once upon a time we were all rookies, and we learned our craft, and studied, and made mistakes and learned from them. Experience is what differentiates the long lasting professionals in this field and allows us to survive and thrive. |
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