Posted by VERONICA DESCHANEAU on 8/3/06 6:57pm
Msg #136909

Irep and fee restructuring

I heard today that gas prices will take…yet another jump in price.

I was thinking of restructuring my fees to absorb some of the high gas prices, however, I am in a highly competitive area and am afraid to even attempt it. BUT there comes a time when I must say enough is enough. Last month was my record worst month of all with a whopping income of $600, and this is my full time job.

Irep is my biggest account and I am always who they call first for my local branch. I charge $75.00 per loan and drive fifteen miles to get to them…..sometimes with only five minutes notice. I was thinking about sending a notice informing Irep that I have been forced to raise my fees...Ive never done that in over two years as an ILC with them.

My question is: Has anyone done this with Irep and what was the reaction?

TIA

Reply by MaryP/PA on 8/3/06 7:09pm
Msg #136912

I doubt that they will even budge. I tried last year. They too are my biggest client and they try to get me more than one closing to do at once so I only make one trip.

Reply by Bonnie Frederikson on 8/3/06 7:31pm
Msg #136918

Veronica, would you mind sharing their website address?
Thanks

Reply by Loretta Reed on 8/3/06 8:17pm
Msg #136925

IMHO......"it ain't happening".
They actually lowered my fee without telling me last year and I called and pitched a fit when I got my check, they put it back to our original agreement. That alone was a miracle.

Reply by Becca_FL on 8/3/06 8:26pm
Msg #136930

Loretta, It's nice to see you again...

I was thinking about you just yesterday. It's been a while since you last posted. I hope all is well.

Reply by Bonnie Frederikson on 8/3/06 8:29pm
Msg #136932

Never mind, I have it!

Reply by JanetK_CA on 8/4/06 5:42pm
Msg #137171

I think you're better off going after new clients and gradually raising your fees, if you've been at this a while. Otherwise, I concur with the comments from everyone else. They'll just go down their list, unless you're in an area with very few SAs. I used to have IREP as my biggest account, but now I only do signings for them on occasion. Most of my business is now direct work from title companies and/or lenders who request me for their signings - at a much higher fee. It didn't happen overnight and it took lots of networking - and still does. And I'm not yet where I want to be. But I'm doing fewer signings for more money and am very happy about it. (Fewer headaches, too, I might add!)

For those of you newbies who like that idea and think you're going to jump to the top, think again! I've paid lots of dues (and still do) and know a heck of a lot more than I did when I started at this about four years ago. But I do very little work anymore for the majority of the companies I worked for for the first year or two I was a signing agent.

I believe it's extremely unlikely that someone in a more populated area will be able to skip steps in growing their business, but I also think it's important, as you become more experienced and knowledgeable, to eventually raise your expectations (and perhaps your level of service, etc.) of how you run your business. ** Especially if this is your full time occupation, as it is for me!** And as many have said here before, it's easier to find a new client than to get an old one to change their fees. (That doesn't mean it's easy - especially in the current marketplace!)

Reply by BrendaTx on 8/4/06 6:54pm
Msg #137184

Ditto, Janet!!!

->It didn't happen overnight and it took lots of networking - and still does. And I'm not yet where I want to be. But I'm doing fewer signings for more money and am very happy about it. (Fewer headaches, too, I might add!)<-

It's like a little bitty step here...one there...going backwards...realizing your mistakes...saying NO! to the $75 signing, hoping out that you might be worth a little more...no, you aren't, but then all of a sudden you get SICK of it all and quote a price to ensure your business will DO or DIE. When you throw caution to the wind and are ready to walk off from it, you quote what you really wanted all along and danged if you don't start getting it.

You ditch the chaff little by little...lose a lot of clients, gain a few great ones.

No matter how you shake it, bake it, jiggle it, or wiggle it, you have to do your time before you get even close to where you want to be. You absolutely must do your two years before it starts to pay off.