“The day you sign a client is the day you start losing them.'”October 9th, 2014 at 2:08:07 pm
An up and down week up here. For those who do not know, the project I was on ended one week ago today. The last few days of it the signs were all over. The last day I turned in one more tract and then kind of read the news and posted here, my boss sitting right next to me doing essentially the same. At the end the parting words were, "take tomorrow off and wait for a call" and a "well, hopefully I see you when you are back from vacation."
The email then came with the following in it, "It is our intention to re-engage your services as quickly as possible, hopefully within the next 7 calendar days." Some more about hopefully working with them again and, "but it is our hope that you elect to continue providing the agreed upon services."
This was Friday of last week. I rested Friday and put a few resumes out on Monday because in this industry there are no guarantees. By Tuesday I had a new gig with a new client, a touch more flexibility, and get to learn 2 new counties, one neighboring Ohio. The offices of the new place are in a 100% nicer part of town, a trendy part of town at that. One of the trendiest.
Oh, yeah, and a few more bucks a day! Not killer-more, but enough for a nice dinner for one.
All happy times until the old client calls and you feel like talking to the old girlfriend who went on a break and you found someone new. Yes, I liked it there, I really, really did. I would not have even explored much but for the hiatus. I got picked up fast. It didn't sink in on the call, it sunk in on the email where it said they "acknowledged and accepted my contract termination." I mean, of course it is terminated, just feels so final at the moment I read it.
I would say it is the first time I left a job I liked for an unknown, but it was not a "job." It was a "gig." A "client." Few are the W-4 jobs in this industry. "Long Term" can mean a year, sometimes less. Not to forget, but the move was sold as "an opportunity." I don't begrudge the Chief who told me that, she could not have known. Business is business.
The lessons for the client are if you like the work of a person, find a reason to keep him because even a few days on the street and people will look elsewhere. The lesson for the contractor is keep doing good work and know where to find the next client.
And that is that. One day I may work with them again. Or they might have been a break-in house and I did not realize it. I like the new place so far, they came in on the high-end of my rate request. But remember the motto:
“The day you sign a client is the day you start losing them.'”--Don Draper
This is what will be coming out in the world in a few yearsAugust 22nd, 2014 at 9:22:51 pm
College Freshmen say some weird things, but this one I never heard a player say before.
"This is called free odds and is the best bet in the casino as it has no edge."
"Is there a way to bet evens?"
Asking a square for a square but not the square the square thought..........June 28th, 2014 at 12:42:48 pm
I know I'm a square, but.......
So I'm by the garage with my dad, ladder on the house, getting ready to cut a board board for a shelf for an A/C unit. This black girl is walking down the alley and asks, "do you have a square?"
Immediately I think she is talking about a carpenter's square, as is my dad. She quickly senses we didn't get it and said "cigarette." I politely replied we didn't smoke and she moved on.
Now, I do know what it meant. But my thought is a person on the street is asking about a carpentry tool.
Am I that big a square?
Blackjack at a Prom, 2014April 28th, 2014 at 10:59:10 am
"Blackjack" was spelled out vs the initials "BJ" to avoid any confusion like last year.
The kid says, "I just realized this is our Prom and we are sitting here playing Blackjack."
So I am thinking to myself, "and????????"
Assuming the powers that be kept booze out, and no reason to think otherwise, it is the most I have seen non-drunks hit on 18, soft or hard. For some time this would drive me nuts, but lately I have found some kind of Zen at the table and simply DUAD.
Mortgage Greed? Part II--Mortgage Fees and the "greedy" people they supportSeptember 24th, 2013 at 1:13:36 pm
There is always talk of banks and the "fees" associated with getting a mortgage. A residential mortgage will run you about $3,000 or so in fees, more if you pay points to buy down your rate and maybe some "paid outside closing" fees, which you often have to pay even if you do not close.
Lets look at all this "greed" more closely and who the money goes to.
Your first step is to apply for the loan. There may or may not be a fee here. When there is, people often complain about paying $20-50 just to apply then pay more fees and interest. While this might smart, the fact is a mortgage application is not the same as an auto or credit card application. Pulling credit alone can cost $7. The application takes some time to enter, and if it needs to be looked at by an underwriter that person must be paid. The chances that a person will never close the loan are great, so all of this sunk cost may be lost. $50 is probably the real cost to just get your loan moving.
Your appraisal, processing, and underwriting will cost on the order of $200-450 each. $400 for an appraisal? $400 to process the loan? That money must be going to some greedy, overpaid person--right?
Well lets look at things. The appraiser by law cannot be directly chosen by the lender anymore. So he or she is giving a fair chunk of that $400 to the service that hired them. This appraiser is going to be an independent contractor. This means car, gas, license, health insurance, error insurance, and G&A all comes out of their kick. There is no paid vacation and no paid days off. You do not work you do not eat. And there is no steady supply. This week may be booming and next week dead. And while they may just spend an hour at your home taking photos there is another 2+ hours getting comps and preparing the report. More than one appointment has canceled at the door. When work is not steady you simply have to score more when the work is there, and when you are not hiring steady you have to pay rack rate.
The processor does not have life much better. Same deal with feast or famine. The processor may work for the bank as a real employee or may be an indie as well. If they are an employee they need to generate $400+ per day to cover their wages and other costs. If they are an indie they need to have a home office and as the abstractor they must provide everything for themselves with no time off. Realistically they need to generate almost the same $400 per day. One file a day finished day after day is not easy. And they only get paid when the file closes! All the work to get to final underwriting but to be declined is wasted effort and materials.
At every step this repeats. Abstractors and signing agents need to make $75-100 per order because they may only be able to do 2-3 orders a day. And they like all the rest only get paid when they get work. Yes, the life was chosen even if they "backed into" it. This does not change what they need to earn to make a living.
Then there is the salesperson who got the process moving. A very good salesperson gets 3-5 deals a month. This person needs to hold licenses and take ongoing training. 1/8 of a point may lose a deal.
Add it up and of that $3,000 the bank has $1600+ in labor without the salesperson. They may make $1,000 on the front end of the deal, but this is still 1-2% margin only. How many businesses have margins that low?