I will tell you about the good, the bad and the ugly in field services so that you can make good decisions. The field services industry is a great industry. The field services industry is like a large city ... some great food ... some great areas and also some bad neighborhoods that you need to avoid.
At SOFI, would like to help you avoid the bad neighborhoods in the field services industry. We want you to have a great experience and make some great money working for some great firms.
The mortgage segment is the home of the low-fee drive-by inspections and almost all of the problems in the field services industry. Some of the large national mortgage field service firms are the worst firms in the industry. They are big and ugly ... and they hurt field inspectors every day ... it's all about GREED.
Below are extracts from an email I received today. A field inspector working for an area contractor to a large national mortgage field services firm, lost all of the work he was receiving from the contractor of the large national firm. He received the below termination email:
Good morning to all. As I am sure you are all aware our inspection business in [state name deleted] has unfortunately come to an end. After many years of service we have been replaced by a company who has offered to do the work for substantially less money. I have not been treated well by [name deleted] as I have still not received official notice of such. They wanted another pay reduction which I cannot do. I am not sure who they have found to complete this work at such a cheap price but they have found someone.
... As far as pay is concerned I have not received any payments yet so I am unable to send out anyone’s pay. ... As soon as I receive payment you will all receive payment. Again, I thank you all for your service and wish you all the best of luck in future endeavors.
Inspectors get hurt every day when national mortgage field service firms go bottom-fishing for lower fee inspectors. The insurance and commercial segments are the better segments. The inspections fees are much higher and the hiring firms are higher quality. There is much more stability in the insurance and commercial segments of the industry.
Remember these words as you grow your business:
Mortgage inspections ... very low fees ... many national mortgage field service firms are bottom-fishers for low-fee inspectors ... mortgage segment is the home of the most problems ... national mortgage field service firms almost always require expensive insurance ... lots of low-fee inspection volume available as work will be taken away from higher-fee inspectors ...
Insurance and commercial inspections ... higher fees ... few problems ... higher quality firms ... insurance usually not required ... more stability ... more interesting inspections tasks ... very little bott0n-fishing for lower fee inspectors.
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