I have been contacted by a past client to update the certification on an ALTA I performed for them last year to include additional parties. The site is close to the office and I'm pretty sure it hasn't changed, but there would be time involved with walking the site, adding the parties to the certification, printing and shipping the new maps. This time would be minimal and wouldn't add up to much of a fee and I'm not sure it would be enough to extend my liability to these new parties. I was curious on how others charged past clients for ALTA updates. Not an amount, but if they used a percentage of the original fee or other method to base there fee.
Thanks
Kelly
I would treat it as a new survey and charge as such.
it is a new survey. you are taking on new liability. you have to consider the market value of the product, not the time it takes you to create it. in that situation i would ask about 60-75% of my original fee. still cheaper than they can get a new survey done and probably much quicker.
I know in some jurisdictions the fee for the survey done a year ago, is the same as it was a year ago... no matter how much time is involved
:good: As it should be.
> I have been contacted by a past client to update the certification on an ALTA I performed for them last year to include additional parties. The site is close to the office and I'm pretty sure it hasn't changed, but there would be time involved with walking the site, adding the parties to the certification, printing and shipping the new maps. This time would be minimal and wouldn't add up to much of a fee and I'm not sure it would be enough to extend my liability to these new parties. I was curious on how others charged past clients for ALTA updates. Not an amount, but if they used a percentage of the original fee or other method to base there fee.
>
> Thanks
> Kelly
Ask yourself this question. "What is the value of this work to the client?"
Once you know that, you will have a good idea what to charge. I have one hint for you, the value to your client has nothing to do with the time it takes you to produce the product.
Larry P
:good:
I ask for the New Commitment to see if the names they want added are listed in it. I do have a minimum charge since it is my liability that is being extended. As said above it is cheaper and faster than having someone else do it.
They expect your fee to be lower than that of anyone else they could possibly contact. Also, they assume you will get it done quicker. Those are the only reasons they came to you. It has nothing to do with your skill and professionalism.
Go with 70-80 percent of what last year's job would bill out at today.
Make sure the site has not changed before you say anything.
I agree
with charging for the value of the update to the client.
I would like to know from those who have done it what is you percentage of success in charging let's say 50% or more to do the update?
> ... I'm not sure it would be enough to extend my liability to these new parties. >
You see, you just got off track right there. You should charge for extending your liablility to the new parties right off the bat. And then add in the costs of examining the site, re-issuing the maps, etc.
Also, I like Holy Cow's comments.
Stephen
"Go with 70-80 percent of what last year's job would bill out at today."
NEVER! Why in the world would anyone do this? Complete lack of comprehension?
The Standards say that the survey is to be performed on the ground. That doesn't mean you can regurgitate last year's work without performing the work...
Success?
> I would like to know from those who have done it what is you percentage of success in charging let's say 50% or more to do the update?
I would say 100% success. We either get the job or we don't.
If we get the job for what we quote, we were successful. If we don't get the job (because we wouldn't lower our price), we were successful because we didn't put ourselves out there for nothing. That doesn't happen too often; even though we charge the full price, we can get the job completed quicker than anyone else could. That adds value.
This is another great example of why so many surveyors are poor businessmen. Why do you want to give away your services?
While I agree with the above comments about charging for what the work is worth, there are exceptions. Namely advertising/goodwill.
Last fall I completed a larger survey for a one time seller, two weeks later the buyer wants it certified to him. This buyer is a possible source of long term, high dollar, future work that I haven't been able to get my foot in the door with yet. I proceeded to charge him for only the time to update the survey, review the title commitment and revise maps etc. (about a $5,000 savings). Upon personally handing the maps to him, I explain the savings he was receiving and that it was done in the hopes of getting a shot at future work from him.
Had I charged him full value he would have paid it as he would of had the maps/closing in a shorter amount of time, but probably would have felt that I was qouging him since I just did the survey two weeks previously.
Time will tell if it works out for me, but so far my goodwill has led to completing two small surveys for him that I never would have had a chance to do previously.
Respectfully,
Jim Vianna
Most of the time, we do the updates for a lot less then the original survey. Maybe something like 33% of the original cost. Some of it depends on how long its been, and why they want the changes. Sometimes they just want a newer date on the plat, sometimes they want parties added. It also depends on the client, if its a good client, we give them a break.
If it is a good client, then they already know your skill and professionalism. If the up date is for your client then charge fair wages to keep their returning loyalty to you. If your client is out and all this is for someone new that you have not dealt with, then different story, they pay the same as your client paid first time around.
Question: Is their need to only add / revise the parties certified to? Or are they also in need of the "survey date" being current?
