Having been in staffing for 20 years, I've seen many industry and job cycles rise and fall. Like everything in life, timing is everything. My forecast for title agents and professionals: Your future is bright, and things are looking rosy.
Let me share some historical anecdotes: If you were an IT programmer in the late 90's, you could name your salary demands because the need was so critical to business growth, etc. etc. Around 2001, the dot com bubble burst. It took a few years to recover, and the market returned to normal.
Same applied for HIM Coders. Prior to the mid-2000's, hospital coders were paid about $20 per hour, were undervalued and underappreciated by employers. They were looked at as an admin position. Well soon after, as legislative changes were made - hospital revenue was going to decrease significantly without quality coders. Coders were a must.
Also considering that most of the coding workforce was nearing retirement, the shortage was reaching a critical mass. Because the job itself was not very "glamourous" and there was no talent development, there was a major gap of talent behind the aging work force. Sound familiar?
Where were these much-needed people? Naturally, demand shot up. Within a year, coders were making $30 per hour. Then came ICD-10 and the job market erupted, and people were making $40 per hour. Advantage, employee.
The same market conditions that created those surges are very similar to the environment today in residential title. All business leaders and owners know that without high-quality employees, their business will suffer. The smart leaders and owners are aware and ready to adjust.
My job is to educate and bring awareness to the market. This is going to happen for Title Professionals. Business owners will adjust because they must continue to thrive. And it’s not like future business is going away. More business opportunities in title are headed this way on a freight train.
Now is the time for the title professionals to capitalize on their craft. Title work is challenging, gritty, flat out hard. Make sure you are taking care of yourself and your future days.
For more information, you can reach George at firstname.lastname@example.org