Having A Real Bad Day … Always Do The Math BEFORE Accepting Any Job … Don’t Forget Travel Time & Travel Expenses
Oscar (not his real name) accepted a $10 interior/exterior mortgage inspections. The one way distance to the inspection was 57 miles. If he had done the math and wanted to make about $20 an hour after expenses (IRS says 54-cents/mile to operate a vehicle), he should have charged about $120 for the inspection. Because of car expenses, he actually LOST MONEY.
Not doing the math and UNDER ESTIMATING the fees to charge to make a reasonable profit is called HAVING A BAD DAY. He under estimated by over 1,000 percent. Yikes! He cheated himself. He should never have accepted the task. After that experience, he must have felt like he had a bull’s horn in his butt.
The mortgage segment is the home of the lowest inspection fees and 99.5% of the greed, fraud and corruption in the industry. It’s best to avoid the Mortgage Order Mills (MOMs).