How your firm can benefit from offering a flat-fee deed program
I have been approached in the past by real estate and estate planning firms on whether or not it would make sense to include a flat-fee deed program with their offerings. The idea is not a new one, and it is easily implementable. In fact, with some systems, the entire process can be automated, only leaving the attorney to review the documents and the facts presented. Flat-fee deed programs not only provide a firm with a solid stream of income, but the benefits of including this service can easily compliment your existing offerings, and it can be repurposed for additional service offerings to diversify your firm’s income stream.
Implementation is easy.
Implementing a flat-fee deed program requires a relatively small amount of time invested into the pricing structure, the deed templates, and the other systems which can perpetuate recording of the deed. However, once those systems are in place, you can set-it-and-forget-it. Flat-fee deed programs are designed to steadily generate quality work product and are intended to have little to no maintenance so you can focus on other aspects of your practice and generate passive income.
Overhead costs are substantially lower.
Most flat-fee deed systems already integrate into your already-busy practice. As long as the firm has a word processing program along with access to the internet, you can offer this service to your clients. If your current organization offers custom workflows and fillable online forms, this can greatly automate the process without incurring any additional costs. There is no need to hire a dedicated recording specialist or search for a licensed document preparer when you can utilize your own templates. While work can be outsourced to other firms, the greatest overhead costs savings come from implementing your own system from the start, leading to higher profit margins.
Electronic Recording allows for fast turnaround times.
Most jurisdictions in the State of Washington allow for electronic recording or recording-by-mail, so you don’t usually have to venture to the county auditor’s office and waste your whole day recording one document. Online eRecording solutions such as Simplifile and CSC ePrepare are readily available to the public with user account access, and documents are frequently submitted within the same day. For specific transactions, the turnaround time can even amount to under 10 minutes! This helps provide great value for your clients and helps to ensure that their property transactions are handled in a time-efficient manner.
Standardized templates can greatly leverage profit margins.
Counties often contain state-specific forms and formatting guidelines that one has to follow in order to successfully record a document. Creating templates from the start and utilizing the specific templates each time a document is requested greatly cuts down on the uncertainty of using client-prepared documents for property documents, and it will make the reviewers at the auditor’s office more likely to accept your submissions. Setting up templates with standardized vesting language, margins, signature lines and notary blocks greatly cut down on the mental effort of having to recreate the same document time and time again. In addition, other documents can be templated based on your practice offerings, such as powers of attorney, lack of probate affidavits, excise tax narratives, and many more documents.
Law firms can offer higher value compared to quick-deed services.
Law firms are able to provide higher value compared to quick one-stop-shop solutions which only draft an applicable deed and nothing more. Law firms can provide peace of mind to their clients by performing a quick document review, and determining if there are any applicable legal tax exemptions which could save the client thousands of dollars in excise tax. Clients can rest assured knowing that a licensed attorney has looked at their work product, whereas compared to other services which only provide the deed, the client is not really sure when the last time an attorney looked at their template, and if anyone conducted any review of the facts based on their situation. As such, law firms can greatly market the benefit of assurance when offering flat-fee deed programs.
Flat-fee deed programs are a low-cost way to generate a solid stream of passive income through your firm. These programs seamlessly integrate into any real estate or transactional practice, and provide the public service of helping promulgate more compliant deeds into the public record. In addition, clients will appreciate the certainty of flat-fee pricing which includes the drafting and review of the deed, any applicable recording fees, and a quick consultation with the attorney to verify the facts underlying the transaction. At Momentum Paralegal Services, we have helped various clients with implementing their own flat-fee deed program and we are happy to be your partner in implementing your own system. Reach out to us today to see how you can start earning more passive income in your practice!