A client called today explaining that the lender had told her that their estimate (and allowance) for a boundary survey, foundation location, and final survey should be $xxx. (The amount is not disclosed because of anti-trust laws.)  I had to educate her in the survey process and explain that the price would actually be about six times their estimate. Their estimate was less than the average cost of a lot survey in a subdivision made by the original surveyor — twenty-five years ago!

Here is my advice to the banks and closing coordinators. Stop estimating the price of a survey.  There is no “usual” price. There might be complications that are discovered when doing the research or field work that make the survey more expensive. The days of a$500.00 survey are long past.

When you contract with a surveyor, you are paying for the expertise of a licensed professional– just like a doctor. If you paid your doctor by the hour like a laborer, her rate would be about $1000.00 per hour. Instead, you are paying for the expertise and knowledge of years of expensive training, practice, and the extended liability of that professional.

I say to the banks: I do not tell your potential borrowers that your rate should be 1% and that the bank attorney should only charge $100 for their services. Do not tell your customer that the survey should only cost $500.00. At the very least, your estimate should be three times that amount. Even then, it might vary regionally.

To the potential client when presented with estimate for $500.00: As in all things, “you get what you pay for.”