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I have asked some friends of mine to go in for the fees for a year but no one has bitten.
A lot of job posters want real good work real fast for cheap. But some of them are actually good work, but since the good ones seem restricted to general viewing.
I'd be interested in hearing others' experience with elance
We stopped it as the Elance crowd doesn't value the reliability and quality and prefers to go for cheaper alternatives.
We get approach all the time by buyers who desperatrly want what we offer, but are not willing to pay the proper price. In the end they always ask one of the cheap source to copy stuff from us...
One thing to keep in mind is that like anything, you definitely get what you pay for on elance. If a bid seems too good to be true, unless you are extremely lucky, it generally is.
The premium service providers can be decent, but keep in mind the volume of work they are doing and how much of a priority you are to them.
In the past only big companies could outsource to poor countries - think Nike, ect and every major brand with asian manufacturing plants.
Online outsourcing makes it possible for the little guys to cash in on the weaker economies of the planet.
I have finished some fair sized jobs through rentacoder so it still is possible to make decent money but the asian competition is fierce.