eLance Work

I have been attempting to get a little freelance work via eLance. I am not yet convinced that it is worth my time it takes to bid for jobs that I most likely will get outbid by. There are too many people out there worldwide that are willing to work for pennies that I simply cannot beat their low bids. I understand that people want inexpensive work, but at what cost are they agreeing to have work done for them that is shoddy with no guarantee of quality delivery? I cannot work for so little people out there are bidding on. It is why the reported overall revenue generated through eLance is lower than one would think. I think I will stick to bettering my portfolio and going after real prospects for my contract work.