Posted by Julie in WA on 7/1/05 10:46am
Msg #49330

Title company signings

I have been doing outside signings for a local title company at a fee of $125.00. They recently emailed me to ask me if I would consider occassionally spending the day doing signings in their office and, if so, how much I would charge. I know I can't charge them my usual fee because I won't be traveling but does anyone have advice on how to charge for that service?

Reply by Charm_AL on 7/1/05 11:18am
Msg #49344

you have to go over and sit down with the person and discuss what's fair for both of you. Remember, they are still getting the big bucks for each pkg. Just say that you get $125 per signing and ask them what the max is that they think would be fair. It always makes you look good when you negotiate and they feel like you are trying to be fair. I sat at an office all day and did signings and charged the same fee for each one because they only pay $75. If you offer a discount it shouldn't (imho) be more than $25 off each loan.

Reply by Mindy_WA on 7/1/05 11:35am
Msg #49353

Julie,
I agree with Charm, however, I spoke with a friend of ours who works at a local title company. He said that you are right, probably not $125 per, but you may want to sit down and find out what their max is. I feel that your time is important, as well...you don't want to cut off your nose to spite your face. They may not even blink at your usual fee. You obviously have a business relationship with them, you should feel comfortable negotiating with them on your fee. This is your business. Good Luck!!

Reply by Iris_WA on 7/1/05 11:18am
Msg #49345

Lucky you to get the TC work and their confidence sufficient to make such an offer!

Considering my past experience working at an Escrow/Title Company, if they're hiring you to spend the day, it's likely they'll have between 6-8 signings for you ... some of which MAY include those frequently problematic "courtesy" signings.

Although you won't have travel fees, you didn't say whether that usually includes e-docs or if they have the docs sent to your door. You obviously need to consider your inability to schedule other, independent signings for that day.

So, as a suggestion to you, take an average of your potential loss of income for the day and add a small percentage (10-15%) to that. I don't know your typical schedule, so I'll make up an example: Say you normally book between 2-3 appointments a day ... one day shows 3 appointments at $125 (with e-docs), $100 (with e-docs) and $75 (delivered to your door). But another day you only book 2 appointments at $75 each, docs. delivered. The average is $90 per signing, 2.5 signings per day or $245 per day. Adding 10% to that is 24.50 ... and I'd round up.

Based on that example, I'd go for between $300-$350 and see what they say. (After all, they normally do pay $125 EACH and, TCs being what they are (frugal), I'm sure you'll be doing more than 2 or 3 for the day, otherwise, they'd have followed their usual procedure -- not called you in. On the other hand, if you are confident they value you more highly go for between $400-$500. (Don't know what our local 'traffic' can bear.)

I'm only just starting out on my own, and haven't worked for any title companies yet -- haven't started marketing as I'm also involved in other studies, so this is just IMO.

Good luck!!!

Reply by AngelinaAZ on 7/1/05 11:31am
Msg #49352

Re: Watch out!!

In my humble opinion I would never go for between $300-$350 for in house signings... if you want the job. If it is a good TC... be open when you talk to them and 9 times out of 10, they'll shoot you straight! And when I go for in house... I don't have to print the docs... so there is no E-doc fee. In my area... $100 to $125 per loan is pretty standard but I give a discount with volume. Just my own thing.

Reply by AngelinaAZ on 7/1/05 11:35am
Msg #49354

OK just ignore me... now that I

am re-reading.. I think that Iris is saying $300 - $350 per day.. not per loan. In my area... that's a little low!

Reply by Iris_WA on 7/1/05 11:57am
Msg #49358

Re: OK just ignore me... now that I

Yes ... that was a per day fee. (My goodness, wouldn't it be AWESOME if we COULD get $300-$350 per loan!!!)

Thanks for re-reading, Angelina ... I'd hate for my opinions to be discounted ... after all, I'm new here and y'all don't know me.

Reply by Anon on 7/1/05 12:27pm
Msg #49367

You can ask. Try Are you planning to give me my current fee? If not, what did you have in mind, then negotiate.

Reply by PAW_Fl on 7/1/05 1:20pm
Msg #49391

My rule of thumb for this situation has been to take my base fee (not including travel nor edocs) and multiply by three, the average number for signings that I do in a day. Then add a one time travel fee to that.

So, if your base fee is $75 and the typical travel fee for the area in which the title company offices are located is $25, then the "day rate" would be 75+75+75+25=$250.

Just my 2¢ worth.

Reply by BrendaTx on 7/1/05 2:24pm
Msg #49398

I quote $300 for a day if it's at EOM.

$250 (as PAW said) - $300 would seem about right for me...however, on the other hand, there are days when I can make $300 in a morning. But if someone wants to schedule me in advance for a day, I'd go for $300.

Some might need to charge $1000...it just depends on your business.

Reply by Julie in WA on 7/1/05 5:53pm
Msg #49438

Thanks everyone for your input. I was really helpful!

Reply by TitleGalCA on 7/1/05 11:58pm
Msg #49514

there's a signing agent that hangs out at my TC that truly has a sweet deal going on as a result of a trust relationship she has with an escrow manager (I'm so dang jealous...). She does not have a 'bulk' rate unless it's EOM, or a 'no show' day.

If I were you, I'd let them make the first offer, and using all this good advice posted here, be smart to make your best deal. Good for you to have built that kind of relationship! It can last for years if the relationship is right.