Posted by Larry/IL on 4/26/10 2:05pm
Msg #333555

SLOW ??? Realestate Agents doubling as NSAs

For those of you that maybe be slow on business. I was accidentally double booked with Notary Direct for a refinance closing that was only Two minutes from my office. What I found out was the other NSA & his wife are a Remax Real Estate agent team, they also double as NSAs.

I am a full time NSA, it's my primary work. This year I have already referred real estate agents 6 deals.
From now on, I will be inquiring before referring any real estate agents to help family, friends and acquaintances. If the real estate agents are working as Notary Signing Agents my area, then I will refer other Real Estate agents instead!!!

My fee just increased for any Notary Direct work, even if it's only two minutes from my office! I am also forwarding this link to the owner of the Real Estate office, wonder if he'd care he might be losing money because his Real Estate agents want to be NSAs.

I would like to hear other NSA thoughts & opinions.

Reply by LisaWI on 4/26/10 2:27pm
Msg #333556

Larry, I know this is frustrating, but Real Estate Agents have been closing loans for a very long time for extra income. In fact, thats how I got started in this biz. My previous boss is a Broker/Owner of a Real Estate office and she has been doing this forever it seems.

The thing about Realtors is, when they get busy, they will not do closings for months cause for them, Real Estate ALWAYS comes first. So you might be better off networking with them if you can.

Reply by C. Rivera Chicago Notary Services on 4/26/10 3:10pm
Msg #333572

In my office building there is a husband/wife r.e. agents

that also do closings because they are just flat out desperate and broke. I don't compete with them, because they only do certain closings for certain clients loyal to them.

But hey, its a living, and we have to realize, WE are not alone!

Reply by Moneyman/TX on 4/27/10 4:10am
Msg #333678

Good advice Lisa. In fact I'm meeting with some LO's

tomorrow for marketing purposes and I had not actually thought about working the networking angle with REAs. I think I will be adding a few stops to my schedule tomorrow.

Thanks for the idea.

Larry, I can understand your frustration. With the fact that REAs are already out there, Lisa's advice might help to generate more business down the road not only from the ones you are talking about, but even perhaps from other REAs they know when they are busy. If approached in the right way.

Aside from the closings that are double booked, they may be getting closings from other REA offices or TCs they work with. Those closings may not be "on the market", so to speak, for any full time NSA (because of networking) and as such, the best you might be able to hope for is to catch any "overflow" for a while and possibly even get all the referrals when they are too busy to do them. Seriously, Good Luck to you and your business.

That's the advice for the actual REAs as for the company that didn't show any professionalism or respect to you and your business by double booking (i.e. searching for a lower NSA after booking you for the job) I think you are right. That particular company seems to only call me when they run out of low ball accepting NSAs in my area. My fees are set, especially for them, and if they want me and what I bring to the table, they must meet my fee. Due to the respect (or rather lack of) that they have shown me and other NSAs the line, "Can you work with us on this one?" only receives a nice belly laugh, and a quick NO!

Offer a professional fee = receive a professional. I am half tempted to accept one of their low ball fee jobs and give them the exact service they are paying for (only half tempted, I value my professionalism more than I value teaching them a lesson). Bottom line, it is a Respect issue. I have several companies that I work with where mutual respect is shown that I absolutely hate to turn down any jobs from them and will work extra hard not to unless there is just no way I can do it. ND is NOT one of them.

Reply by MikeC/NY on 4/26/10 3:25pm
Msg #333579

As one who wore both hats for a while (don't do signings anymore), I really don't see anything wrong with this as long as they're not closing their own deals. IMO, you should be more concerned about taking assignments from a low-balling SS like Notary Direct than you should be about who's competing with you for those low-ball assignments.

"I am also forwarding this link to the owner of the Real Estate office, wonder if he'd care he might be losing money because his Real Estate agents want to be NSAs."

My guess is he won't care. Real estate agents are independent contractors who work strictly on commission - if we don't sell a house, we don't get paid. RE/Max is one of the firms that expects its agents to provide for themselves as much as possible as far as expenses are concerned, and most (if not all) of the RE/Max franchisees charge the agents a monthly desk fee. He's not losing any money, because they need to produce in order to make money for themselves, and that commission is split with the broker.

Reply by C. Rivera Chicago Notary Services on 4/26/10 4:27pm
Msg #333594

holy cow, desk fee? man that sucks! n/m

Reply by LisaWI on 4/26/10 4:28pm
Msg #333596

Re: holy cow, desk fee? man that sucks!

Yep, Ive heard they can pay $3000 a month to work at Remax.

Reply by MikeC/NY on 4/26/10 5:17pm
Msg #333616

Re: holy cow, desk fee? man that sucks!

Yes, I know it can be that high, depending on the broker-owner. I have a friend who started at a RE/Max franchise after getting her license, because she didn't know any better and it was close to home- $3K a month AND she was sharing the desk space. Got zero training, and ended up seriously in debt. RE/Max agents are usually more experienced and get a higher commission payout so they should be able to handle the desk fee; an inexperienced agent has no business working there, as my friend found out the hard way.

I don't fault a real estate agent for doing some signing work on the side - they usually know the paperwork as well as the next guy, and it's a good way to supplement the income in a bad market. It's not like some inexperienced newcomer who's doing it for pocket change - these guys aren't getting paid anything unless they sell houses, and they have business expenses that won't go away. Although if it was me in that position, I'd find a more agent-friendly broker and move my license...

Reply by Stamper_WI on 4/26/10 5:25pm
Msg #333617

Re: holy cow, desk fee? man that sucks!

I was a realtor when I started doing signings in 1998-99. They called me because I was a realtor with a commission. They figured I knew my way around the doc's.
No longer a realtor. This is a lot less stressfull.

Reply by Lee/AR on 4/26/10 6:03pm
Msg #333624

Got my start in '93 because of R.E. license... and

No longer in R.E. but, a few years ago, XYZ sent out a beautiful 4-color glossy brochure to every R.E. person (sales/broker) in the area promoting 'be an NSA for extra money... join the XYZ and earn.... (well, don't remember, but it was an impressive figure).

And, no, that Broker ain't gonna care what they do to earn money...mow lawns, wash windows, home staging... or NSAing. They, like us, are ICs.

Reply by MikeC/NY on 4/26/10 6:19pm
Msg #333627

Re: holy cow, desk fee? man that sucks!

"No longer a realtor. This is a lot less stressfull."

I just saw something on either CNNMoney or Yahoo, listing the most stressful jobs. Firefighter was #1, real estate agent was #10...

Reply by Julie/MI on 4/26/10 8:19pm
Msg #333647

nothing new here

Many real estate agents do closings.

Don't think the owner of the real estate officer gives a hoot. Selling real estate is not a 9 to 5 job and closing loans could lead to $$$$ for him if the agent gives the borrower the business card that shows they are a real estate agent and a notary.