Posted by Glenn Strickler on 8/7/10 3:45pm
Msg #348102

If you are in a area with a lot of repos ......

Adding to what Blueink posted below, sales in those areas either are booming or soon will be when people decide that they would rather buy than rent ....

Many of those loans are being handled by "in house" employees with a notary commission, however, if you want the business, get in your car and introduce yourself to every loan company, bank , escrow company and title company in your area. Take plenty of business cards and leave a stack at each business. Those businesses have laid off also and are hesitant to hire back and if your card is in their file, you have the potential to get a lot of overflow business. If someone calls in sick or there is just a lot of loans to close on a particular day, they will call you especially if you had a past business relationship. As also was previously posted, I turned down business for the first time in a while. I normally spend a week per month in NorCal spelling a friend at his store, however I skipped it this month as the footwork I did back in July paid off.

You may just get 75 bucks per package, but that's ok if they call you to go into their office and sit behind a desk in air conditioning and you do 8 or 10 in a day without having to print anything or drive anywhere else. Even 50 bucks would work.

Don't wait to be called from a profile on a site you are listed on, get out there and do some marketing. Refi's will be highly geographical in the future with an area like mine not having any due to further declining values for another year or so. And when interest rates climb, which they must at some point in time due to the heavy federal debt, that will kill refis altogether. So if you are in an area with a lot of repos, don't miss that sales boom. It's happening now.

Reply by ReneeK_MI on 8/8/10 6:44am
Msg #348146

Yes, but ...

...agree, great opportunity exists, particularly in the 'foreclosure mills' but don't kid yourself about it. If you can land one of these gigs, you'd best know your stuff because the pace is as fast as you can talk/write/copy/run and this environment is not for sissies. =)

So, it's at this point that I must comment on one thing, Glenn ... I do these, and I do NOT do them for less than XXX, because what I KNOW is what's being paid for, and the FASTER I have to know/do does not discount my experience/knowledge.

There's a lot of splits (separate title agents for buyer/seller) in this environment, and I can tell you from experience sitting across the table from plenty of other SA's - those who can't really manage this game don't belong in it. The RE Agents have had it to eyeball level with the uninitiated, and while I have never/would never voice a personal complaint about anyone - those RE Agents are not as kind, and I don't blame them. This is NO PLACE for a "...just a notary" SA.

$50?! Glenn, ... not doing anyone any favors with that!

Reply by Glenn Strickler on 8/8/10 1:16pm
Msg #348167

I wasn't too clear....

If a business pays you a daily retainer just to be there plus 75 dollars per and perhaps you do 5 to 10 in a day without moving from the desk except to use the restroom and eat, how does that work for you? No travel, no printing and I can do other work while I am waiting. I haven't done 50 dollars, but under those conditions without travel, without printing in addition to a daily payment for just being there plus you can do other work while there, the math works out the same as if you travel 25 miles, print the docs, make appointments, wait for docs ..... I just suggested that 50 bucks might work.

Don't equate this with the lowball signing fees that some companies want to give for mobile work. Apples and Oranges.

Reply by Glenn Strickler on 8/8/10 1:23pm
Msg #348168

In addition ....

554 repos were just listed in my area this week .......... You gotta think outside the box if you want work. Perhaps your area is not this active. For this one specific company I would be classified as a temporary contract employee with a set daily fee paid for just being there, plus payment for each loan completed. Perhaps once or twice a week. My mobile fees are still the same ... no lowballs.

Reply by Claudine Osborne on 8/8/10 9:53pm
Msg #348181

Re: In addition ....

I have to agree that these types of closings are not for wimps..I started working with lsome local TCs a couple of weeks ago and they are a killer! Im not a wimp and it wore me out. They call on a whim and want you to pick up docs and head out to the borrowers location. No calling bos in advance just show up. Drop docs back to TC office when done. No printing, emailing, faxing and no sending packages back. It is different than what I am used to, but I can get used to their way too!! Good fees too!

Reply by ReneeK_MI on 8/9/10 6:55am
Msg #348198

Re: In addition ....

I seriously had to buy special shoes for one of the mills I was working - so I could sprint safely, back/forth/back/forth in a pretty big office. Walking in heels was NOT going to cut it, no time for that stuff.

Maybe it's location, or how the contact is set-up or ?? other factors, but in virtually ALL the title co's I work or have ever worked 'on site', back-to-backs or locals I pick up/drop off & close at RE offices, the job includes disbursing (when funding is there), getting funding authorization (which often means faxing from the table), making buyer/seller/broker copy pkgs, & other assorted sundries.

I could agree that in a scenario where you're NOT doing any of this stuff - if they are handing you a prepped file, you get it signed & hand it back, and do NOTHING else ...maybe I'd agree it would be easy-peasy and not requiring the compensation I'm talking about. I just have not been called to do such an easy-peasy thing, don't know of anyone else around here that has either. But ...not saying it doesn't exist.

Reply by Glenn Strickler on 8/9/10 12:44pm
Msg #348212

Re: In addition ....

Plus the borrower comes to the office, I don't go to them. This is a well organized, assembly line operation.

I did the sweatshop style operation for another company and charged accordingly. That relationship didn't last long.