Posted by Nicole_NCali on 1/21/05 5:24pm
Msg #17646

Signing Services-the $50 phenomenon

I just went to the NNA website under the NSA section and checked out alot of Signing Services for California. Well low and behold, most of these companies are adverstising $50 base fee for all of their signings. I am not shocked, but this does give me an idea of why these people quote $50 and when you turn them down, they appear shocked and mystified. Another observation, there are more signing services than we can shake off a stick.

Reply by fiKS on 1/21/05 6:47pm
Msg #17663

The number of ss listed is big but I've found at least 1/3 of those company no longer exists. At least their emails don't work. And I've also come accross many who are listed as national agencies are really not. NNA really ought to purge their list. Many companies did not seem to have updated their information since 2002.

With regard to fees, I spoke to one recruiter who thought I was out of my mind to ask for $1.25/mile trip charge over and beyond my standard radius....

Reply by Shane_IN on 1/21/05 10:48pm
Msg #17691

Remember most of these signing services charge their clients at least $250 for closing...Their profit margin in using us at $50 is huge... I won't do a $50 signing, unless I'm travelling there for a closing already, and I'm only a witness lol.

Reply by Esilef-IN on 1/22/05 7:01pm
Msg #17743

I'm a new agent - never done ONE signing yet! However, my mentor did tell me that because I'm new I might want to go ahead and do $40 signings because I need the experience. What say you? Also, do you know where I can find ALL the state notary laws. On our official state site I only see a handful of rules. Thank you.

Reply by HisHughness on 1/22/05 7:58pm
Msg #17754

Esilef-IN inquires:

***...my mentor did tell me that because I'm new I might want to go ahead and do $40 signings because I need the experience.***

Do you also have a compelling masochistic need to be viewed as two rungs below a leper by your professional colleagues?

Reply by Bobbi in CT on 1/22/05 8:15pm
Msg #17756

The $40 phenomenon

If you start out accepting $40 assignments, what makes you think the companies will give you a raise when you want $50. Won't they just use another "new" NSA who is willing to work for $40?

You will get work. But at what cost? Undercutting your fellow NSAs until a new NSA comes along who is willing to work for $35 in order to get the experience. Then you, too, will have schedulers telling you, "but we reduced our fess to $35 because other NSAs are working for that fee."

It is all in the profit margin. The lower your fee, the lower your profit and the higher the profit margin for the company that hired you.

Reply by S/Ca on 1/22/05 9:53pm
Msg #17766

Re: The $40 phenomenon

I can certainly understand wanting the signing experience. However, most new notaries don't realize if they work for $50's they will make less then working at a fast food stand. They must factor in gas, car maintence, travel time, setting appt. time, doc review time, and shipping time. Then they must factor in business expenses that come with being in business. Then you have to realize there is no one paying you for vacations and holidays. Lets not forget to mention you must pay your own HEALTH INSURANCE.