Posted by IrisWA on 7/23/05 1:06pm
Msg #54132

Suggestions on how to follow-up for overdue payments

Last month, I did a number of signings for which I've not been paid. I've never experienced the problem, so I'm not quite sure what's a professional, yet assertive, way of asking for overdue payments. Since I only do this very, very, very, very part-time (whenever I get a call off a board -- I don't market my services), I haven't come up against the problem before. I don't want to alienate SSs that could prove to be 'good' contacts, but I'm incensed (as I've read many of you have been) that I even HAVE to go through the effort to collect what is rightfully due me.

So, do you make your first follow-up contacts phone calls or e-mail -- what do you all think is the best way to go about this.

Also -- just venting here, but I'm incensed at the fact that I even HAVE to request payment for what is rightfully mine. I know I'm not alone here -- I've read some of the other things you all have said along the way.

Well, have a Happy Saturday, everyone and TIA!

Reply by Nd_WA on 7/23/05 3:20pm
Msg #54151

I don't consider anything overdued unless it's past 45-60 days depend on the agency's pay schedule. A courtesy phone call from me would go as follow:

Hello, this is Andy from WA and I'm calling in regard to payment for "Signing(s)" I did for your company XX days ago. WILL you or someone please follow up to see if it may have been overlooked and let me know? I would call again after 2 weeks, but checks have always came after a week to 10 days.

Good luck

Reply by Dmartz_IN on 7/23/05 3:33pm
Msg #54156

Re: Suggestions on how to follow-up for overdue payments

Reply by Dmartz_IN on 7/23/05 3:47pm
Msg #54163

Sorry hit the wrong button.
There is no reason that any company can not pay at 30 days Net. I do not except any work from anyone that can not meet this requirement anymore. As the owner of another business are Net is 14 days with a retainer up front. Why would you want to tie your money up for 45-60 days or longer with no kind of interest or sitting around wondering if you will be paid at all,also when you have to try and collect you are spending even more of your money on top of what money you have already invested in credit work. Just my two cents.

Reply by IrisWA on 7/23/05 3:57pm
Msg #54165

Thanks, Andy... I'll use that as a guideline for phone calls!

Have a good one!

Reply by IrisWA on 7/23/05 4:08pm
Msg #54167

Said "thanks" to Andy in another post below - n/m

Reply by BrendaTX on 7/23/05 3:39pm
Msg #54159

45-60 days is normal for some.

I actually upcharge $5 to $10 for these now that I know who they are.

Some pay in 10 days or less...some pay in 30-45.

I send "statements" (gentle reminders) around the first of the month to those getting close to 30 who tend to fiddle around until 45.

I send another reminder at 45 - Second notice.
I call the next day.

Third notice - Send another at 60 - I note the days since the signing.
Call the next day.

At day 65...call them every day if possible until you get a check.

Check to see if the DOT was recorded.

Start figuring out how to work the small claims court in your state.

Post the ones who go past 90 days!!

BEST thing to do is to AVOID the bad ones.

FOR AN AMUSING LOOK AT HOW TO COLLECT...there's a post by ItsMe123 on how to collect.
Search and see if you can find it.

Reply by IrisWA on 7/23/05 4:03pm
Msg #54166

Yeppers, all DOTs recorded (did that immediately).

I guess an e-mail contact to the longest out is in order. With a "Statement". (Can't find a record of having e-mailed an Invoice -- unusual for me.)

Hope it will bring a check soon!

Now, on top of this (money shortfall) and after this last round of signings, my computer seems to be going 'belly-up'! *sigh* How I love Adobe -- always seems to muck up my system! Between that and my "wonderful" new color/fax (it doesn't) copier ... it's been a joy!

No indication this SS was what you call "a bad one" -- and can't find anything on any of the others, either. (One of them is a SS for which I've worked before ... as you've said, they tend to pay in 30-45 days.)

I've even been thinking of adding a 10% late charge fee on.

Anyway, thanks for the tips ... I was beginning to think no one was going to answer me and I did search first!



Thanks for your help

Reply by Nd_WA on 7/23/05 4:26pm
Msg #54171

IrisWA...

Did you get my email about a new computer? Also, you may send me name of the SS you're trying to collect. I'll let you know what their payment schedule is if they're on my client list.

Reply by Charles_CA on 7/23/05 5:37pm
Msg #54178

Re: IrisWA...

Greetings:

I have a hard time understanding the pay system with the signing coompanies. I have owned my own businesses sice 1972 and I am always expected to pay net 30, I also expect all my bills to be payed net 30: I even give a 2%discount for less than 30. I know that when an escrow funds and gets recorded the funds a distributed immediately. I get my real estate commission checks from the escrow companies in two to three days of recordation. Al of the escrow companies and title companies I have ver worked with have been very diligent in getting out the funds. Since title companies distribute the funds almost immeidately I expect that the SS's get their money withing several days of recordation. I 'd like to know where this crap comes from that they have to wait for their money. No other business I have ever been involved in had so many unscrupulous people in it as this signing stuff. One of ther reasons is that there are so many part-timers, newbies, and otherewise business-ignorant people entering the signing business that unscrupulous signing services are taking advantage of them and increasing their float, their profit by reducing fees and other underhanded methods.

In my opinion I don't see what service the SS's perform other than to schedule siginings. I really don't understand why this business is so fragmented, if signing agent wold get together I suspect they could squeeze the signing companies out and deal directly with the lenders and title.escrow companies. EOR (end of rant). I just hate to see what seem to be very nice people get abused at the hands of a bunch of unnecessary and not so very nice people. If signing agents would get organized this all would change.

Reply by IrisWA on 7/24/05 2:08am
Msg #54216

Nd_WA

Yes, I got your e-mail, and finally responded today before posting here. Then after I posted on the notrot board today, my computer went belly-up! Had to do a reformat, etc.... still working on reinstalling most of my stuff.

Thanks for the offer.

Reply by Rick_NY on 7/24/05 9:05am
Msg #54224

Welcome to the business world. Most of the companies I work with pay in 15-30 days from the funding date.

When you start with a new company, ASK the person giving you the order what is the time frame for you to expect your payment. You are a **business person** and are entitled to know the terms up front. The scheduler will never tell you his/her company is 'slow pay,' but at least you have some ammunition if the check gets to be 10-15 days past the day you are expecting it.

Call them, you can't establish a pattern of allowing 'late payments' because some companies will then roll right over you. "When Jim scheduled the deal, he suggested to me I'd be paid in 30 days and now it's been 45. Is there a probblem with my work?" If you called the QC dept. of the signing company a few days after the closing to find out if your work was satisfactory, you already know the answer to that question.

Call the borrower [if you feel comfortable with that] and casually follow up to learn if he/she had any post-closing issues. If they say everything went fine, you know there were no doc problems.

We shouldn't have to chase after our money, but sometimes we have to and the more confident you are about your work the easier it will be to collect. All businesses have their collection issues, not just signing agents.

Hope this helps and good luck!

Reply by IrisWA on 7/24/05 5:02pm
Msg #54300

Great message, Rick!

These SSs all gave me their time frames as I accepted and on that basis, they are overdue now.

Phone calls, hmmmm? Guess I'm going to have to get comfy with the idea!

Thanks for the thoughtful reply ... added to the other input, it all gives me a better feeling about how to proceed.

Have a great Sunday!