Posted by PJM/MI on 8/19/06 9:45am
Msg #139509

Setting your own limits

I have read several posts on here about closers driving over an hour from home to do a closing. I know several of you live in rural areas (as I do), but taking a closing over an hour from home is like shooting yourself in the foot..unless it pays really BIG bucks.
I am currently mentoring a closer who keeps complaining she is spending 6 to 7 hours a day on the road. And my question to her is , "WHY?"
I have a coverage area that I will NOT leave unless I am offered some great money.
If you take a closing over an hour from home, and then get offered a closing 30 minutes from home, you've got to do some fast re-scheduling, or turn one down.
I learned from a man who had a business for over 30 years how to be profitable and successful, and I have paid close attention to what he taught me.
I have no qualms telling a company "I don't go there", as driving too far means I no longer am making a profit.
And what if you make an error and have to go back? That's a freebie, and I don't like those.
I have a one hour drive time limit and I stick to it. (Unless I get offered the BIG bucks).
For all the newbies, study your coverage area and don't stray too far.
JMO.

Reply by Joe_PA on 8/19/06 10:19am
Msg #139514

I agree with you PJM

Not only is my time worth money but the price of gas and wera and tear on my car.
I usually check the time with something like "Mapquest" and the consider the anticipated traffic (during rush hour) and make a decision.

Being I am not in a rural area I also have turned down signing in "not too safe" areas.

Reply by Jason on 8/19/06 10:28am
Msg #139517

PJM + Joe are exactly right. n/m

Reply by MichiganAl on 8/19/06 10:39am
Msg #139521

I have to say I learned that the hard way. When I first started, I drove myself nuts driving all over the place. It wasn't worth it, and I was turning down other appointments because I'd already scheduled other long distance appointments. Three appointments was a full day. An hour and a half one way, two and a half hours back across another direction, another hour somewhere else, an hour back home. That's insane.

There's a Michigan notary that lists 16 counties as there service area. 16!!! Are you kidding??

Reply by MelissaCT on 8/19/06 11:07am
Msg #139526

Re: Coverage area

You all bring up good points. Gas, idle time (such as long-distance driving) and most importantly the wear & tear on your vehicle. Mileage is something that NEVER comes off your car. God forbid you're actualy leasing your vehicle & driving 30k miles a year. You'd better be saving all those pennies you think you're earning to buy that car off lease, or you'll be paying for all those miles again!!

You may think highway miles are different, but all miles take life away from your tires, suspension, engine components. Oil changes are done much more frequently. You'll need to flush your radiator and tranny fluid more often to keep your vehicle in good operating condition.

All I can say is, better you than me, if you travel like that. I prefer to work smarter, not harder.

Reply by kathy/ca on 8/19/06 11:16am
Msg #139528

25 miles is my limit. I get as much biz as I can handle &

never work for $50. to complete a loan signing. I am in a highly saturated area of CA and continually market my business.

Reply by LawrenceOK on 8/19/06 1:07pm
Msg #139545

Re: Coverage area Hate to tell you Melissa

But city driving wreaks havoc on your vehicle. Continuous stops & starts are hard on your breaks and your transmission, it causes lousy gas mileage and forces your engine to work twice as hard.

Reply by MelissaCT on 8/19/06 1:26pm
Msg #139550

Re: LawrenceOK - my point was

that people think that highway miles are somehow not as bad as city driving. Miles are miles wherever you drive. High mileage is high mileage on a vehicle regardless of how it got there.

Reply by NCLisa on 8/19/06 10:03pm
Msg #139595

I cover a very large area

I cover a large area, up to 20 counties. My fees are per county. Things here in NC are much different that many other states. Non attorneys have only been permitted to do closings legally for a little over 2 years, and attorneys are fighting to retain market share, so they tend not to use NSA's. Also, while some TC's try to do puchase closings in this state, the realtors always report them to the NCBAR, because it is required that a purchase closing in NC be supervised by a NC attorney during the closing, even if being available by phone if the borrower needs him/her. So while things have gotten a little better, we don't have the even close to as many closings as NSA's in other states. Most local MB and LO's still use local attorneys. So I take my business where I can get it. I'd rather be paid $175 for doing a closing 1.5 hours away than sit home and make nothing.

Reply by MichiganAl on 8/19/06 12:35pm
Msg #139538

Amendment to above. I will travel long distance if....

1. It is a regular client and we have a strong relationship.

2. They compensate me well for the travel.

3. They call me before scheduling it with the borrower to see what would best work for my schedule.

Reply by Mia on 8/19/06 1:14pm
Msg #139547

PJM & Al

Not only do some list 16+ counties, and drive hours away from home for low pay --
you've got those that can't even spell their own County correctly -- and one notary
states that Michigan is a "Commonwealth"...... I imagine that the quality of
work from these people isn't much better.

Reply by Bob_Chicago on 8/19/06 11:14am
Msg #139527

Correct, but build a network. Check out NSAs at the.....

edges of your coverage area. Make sure that they are qualified.
If you can get the job covered by referring to a quality NSA
that gets the job done correctly, then you have a
better chance of SS/TC/lender calling you next time they
have a job in your area.
Also you will get referrals from others in your network.
I think that it is important to keep the phone ringing and to
be known a a source to get a signing in your state done right,
by either you or someone on your "team"

Reply by Becca_FL on 8/19/06 12:13pm
Msg #139536

Bob, you beat me to it.


I agree that you need to limit your coverage area and get a Notary referral list together. Companies are always happy when you can refer them to a competent NSA.

Reply by Jim Gareau Sr on 8/19/06 12:33pm
Msg #139537

what do you consuder "Big Bucks"? I always get paid my signing fee plus miliage and I uaually make out fine and with a good profit.

Reply by Jim Gareau Sr on 8/19/06 12:58pm
Msg #139543

Re: Setting your own limits (admendment)

I never take a signing less than 75 - most @ 100 -150

Reply by LawrenceOK on 8/19/06 1:56pm
Msg #139552

Re: Being in a rural area has it's disadvantages.

I have to cover a large area because I am rural. There are only two towns on the highway north & south of me that would be within 15 miles round trip. Anything beyond that and your getting into serious mileage. I have had a lot of SS's tell me "it's only 30 miles from you" yeah, one way dummy and thats just from city limit to city limit.

It should not be about how far you are willing to travel, but whether or not these companies are willing to pay you for your time. I turn down a lot of signings because their offers are for $40, $50 and even $65 but the signing is 70 miles round trip. So they shop until they find someone willing to take it at those fees. I know for a fact that a notary from OKC did one last week at $65 with e-docs 120 miles from them, I turned it down.

Reply by MelissaCT on 8/21/06 12:13pm
Msg #139751

Re: It depends...

If someone goes out 70 mi one-way, but they can piggyback 3-4 as a round-trip, it might make more sense vs. individual appointments that have you criss-crossing all over creation. You do have to work smarter, not harder.

Reply by Julie/MI on 8/19/06 8:13pm
Msg #139590

PJM I too wonder how my competition makes any money with all the travel.

I finally stopped trying to figure it out and just keep within my profitable territory. I someone is out doing closings over a huge coverage area in a day, it makes more local closings for me!

Reply by Stamper_WI on 8/20/06 5:38am
Msg #139605

I do 40 miles for base fee plus extra for e doc's etc. Some of the zipcodes are for towns and surrounding areas that can cover up to and extra 20 miles in the area. If these towns are on the fringe of my coverage area I tell the caller that additional mileage will be added if the borrower falls outside the 40 miles. I found some very good sites online to help fiure out the cost per mile of running my car by keywording cost per mile.

I recently met with a new signing agent from an area that I get calls for but have not acceted signings for. She recently accepted a signing in this area that neither I or the other local SA's I net work with could take. I was sent to do some corrections on doc's ( non notarized ones) that had to be reissued through no fault of her own. She had a early lesson on the cost of doing business with this one.

I find networking very good for business. If I can't do a signing I always suggest one of the other qualified SA in the area. They return the favor as well and I do get call backs from the companies as well! I

I figured out yesterday that a lowballer in the area must be out of business.

Reply by kathy/ca on 8/20/06 9:41am
Msg #139612

Stamper, with your base fee covering 40 miles 1 way, I hope

you have set that fee WAY high. My base fee covers only my zip code, which is about a 6 mile radius, but depending on area and saturation, I can sure see why there is such a differing of fees.

Reply by BrendaTx on 8/20/06 10:07am
Msg #139616

Kathy/ca - you are right. Array of methods for fees.

I can cover 50 country miles on "good" road in 50 minutes. On the other hand, if the path possibly includes dirt roads, the trip fee jumps up considerably.

In your neck of the woods, 5 miles can mean 30 minutes. Kudos to you for keeping it close to home.

If I did not travel long stretches, many an elderly borrower would be required to travel 40 miles to a title company, pay over $350 in courtesy title company closing fees, etc. And, I'd miss hundreds to a thousand or so dollars each month to service them.

Reply by Stamper_WI on 8/20/06 9:07pm
Msg #139674

Re: Kathy/ca - you are right. Array of methods for fees.

There is a nice interstate right through the heart of my area. I am about a half mile from that. The "major" towns are lined up nicely along it. These towns are where I do the bulk of my signings.