Posted by Barbara O on 2/22/06 12:34pm
Msg #98963

Being underpriced?

I've been a signing agent for a while now and usually, I get a call from a signing company, tell them my price, and then wait for them to call me back after they go "shopping". Now before, I always got a call back because there was never anyone else in my area doing signings. Two people have started doing this in my area now, and my call backs are much less frequent than before. I think I'm being underpriced! I was told by a company once recently (when they tried to have me do an e-doc sign for $50), that they had someone in my area do a signing for that price the week before. I'm sorry, but I just can't meet that price. I do this as my full time job. So now I'm stumped for what to do. I'm NOT dropping my prices down to that low (ridiculous, when you consider time, gas, paper, toner), but my "competition" doesn't seem to mind making pennies. Any advice?

Reply by cmd_NH on 2/22/06 12:46pm
Msg #98964

Hang in there and stand your ground. The underpricing in my area is done by Notary Publics that have never done "loan signings" and think "Great, an easy $50". Then quite often I get called to clean up the mess. One of these days maybe they'll figure out that more times than not it ends up costing more.

Reply by Blueink_CA on 2/22/06 12:57pm
Msg #98965

How true. Since turning down a "charity job" (see post below), I've received two calls for appropriately priced signings for today. While someone is busy with that $90.00 piggyback, I'll be making 3 times that amount in probably less time.

Reply by cmd_NH on 2/22/06 1:00pm
Msg #98966

Re: Not to mention, they will be done right.....

and maybe you'll get called to clean up the $90 mess.

Reply by Val/NH on 2/22/06 1:06pm
Msg #98967

Barbara, where in NH are you? I am in Londonderry and also never get calls back after stating my fee to the lowballers, so someone must be taking these jobs. Luckliy I've been busy enough with my regulars.

Reply by Barbara O on 2/22/06 3:00pm
Msg #98990

I'm in the North Conway area, but I will drive just about anywhere within about 100 miles... not quite to Londonderry though! LOL

Reply by droman_IL on 2/22/06 1:10pm
Msg #98969

Agree with everyone else. I get calls all the time for companies shopping around. I just received one who indicated to me I would be doing a closing for one of their more "difficult" lenders, (who doesn't seem to have a problem with any of the closings I do). But the SS said they had to see if they could get the "fee approved." While they were shopping around, I received another call from another company that met my fee instantly - no "difficult" lender to deal with either. So now if they call back to schedule it, they'll be in for a rude awakening! When those other notaries realize they are PAYING for work, they'll either quit the business or raise their fees. In the meanwhile, start back up some marketing and look for other companies to work with.

Reply by janCA on 2/22/06 1:25pm
Msg #98974

Re: Being underpriced? n/m

Reply by janCA on 2/22/06 1:26pm
Msg #98975

sorry, hit the wrong buttons!

Reply by SignerCA on 2/22/06 1:53pm
Msg #98983

it's frustrating I know!

I get calls almost every week for $50 signings. I never accept and they never call back. I could be so much busier than I am but I guess it's more about principle now. It is hard though since the kids need things and I have a hard time paying for some of them. A small part of me wonders if sometimes I should just say yes as I am sure another local notary has done. It's a catch 22 situation!

Reply by NotaryinCA on 2/22/06 2:15pm
Msg #98987

Yes I agree.. It is driving me nuts.. I used to be very busy with Lenders First Choice, they always paid me 150.00 no problem, even 175.00 if last minute.. now they call and say they can't pay more than 90.00 GEEZE.. I dont think so !!! That is insane.. but yep someone is taking them.. I don't have any advise to you other than stick to your guns... I don't do this full time, mostly part time, for extra cash, but I am still not willing to spend my weekend and week night time for 90.00 that is my time with my family.. Not worth it !!! Good luck,. Hang in there

Reply by Genkichan on 2/22/06 4:09pm
Msg #99006

If you know that there are only a couple others in your area, as opposed to being in a very saturated area, it might help to look those people up, call them and have a reality chit-chat. That way you can all make some dough. This could be a win-win in your case.

Reply by Jason on 2/22/06 7:53pm
Msg #99074

Saturation

Every once in awhile I get undercut by some newbie. But they drop out after a couple of months. Even newbies start to realize they can't make a nickel on $50 signings. MacDonalds pays better.

But I am not in a saturated area. Last year we had around 20 NSAs here. Now there are just 4. No one takes less than $100 overnight docs.

If I had tons of competition, I would start a side business or agressively market my non-home-loan work.