Posted by Jody Peterson on 5/4/06 8:29pm
Msg #117869

low pay for exp

I was reading all of the post about not taking jobs for $50 . I know that they are not in my area but I am trying really hard to get started and get some signings under me and it seems that people like me who are just starting out have to take jobs like that in order to make it. Should I be requesting more, even without the experience?

Reply by Roger_OH on 5/4/06 8:43pm
Msg #117870

There's nothing wrong with taking all the $50 jobs you can get for the experience. Just don't
ever take anything LOWER than that. Raise your rates as your experience and expertise increase.

Reply by John_NorCal on 5/4/06 9:58pm
Msg #117885

>> There's nothing wrong with taking all the $50 jobs you can get for the experience. <<
I don't agree at all. Once a person gains their experience what is their next step? Ask for $75-$100 more from the same people that were paying $50.00? What is going to happen is that the next crop of $50.00 specials will have received their commissions and gone into "business."
Better to read, read and read some more, do a search on training materials and use them. Get in touch with someone in a different marketing area to see if they can help with a dry run, etc. Just don't gorge yourself on $50.00 signings then expect to get higher paying signings for dessert.

Reply by John_NorCal on 5/4/06 10:09pm
Msg #117887

Re: low pay for exp p.s

You also need to consider what your actual costs are. It might be sensible for someone in another state to accept a $50.00 signing whereas in CA with a high cost of living, that same $50.00 will put you in the poor house.

Reply by Roger_OH on 5/4/06 11:03pm
Msg #117890

John, I usually agree with you and always respect your opinion, but my point was yes, they need to start somewhere and few newbies (especially NNA grads) are going to be able to command $75 from SS with no experience and, as we've often seen, even less competence. Many posts here lament the difficulty of getting even the $50 jobs, which is why some will take the $40 ones. Many of these will eventually realize the folly of the NNA propaganda machine and move on to other endeavors.

You are right that the endless NNA cycle will continue to provide a continuous crop of starry-eyed newbies as fresh fodder for the SS. However, as these new SAs continually market themselves and acquire experience and confidence, they will gain new companies that do pay $75+, form relationships with companies that value their quality, and eventually begin working directly for TC. I feel fairly safe in saying that's pretty much how most of us who have been doing this for any length of time have progressed, to the point that now many hardly ever work for SS anymore. I would rather see the ones that are committed to being good SAs get plenty of experience, and the reality is there is much more opportunity for them to do so with the $50 companies. It's like most other jobs - as you get better with experience, you become more valuable and should earn more.

That said, regional variables such as the competitive situation in a given area do come into play, and each SA has to determine what the market forces and dynamics of their own area
are to meet the goals of their business plan. As we've seen, this can vary markedly from one SA/region to another.

Reply by Brenda/CA on 5/5/06 12:01am
Msg #117895

Re: I agree with John

I have been in this business for a little over a year. I read a lot of information before I accepted my first signing. I did an average of what people in my area were charging, and I did not want to under-cut anyone. It was in a Title company office, and it was a purchase loan. I informed them it would be my first signing. I was very nervous, but, everything turned out fine. I received a fee of $150.00, as I had quoted them. I also believe that if you start out with a fee that is to low, it is just setting the pace for what that company will offer people. I turn down a lot of calls bececause people want to pay $50.00, and less on a few occasions. I quote them my fee, they say they will have to get it approved. Sometimes they call me back, and sometimes they don't. With the current gas prices, if you accept low ball offers you are just getting paid to put gas in your car, and print e-docs, and you are working for free.

Reply by Jody Peterson on 5/5/06 1:14am
Msg #117898

Thanks for all of the input , it gives me more to consider n/m

Reply by LawrenceOK on 5/5/06 7:40am
Msg #117907

Re: low pay for exp...Both Roger and John are correct.

In order to gain experience, you will need to take the lower paying assignments. However, don't let these agency's take advantage of you. There is nothing wrong with $50 signings if they meet the following criteria.
1. Docs must be overnighted to you are borrower
2. Distance traveled should not be more then 15 miles round trip
3. Loan should be a fixed rate home equity loan.
4. No fax backs (this one is up to you)
Some of these agency's will try to get you to travel 30 miles + for these low fees, don't do it and never accept $40 fees from anyone. There are plenty of SS's out there that will pay $50 and up.

Reply by Your Destiny is in My Hands - Destiny D Taylor on 5/5/06 9:18am
Msg #117925

Re: low pay for exp...Both Roger and John are correct.

These are some very good comments. I have been wanting to raise my fees now that I have been in the business for 2.5 yrs and I'm not sure how to go about it. If the rise in gas prices it seems like I'm just putting gas in my car. Also I am finding that companies who use to pay on time are paying late and it seems to be getting later and later. I have to call them several times a month requesting payment. I would like to start charging a late fee but I'm not sure how to go about that or what a good amount to charge is. I would like to hear back from those who have been in the business longer than I have to see how you handled this situation.

thank you

Reply by LawrenceOK on 5/5/06 9:41am
Msg #117932

Re: low pay for exp...Both Roger and John are correct.

Most states have a limit on the amount of late charges, so you might want to check with your state. If you start out at $50 to gain experience, then you should increase you fees $10 to $15 after the first year, $25 after the 2nd and whatever the market will allow after your 3rd. jmo.

Reply by Your Destiny is in My Hands - Destiny D Taylor on 5/5/06 9:49am
Msg #117933

Re: low pay for exp...Both Roger and John are correct.

thank you for the info.

Have a good day :>

Reply by Kim_FL on 5/5/06 1:59pm
Msg #117989

Re: I've never accepted $50

I run a business, not a non profit. There are so many expenses in this business. If you are willing to accept $50.00 for an entire year, then $60 to $75 your second year, you need more training. If you accept $50.00, then try to raise your price, the ss will just call the next notary that will take $50.00. My first year, my base was $95.00. I have all the business that I want. I read everything I can get my hands on pertaining to the notary business. I have never had to go back to a borrowers house to correct any mistakes that I may have made. Even if my state handbook has the answer to my question, I double check it with another notary or post the question on this website. A ss offering $50.00 is an insult, and not worth working for in my book.

Reply by Restless on 5/5/06 2:54pm
Msg #118000

I agree with most of what's been posted already. However, don't hang your hat on $50 jobs. There are companies out there who will pay more for your expertise and experience, so find them and keep them in mind while gaining experience and expertise. These higher paying companies seem to have a minimum number of signings that you will have done before they even put you in their data base. That's fair, they want the expertise and experience.