Posted by BrendaTx on 10/1/06 11:02am
Msg #149636

Not all assignments are created equal

In Texas, a loan package is different than it is in Florida, California, Illinois, or New York, or other states. All jobs are NOT created equal. After watching this business on this board and by my own experience for three years I now understand this.

In another state, I have a friend who does several $50 assignments back to back. At the end of his day he may have covered 100 miles, and eight assignments at $50. Each of those assignments may have only taken him ten to fifteen minutes. So, based on this example, he could have had a $400 day, 100 miles and that's not too shabby.

However, that's not the way it works in Texas. Would I take $50 jobs back to back which only takes 15 minues? Yes! Of course, I would. When I do my doctor office jobs, I charge $45 and bunch them together to go do two or more and make $90 in 45 minutes. That's good business sense. But, back to back $50/fifteen page package "signings" ain't happening in Texas.

For loan signings in Texas, I charge $150 +. Why? Well...for that I will plan to do overnight or edocs, fax backs and I will expect to print 100-150 pages in a loan package twice--the original and the copy. I expect 45 minutes travel (round trip) plus 45-60 minutes at the site, 30 minutes to print/copy, 30 minutes to fax back, 15 minutes of checking the docs to make sure they are signed right, packaged and dropped. So, add those minutes up and you have a job which takes 2.25 - 2.5 hours +/- 15 minutes either way.

This adds up to the same amount of work vs. $$$ that is true in other states on small packages.

Now, the reason I charge what I do is because we (in Tx) are not going to get jobs which are fifteen little pages in a package and which we can flit from job to job at $50 a pop. They are huge and/or time-consuming packages. Period. I said, PERIOD.

And, for those tiny Chase Helocs, we have to go and sign in a title company, law office, or lender branch. That in and of itself causes time and people problems.

Signing agents and signing services alike need to stop thinking in terms of the cookie-cutter assignment. Once you know your market (and what your business costs) you charge/pay accordingly or you will wind up with a problem on your hands.

So...when you begin to bid the jobs you'll farm out as a signing service covering Texas, you need to think about this. Same for the signing agent...keep your prices up high enough to cover your work.

And, in Texas, there are not so many reasons for having signing services farming out our jobs. I am NOT going to take this kind of work on for $75. So, I expect to get the common fee of $150. And, that's why there's more title company and LO work for me than there is signing service. I said, "No." to signing services long enough so that they finally have stopped trying to cover Texas signings for $50 to $75. The SMART signing services get enough of a fee for Texas signings so that they can pay $125 to $175 for a job in Texas.

The greedy signing services are laughable. One in particular lives right here in our fair state. She did not even do 100 signings before starting her ss business so she's very inexperienced on what she's asking her notaries to do. Not enough "on the ground" training. She does not care that she needs to pay $125-$175 to get an experienced agent. She just wants her cut.

Thanks to her ilk, I get called by title to go out when the signing service's $50 SA blows them off (understandably so) because the SA's fave sitcom grand finale is on that night.

You hire someone here for $50 in Texas, and you've got a very new notary, or a major part-timer on your hands who is not going to be committed for $50 to do $150 worth of work.

The best paying SSs located in Texas, IMHO are:

#1- NB Signings. They understand their Texas market and pay accordingly, not listening to the $50-75 chant from other states.

#2 - Clay Mason's group, Superior Notary Services also gets it.

There are a couple of others I have my eye on who are starting to drop this $50-$75 offering for signings.

Reply by NCLisa on 10/1/06 12:05pm
Msg #149646

I completely agree with you Brenda. In the Triangle Area of NC, we have several medium size cities, Raleigh, Durham, Chapel Hill, and Cary. I live rather centrally located to all of them, but to the fartherst corners it can be a 45 minute to an hour drive. I also cover several more rural areas that are close by, but then again, I've got lots of driving to do. I think gas is my biggest expense, and I would make no profit at all if I even accepted $75 closings. I make exceptions if the company gives me more than 8 closings a month, they get a $25 discount on the closings starting at number 9. I actually have my fee structure based on the county the closing is in. Which works out well.

Reply by Teddog/CO on 10/1/06 12:09pm
Msg #149647

Ah Yes! Texas, Colorado,etc,...= lot's a driving. n/m

Reply by Lee/AR on 10/1/06 1:21pm
Msg #149650

Face it, people...most of this vast country is COUNTRY!

Distances are long, roads range from excellent to gravel or dirt; often depending upon which direction you are traveling. In the large cities, it can take 10 minutes to get out of your driveway!
We ALL know what we face and all must factor in our unique set of circumstances to arrive at a reasonable price for our services. The people that hire us all insist we retain the Independant Contractor status. As such, they cannot dictate what we charge. They need to be reminded of this...seems like every 4 hours or more often. One size does not fit all. All things are not equal. I need to make a profit, just like they do. Providing a service 'at cost'...well, that's not business, it's charity. They certainly don't provide their services at cost.

Reply by BrendaTx on 10/1/06 2:18pm
Msg #149661

Re: Face it, people...most of this vast country is COUNTRY!

>> In the large cities, it can take 10 minutes to get out of your driveway! <<

That's right, Lee. And, I don't have to tell you how long it can take to cover ten miles on a dirt road.

Every now and then I talk in specific $$$ numbers so that hiring entities see why I am so rabid about getting out from under anemic SS fees.

I don't care if the undercutters undercut me a few times because I know *my* work ethic, my business sense, and my level of commitment to the jobs I choose to accept and I know *theirs.*

I put this out there for the ss people who are actually scheduling and who need to "get it" that ALL jobs are not created equal. What works in CA, IL, FL, IA, etc. doesn't necessarily work in PA, WA, TX or ID.

Reply by LawrenceOK on 10/1/06 6:23pm
Msg #149681

Re: Not all assignments are created equal...Brenda

Thanks, you just described the Oklahoma market as well. Although we do not have to be In-House to witness heloc signings. I have completed signings for both of the above mentioned and that one title company you didn't mention. These folks understand the business and pay a fair fee. There are a few notaries working their butts off in my area for those $40 & $50 jobs while the SS's are keeping twice that. My fees are my fees and I'm sticking to em.

Reply by BrendaTx on 10/1/06 6:48pm
Msg #149683

Re: Not all assignments are created equal...Lawrence

Thanks Lawrence. I wish that someone besides those of us who "live" it and know it would listen. It might make for lots better working relationships for Texas jobs...and apparently OK and AR jobs also. We are not all doing 15 page modifications or equity lines.

Reply by Lisa Prestegard on 10/1/06 8:54pm
Msg #149694

In SW Florida, it's the same, but different...

In Collier County, we have no grand Interstate system. Nothing to get from point A to point B, unless you're traveling to Miami across Alligator Alley to the South or to Tampa on I-75 to the North. And, our County is quite large.... 2025 square miles, to be exact. So, let's do the math: Mostly 2-4 lane roads, speed limits of 34-45 mph, incredible bumper-to-bumper congestion from October through May due to our seasonal residents (which doubles the population of our county, btw). Sound like a recipe for disaster? Yep. It is. So, I too find it laugable when the SS calls and says "but it's in your same ZIP code...how can you rationalize that fee?". I direct them to Yahoo! maps and tell them to figure out a door-to-door distance and LOOK at the time. Now, from Oct. - May, DOUBLE that time. It will easily take me an hour to drive 20 miles one way at 5:30 p.m..
*sigh* Sorry to rant... your discourse struck a familiar chord with me, Brenda. I, too, am finding myself having to defend my fee due to the saturation in my area of $75 eDoc signing agents.

Reply by PJM/MI on 10/2/06 5:46am
Msg #149720

Same goes for here in southern MI. I like to refer to my area as "Cow Country" and as the "Dead Cell Phone Zone".
Dontcha love it when a co calls and says, "Mapquest says the closing is 20 minutes from you". Yea.. as a bird flies!

Reply by ThaliaRay_FL on 10/2/06 10:28am
Msg #149745

I am in central Fl, and we get those wonderful snow birds too, that go 20 in a 35, have to have a pillow in the seat to see over the steering wheel.
I am close to the Interstate, have a parkway even on the west side but there is alot of country roads, farming areas too.
Best and worst of both worlds here I guess.