Posted by michkenn on 8/23/07 11:17pm
Msg #207376

How does a new NSA get calls?

Hello everyone,
I am new. So new that I've had one closing, and it was a something! The borrowers almost didn't sign, but I got called the company - they called someone - they called me back...long story short -- I was there almost 4hrs. I didn't want to give up on my first signing!! I got it perfect, and now I'm waiting to be paid.
I've sent out letters to any and every company, I could find online in my surrounding area. My phone has not rung since!
I am so envious when I read how nsa(s) have multiple signings in a day! How do you get your name out there besides sending a letter and business cards??
I guess my question is how did you all get started (i.e, how did you get your name out there)? I'm being patient, but I am getting anxious and ready to do jobs!

Any suggestions would be truly appreciated very much. Thank you all in advance!

Reply by Signing_Doc on 8/23/07 11:30pm
Msg #207379

OK...before any else slams you...read message 33325....read all past threads on "how to get business" "newbies" etc. Sign up with every company listed in the "Signing Central" section of this website...market....market....market.....and PRAY (if you got 'em)

As I stated earlier to another newbie (you both must have fallen for the NNA "make a mint" line...this is a crappy time to start this business. If you read this board for the past few days, most of us "Old Timers" are looking to either get out, or supplement with something else. In case you haven't notice, there are TONS of mortgage lenders going bankrupt...(my wife is a loan officer and her company...First Mangus....went out of business). My advice to you is...(think Amityville Horror......GGGEEEEETTTTT OOOOUUUUTTTTTTT)

You said you spent 4 hours at a signing....first off my time is valuable. I don't EVER spend 4 hours at a signing...they will NEVER pay you enough...secondly, you mentioned "...I'm waiting to be paid..." If you didn't do the signing with SOX (Sign on the X), which if you did, you ain't NEVER gettin' paid child. If you didn't do it with them, the "standard" is 30 days net. You should have discussed that when you took the signing and it might state on your confirmation from the service (you DID get a confirmation didn't you?)

I hope I have discouraged you from starting this business...but if you MUST, good luck.

"Doc"

Reply by michkenn on 8/23/07 11:44pm
Msg #207383

Wow. I did sign up with companies through the Signing Central. I've sent out letters to title companies, banks, realtors, mortgage companies, etc. I've been marketing myself, but I just thought I would have had more calls by now. It was my first signing, and I was thinking I would establish myself with the company if I hung in there. In the future, I will most definitely NOT stay that long. I know time is valuable!!

Another wow...get out of the signing agent scene. I know mortgage companies are hurting, but just think of the tax write-offs of having your own business. I'll hang in there. My commission is for four years, so I'm not giving up just yet. I'm sure things will turnaround eventually -- I'm praying here ;-) You did discourage me some, but I will remain optimistic. I've invested myself in this (time & money)!

If anyone slams me, well, I will take it with a grain of salt! Sometimes people need to lighten up some -- life is too short! I knew going in that I wouldn't make a mint, but extra cash is always good!

Hopefully I will be paid shortly. Thanks for the advice Doc!

Reply by Signing_Doc on 8/23/07 11:57pm
Msg #207384

Title companies (as a rule) will not hire a 'newbie'...they want a few hundred successful signings and some require a min of $100,000 E&O Insurance. If you 'screw up' with a signing service, usually not a big deal....BUT you screw up with a title company....you are toast!!!

Having your own business is great, many perks to being your own boss, but have you done your due diligence...have you gone to "Find a Notary" put in your zip code and see how many people signed up with Notaryrotary are in your area? Don't forget not EVERY notary or notary signing agent is signed up (yet) with Harry. As long as you are not relying on this to make the mortgage payment you might be ok to hold out. On my part, I'm disabled and get a couple of pensions to help out. My spousal unit is now doing temp work so we are holding on...BUT many people are relying on this business TOTALLY for their livelihood. At this time NOT a good bet. Have a back up plan...see if you can do this part time until you get your feet on the ground, get yourself established, get some signings under your belt.

Another 'tip'...get a website and market market market. If you click on my profile, it will take you to my website. It is very basic but you can see how I market myself and how it is run. PAW aka Paul from Florida has an excellent website and is one of the most knowledgeable people here. Click on his site to see how an excellent site looks. If you want to pm me, feel free. Again good luck

"Doc"

Reply by BrendaTx on 8/24/07 5:45am
Msg #207393

**Another wow...get out of the signing agent scene. I know mortgage companies are hurting, but just think of the tax write-offs of having your own business.**

Food for thought...that "tax write-off" stuff is an urban myth from the 80's thanks to Amway and MaryKay and Avon, et al, telling you how much having a home business will help your taxes--join now!

The only way it helps is if you have a viable business that is making money. Then you can write off certain business expenses. Take advantage of your local Small Business Development center to find out a little more about the reality of running a business and then read a good tax book to find out how you are opening yourself up for an audit if you don't do it exactly right...and doing it right won't give you the great tax breaks you are looking for.

Tax write-offs aren't a reason to start a business.

The signing agent scene is gone in many if not most areas of the country. If you aren't clear that the mortgage business is flat right now, hence, there are not enough signings to give you the business, you have a lot of studying to do.

Doc is not trying to give you the "wow", he is telling you how it is. You asked, he answered. This board is not full of Negative Nellies, it's full of people who are watching their business disappear and looking for part-time or full-time work elsewhere.

Unless you have an "in" and a true understanding of the mortgage business and it's related service industries there is no business to be had, IMHO. YMMV and all that jazz.

Reply by MelissaCT on 8/24/07 8:06am
Msg #207405

Re: You can only write off against INCOME

so the tax writeoffs you're hoping for may not ever come. Also, sending letters to many of the mentioned entities will probably not pan out for you. Do you even know who hires notary signing agents? How many competitors do you have in your area? How much experience do you bring to the table? Have you analyzed how much you will need to charge to cover your expenses? What profit margin will you need to be a profitable business? Have you sourced supplies so you don't have to run to the store everytime you run out of something? Have you begun to stock up on things like toner, drum, paper to keep an inventory of your consumables? Have you gotten an EIN to use in your business?

If you're not covering costs, there is no "extra cash". I suggest reading this forum, and utilize the orange search button extensively.

Reply by Signing_Doc on 8/24/07 8:36am
Msg #207413

Read my previous message #205922 regarding how to set your

fees and this will help you determine if there will be any 'extra cash' in your business. Again, PLEASE link your name to your profile.

"Doc"

Reply by MistarellaFL on 8/24/07 8:47am
Msg #207417

link your name to your profile.

Basic members cannot do that!

Reply by Barb/MO on 8/24/07 8:54am
Msg #207419

GMTA. Must be that KC connection. ;-) n/m

Reply by Brad/AZ on 8/24/07 10:05am
Msg #207436

Re: link your name to your profile.

We can't? Is mine linked?

Reply by Nicolle on 8/24/07 10:14am
Msg #207442

Re: link your name to your profile.

Yes Brad, as is mine...

Reply by Barb/MO on 8/24/07 8:50am
Msg #207418

Upgrade to a Premier membership here on NotRot

As a Premier member, you'll be much more visible when a hiring entity makes a search. In search results only the first 25 in each category (Premier/basic) even appear, so as a basic member, sometimes you're not even on the list, or so far down you're never seen.

Also, I have sensed that MAYBE some of the schedulers read this forum and that's how I have been picked to be called, so I'll be continuing to link my profile with my posts for their ease in further checking me out. ;-)

In that same vein, some say that a photo in the profile helps, which I've included in mine. (Make sure it is appropriate, and even if not professionally done, has a professional appearance. Mine's a bit informal, but I believe works OK for now.)

(If I'm right about schedulers reading the board, Hi, y'all! Please call me!)

Reply by Nicolle on 8/24/07 9:14am
Msg #207423

The number one most important thing is to know the notary handbook of your state like the back of your hand.

Then you need to know loan documents just as well. Handling someone's mortgage deserves the utmost care and professionalism.

Always we professional, and courteous but above all else, learn from the experience of others on this board. Read as much of this board as you can and then read some more! You will learn everything from good equipment to purchase to what level of insurance to carry. Post 33325 is invaluable!

Reply by MichiganAl on 8/24/07 9:32am
Msg #207426

Re: How does a new NSA get calls? - They Don't

A lot of experienced NSA's who've been doing this for many years and have thousands and thousands of signings under their belt don't get many calls anymore. Anyone who's getting into this now was either sold a line of crap or hasn't picked up a newspaper in the last six months. And getting a tax write off may be the worst reason ever for doing this. Sorry for the harsh reality, but these are grim times for a lot of people.

Reply by Brad/AZ on 8/24/07 10:09am
Msg #207438

Re: How does a new NSA get calls? - They Don't

Yeah, everyone in here is pretty much right. Even with an 'in' at a local title company, as soon as the bubble burst I wasn't getting any calls. They want to call me, but they have their full time regulars that get called first and that's fine by me...that's the way it should be. I'm still working the day job and have other business concepts that I'm developing so hopefully I can pick this back up again when the market gets better around 2009...2010.

It might sound like a gravy train with biscuit wheels, but it ain't.

Reply by Todd/OH on 8/24/07 10:22am
Msg #207449

Pretty gutsy move to start in this business now

and all the sub prime bankruptcy filings wasn't a clue? The mortgage banking industry lost 34,000 jobs last month alone. That should make you wonder. I hope you didn't invest too much $$ into this. The "market niche" you are hoping to take advantage of isn't there today. Yes, you have your commission for four years. Hang on to it. The industry should return by then.