Posted by Mdene_AZ on 7/4/07 10:37am
Msg #198476

Found my niche

I have been a signing agent for over 3 years and have pretty much sifted out the bad ones. I still get offers for the $40-$50 which I generaly reufse, knowing that whoever accepts those will no doubt soon realize it is not profitable to keep doing them.

Reply by Lee/AR on 7/4/07 11:02am
Msg #198477

Yep, it does seem to work exactly that way. Every time you say NO to the cheap co., you are contributing to the disappearance of the non-profitable notary. Even the dumb ones catch on eventually.

Reply by cassiewi on 7/4/07 11:09am
Msg #198478

Yesterday, Land America called me twice (for the same signing) with an offer of $85 for edocs in my home city. The first time they called they said they couldn't meet my fee. The second time I told them they couldn't meet my fee. Why do they call back? It really annoys me. $85 just doesn't cut it for me. I had tons of calls like that last month.

Reply by Sharon Taylor on 7/4/07 11:50am
Msg #198479

They keep calling back in hopes you'll be desperate

They need to find someone who will take those low fees, and the schedulers don't remember or take notes about who is refusing them, so they just go down the list of notaries every time in hopes that someone will say "yes". Things picked up here the last couple of months, and most agencies met my fair and reasonable fee schedule. The few that didn't were told politely that there was probably a notary out there who would accept that fee, but it wasn't me. Thank you for calling, goodbye.

Reply by Michelle Briggs on 7/4/07 12:57pm
Msg #198486

Re: They keep calling back in hopes you'll be desperate

Help me to understand why NSAs has to be stupid because they accept lower paying jobs. I think there is a lot of bashing against signing agents that are doing signings part time and may accept the lower paying jobs. I live in an area that is not that productive and has a very low economy, but I think the jobs I have been taking the fees are reasonable for my area. I think each individual needs to evaluate what they are looking for this business to do for them and meet their needs. I will tell anyone don't start anything without first counting up the cost.

Reply by Sharon Taylor on 7/4/07 1:32pm
Msg #198488

Not stupid, Michelle, just uninformed

New notaries often do not realize what a good fair rate is. They are told by the training agency that a good standard fee is $65, and that looks like a lot of money to them, especially since they're told it's quick and easy and only takes maybe an hour of time. If they hold a full-time desk job or are not working, again $65 looks like fast easy money, no taxes held out, and too often they don't intend to report the income anyway. Do a couple of jobs on the way home from work, and there's an extra $130 to put toward bills or buy something special.
Most of these new notaries and those who have not done sufficient research don't understand that they carry an enormous amount of legal responsibility - they could be sued if their error causes the borrower to lose their rate, for example. And every lender and title company has different versions of various documents, so you have to be very alert as to what each particular document requires for fill-in-the-blanks, signatures, and notarization. Plus they just don't comprehend the actual expenses. To a new notary, that $65 is pure gravy for a little bit of spare time. Only when you are seriously into the business do you realize that - hey, wait a minute - I'm spending my gas, paper, toner, wear and tear on machinery and vehicle, phone minutes, and a lot more than a "little bit of time", plus oh s...t the IRS wants it's cut.
Fees should indeed be set on a combination of your actual expenses, including a fair and reasonable hourly wage, and also on what is fair and reasonable for your particular area.
As far as an area having a very low economy and not being that productive, I doubt that is a consideration when the title company sets the fee on the HUD for "closing costs". They probably have a set fee, period, that is for all closings, no matter where it's being held, maybe based on the $ amount of the loan. The less you charge because the area "has a very low economy", the more of that fee they get to keep. That's undoubtedly not the criteria they use when figuring out how much to charge the borrower. LOL

Reply by Michelle Briggs on 7/4/07 2:14pm
Msg #198491

Re: Not stupid, Michelle, just uninformed

Sharon, when I say low economy I mean there are not a lot of houses being bought or refinanced for that matter. The majority of the citizens in my area are renters and not homeowners. When I decided to do this business, I took every factor into consideration. I just didn't think about extra money because I work full time, but I got E&O insurance and counted up the cost (took training and read plenty of books). I have worked part time doing taxes so I know how to handle the tax situation. By being a business owner make sure you take every deductible you can including depreciation of your vehicle, equipment, and all your expenses. The one thing that concerns me is no one is forced to do this business so you have to be in it by choice. You must enjoy what you are doing or you wouldn't be doing it.

Reply by Lee/AR on 7/4/07 1:57pm
Msg #198489

Re: They keep calling back in hopes you'll be desperate

Well, I'll try. Do you have enough money in the bank to be able to instantly replace your computer or laser printer if/when it goes pffft on you? Or to buy 4 new tires for your car. If not; you've given up your profit and are doing this nearly 'at cost' and are only taking a $/hr./'wages' amount for your labor.
This is not the definition of 'a business'. Especially not for the self-employed--who do have higher taxes, must pay 100% for their health insurance, etc. Businesses have 'profit'. Profit is income LESS cost of goods, wages, equipment, taxes, insurance, gas! & everything else you can possibly think of that you need to do this job. If you can't say I made x% profit ($ left after all that is deducted) on every single signing you do, then you are merely contributing your work as 'charity'....to a bank, title co. or SS. Bill Gates chooses to contribute SOME of his profit to many worthier causes. Just think about it. If you do not value your time & labor, nobody else will.

Reply by Michelle Briggs on 7/4/07 2:15pm
Msg #198492

Re: They keep calling back in hopes you'll be desperate

Lee are you from Arkansas and what city?

Reply by Sylvia_FL on 7/4/07 2:23pm
Msg #198494

Re: They keep calling back in hopes you'll be desperate

Michelle
I believe when we talk about NSA's acepting lower paying jobs, we are referring to the "hobbyists" who will accept those $40-$45 jobs.
The "hobbyist" is not only hurting themselves - if they decide to go into the business full time they will have difficulties in raising their fees to those companies they have been doing business with at a low fee - they are hurting the professionals who do this for a living.

I know when I hire a signing agent I try and steer clear of the "hobbyist".

No one should accept less than $75 for overnight docs and $110 for e-mailed docs - that is the bottom line anyone should accept - and the signing needs to be close for that amount.