Posted by Amy/CA on 12/1/09 6:04pm
Msg #312665
Signing Service Poll
Hi All, I know the general sense is, it's a rough time for all, but I would appreciate some thoughtful feedback about the pros and cons of starting up a new signing company in this climate. I've been a certified loan signer forever, and I've got a serious business plan (and empathy for my fellow notaries) and the guts to get this going as the economy...slowly...picks up. Am I nuts?
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Reply by Linda_H/FL on 12/1/09 6:39pm
Msg #312673
"I've got a serious business plan (and empathy for my fellow notaries) and the guts to get this going as the economy...slowly...picks up"
But do you have the capital to back you and be able to pay your notaries whether you're paid or not - and do you have the client base (TC's, LO's and lenders) to be able to turn a profit without slitting the notary's throat (since if you bid a job with a TC for $120 to get the business you KNOW you can't pay your notary over 100 - no matter how far they have to go or how much they have to print)...
Capital - insurance - client base - and if you've been a signing agent you already know - the notaries are NOT going to work for free...
JMHO
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Reply by Amy/CA on 12/1/09 6:52pm
Msg #312676
MUCH appreciate your view...cannot willnot slam the notary...seeking profit without underbidding.
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Reply by mwm143 on 12/1/09 7:03pm
Msg #312678
I don't think you really need the opinions of anyone here to make your decision. If you do then you really don't have a solid business plan in place. Surely you have the expertise and years of experience under your belt already or no TC is going to even consider your proposal anyway. Your biggest hurdle is going to be finding quality notaries across the country, assuming you're going nationwide. Most lenders/TCs that are left standing are leaning towards the large national firms with whom they have some affiliation already. Of course there are always the smaller regional firms.
That being said, what are waiting for?? Throw your hat in the ring. Good luck.
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Reply by MW/VA on 12/1/09 8:36pm
Msg #312690
IMO there is always room in the industry for a good company. There are several ss that I work with that are AAAA. Good luck on your new venture.
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Reply by Claudine Osborne on 12/1/09 9:14pm
Msg #312693
Amy..If you can do right by Notaries and still make a profit..You go for it! There are a few great SS out there and I hope that you can be one of them..good luck!
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Reply by Les_CO on 12/1/09 9:14pm
Msg #312694
No Problem! All you need is a cell phone, and a PO Box.
And maybe a very good line of BS…a talent that your post leads me to believe you are lacking…..But… just go for it anyway…what’s to lose?
Call all the Title Companies, Mortgage Brokers, Lenders, and Banks, tell them that you have millions of EXPERT notaries in EVERY State, and can guarantee a fifteen minute committed appointment on any order recieved. And you only charge…what? $300?, maybe $150…really doesn’t matter. If you get an order you lay it off on some notary, if they do the job satisfactorily, then YOU will get paid! It’s now your option on how much, and when, or IF you pay the notary or not.
Is this a Great Country or what??
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Reply by Linda_H/FL on 12/1/09 9:24pm
Msg #312697
Wow, Les...bad day? n/m
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Reply by Les_CO on 12/1/09 9:32pm
Msg #312698
Re: Wow, Les...bad day?
Nope…Actually I had a very good day. Just an answer deserving of the question…IMO..  !
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Reply by ReneeK_MI on 12/2/09 8:31am
Msg #312733
Ok, here's my knee-jerk response, first thing that comes to my mind is this: If you indeed have a serious business plan, you should already be beyond whatever might be gleaned from asking here if we think you're nuts.
If you are getting more work than you can handle, and thinking that is the obvious segue towards being an SS - there's another option that you might consider: start a network.
While that won't bring in more dollars, it will hold the clients you've attracted, give you the means of attracting more through viral marketing - AND it will give you experience in selecting high-quality SA's.
Since THAT is crucial to your potential endeavor as a SS, you might consider that to be an invaluable experience.
And ...if you are NOT already swamped with more work than you can handle right now, what do you think is going to change - or how are you going to change it - when you become a SS?
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Reply by Amy/CA on 12/2/09 3:37pm
Msg #312843
All input is extremely appreciated. I have run my notary biz with strong ethics and good will and it has served me well. I recognize the necess. for the efficient biz plan, but my company will not tolerate any abuse, below market rates or unethical behavior. It's Christmas for godsakes!! Thanks again for your provacative input. I came to our site because pros talk to the pros. It's that simple. Lay out your thoughts please, because I intend to rock and roll and hire all of you!!!! Trickle down, trickle up, whatever. Thanks again.
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