Posted by Carla Kern on 12/27/09 6:41pm
Msg #315790

brand new

Hi, I'm brand new at this and was wondering if someone could fill me in on how this works. Once a company contacts me and I accept the job how long does it normally take to get paid? If anyone can give me some tips on how things work, it would be greatly appreciated. Thanks so much in advance.

Reply by Linda_H/FL on 12/27/09 6:45pm
Msg #315792

Since you're in business for yourself as an independent contractor, what is YOUR requirement as to payment? What did you agree to when you took the assignment? That should be what you rely on...your business, your terms unless otherwise agreed upon between you and the hiring party.

Reply by cmk0822 on 12/27/09 6:47pm
Msg #315794

Well, I haven't taken any assignments yet but I'm just wondering what the norm wait time is to get paid. Thank you for your reply.

Reply by MW/VA on 12/27/09 6:46pm
Msg #315793

Hi, Carla. You might start with using the orange search button at the top of the page to pull up message 33325. It tells you almost everything you need to know. This is a really tough time to try to be starting up in this business. BTW most companies pay within 30 days, some less, some more. There are also companies that you will have to chase your money. Good luck.

Reply by cmk0822 on 12/27/09 6:49pm
Msg #315795

Thank you so much for your response. I appreciate your help!!! I'll check out the orange button.

Reply by Linda Welch on 12/27/09 6:53pm
Msg #315796

I'm relatively new at this a well - I've only done 10 signings. My advice is to read this forum daily - learn from mistakes made by others. There's a lot of information in past forum threads regarding just starting out - check them out.
Title Companies and Signing Agencies pay differently. If the hiring agency is listed in 'Signing Central', check out the comments to get an idea as to how long it takes, (And if!!) they pay.
Be prepared to make mistakes - no one's perfect! You'll need to develop a thick skin - just shake it off and learn from them.
Good luck!

Reply by cmk0822 on 12/27/09 6:58pm
Msg #315797

Thanks so much Linda. I will definately try hard to keep up on the forums.

Reply by CopperheadVA on 12/27/09 7:30pm
Msg #315801

One of the best things you can do for yourself is to check out every company that contacts you. Do a search for their name on this forum and also click on the Signing Central tab to read reviews that other notaries have left about the company. Do not get sucked into thinking that a slow-paying or non-paying company will make an exception for you. Here are some common excuses: We've recently changed bank accounts, but it's all straightened out now; The girl who was responsible for accounts payable is no longer here - the new person has gotten everything caught up; Or my personal favorite - All those complaining notaries never sent us an invoice...

The reviews speak for themselves - good or bad. If you accept a job and then do a check here and see they are a bad news company, contact them immediately and give the job back.

Reply by Todd/OH on 12/27/09 8:55pm
Msg #315803

Read this board every day

and study it. It is filled with stories from people who do this everyday. They whine and moan and share their successes. Like any business, it takes research to learn how to make money.

Many, many veteran notaries have left and are leaving the business in the last year because business has been SO horrible.

If you've taken courses that promise you big $$ in this industry, I'm sorry you wasted your money. There IS money to be made, but you must be as sharp as the owner of a million-dollar franchise.

There are MANY companies who will be gracious and give you work - then not pay you.

Good luck

Reply by Roger_OH on 12/27/09 10:19pm
Msg #315809

You don't mention your notary experience, but it's absolutely essential you know your state notary laws COLD. Get an EIN and use it for all your business dealings; DO NOT give out your SSN to companies. Make sure you have adequate E&O insurance.

Strongly recommend the Signing Registry Guide available here on the supplies tab.

I'm also curious what possessed you to want to get into this business at this point in time.

Reply by cmk0822 on 12/28/09 5:23pm
Msg #315892

Can I ask what an EIN is? Sorry, I don't know much about this stuff.

Reply by BrendaTx on 12/28/09 5:32pm
Msg #315895

cmk0822 - Google it.

When you see something like EIN, and you aren't familiar, don't wait for help. Use Google.

http://www.google.com/search?q=ein&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a

See the top listing.

Reply by Roger_OH on 12/29/09 12:26am
Msg #315933

$300 a pop?? With no experience, you'd be lucky to see $100, and that's assuming you know what you're doing with the documents, and that you actually do get paid. Put your zip code in the find a notary tab and see how many potential experienced are competitors surround you, and determine the odds of even getting called.

You need to have your eyes wide open, and be aware that this is a SERIOUS business; viewing it as just a side gig for pin money is asking for trouble. When you're handling 150 pages of someone's $400,000 mortgage, there is NO margin for error.

You need to be prepared to deal with all kinds of people, in all kinds of locations, and all kinds of situations.

You really need to do a lot more research and determine if this for you. Don't be sucked in by $300 - that's not even close to reality.

Reply by desktopfull on 12/27/09 9:48pm
Msg #315804

Curious as to what convinced you to start in this business, n/m

Reply by Cheryl Mihalik on 12/27/09 10:11pm
Msg #315807

Don't expect to make a living...

I agree with what everyone is saying. This is a bad time to get into this business. The days of three day closings are few and far between. Add to that the fact that we're being so low balled that it takes three or more closings a day to make what we were making not so long ago.

Keep in mind the overhead...paper, laser printer-wear & tear on the printer-toner, drum, gas, maintenance of car, etc. etc.

People should be thinking of these things when they're accepting $65-80 a closing (or worse yet, LOWER). We can't keep allowing these companies to low ball us. So please brand newbie, don't let them do that to you or our business.

Reply by cmk0822 on 12/28/09 5:17pm
Msg #315890

Re: Curious as to what convinced you to start in this business,

Well, a signing agent who came to my home back in August suggested I look into it. She's from Guilderland, NY and said she make $300 every time she goes out to do a signing. She said she does 2-3 a week. That was in August. By the sounds of things, it sounds like things have slowed down and people aren't willing to pay that kind of money. Anyway, I thought I'd give it a try for some extra money.

Reply by Linda_H/FL on 12/28/09 5:31pm
Msg #315894

Re: Curious as to what convinced you to start in this business,

All due respect but I do believe she was yanking your chain - I haven't heard of anyone making $300 "every time" in quite some time unless she's an attorney and can charge the higher attorney rates...but $300/signing to a signing agent? - nah...find that very hard if not impossible to believe...

Sorry you fell for it.

Reply by JanetK_CA on 12/29/09 12:28am
Msg #315934

Re: Curious as to what convinced you to start in this business,

I was curious, too. There's some good advice here, but my suggestion is that before you invest too much more time and money that you do some more research into what it really takes and what this business is really all about before you decide to commit yourself fully (unless it's too late for that.) As with most things, there is a bit more to this than meets the eye. You are becoming involved in what for most people is the largest financial transaction they do in their lives. Little details make a difference and mistakes can be very costly.

I'm just sayin' - make sure you really know what you are doing before you charge out and start doing loan signings. We've had lots of people jump into this business just as a sideline and it has helped bring about tremendous changes to our field - none of which are good for any of us. (The only beneficiaries might be the companies that are still charging borrowers full fee, but paying low-ball fees to the person who actually does the signing.)

Reply by Glenn Strickler on 12/28/09 3:29pm
Msg #315875

Don't minimize general notary work.

Get some signs (see PAW's website), put them on your car, always carry your equipment with you. Read the post# recommended. Also, buy plenty of business cards and pass them around, leave them at local businesses, hospitals, prisons (if any) assisted living centers, senior citizen centers etc. Don't focus on just loans.

This is more of a side business these days unless you have been doing it forever and have a large client base. And even those notaries are hurting.

Reply by BrendaTx on 12/28/09 5:30pm
Msg #315893

I'll add to that, Glenn

Take your card to EVERY single place you do business:

Laundry/cleaners
Liquor store
Mechanic
Oil change stop
Movie store
Lawyer
Accountant
Dentist
Doctor
Pharmacy

Wherever you make a purchase, leave your card.

Make a simple website; advertise your business on Yahoo and Google.

Reply by jba/fl on 12/28/09 6:24pm
Msg #315908

Re: I'll add to that, Glenn

Someone once said, not sure if here or elsewhere, that the business cards do no good on the shelf or in your wallet - you have to pass them out. Goal: 10 week, which is only 2 a day. I find it easy to reach that goal. No matter where I go, I pass them out like candy to kids. That's about right - it is candy for my kids - LOL.