Posted by Leon_CO on 1/2/09 9:09pm
Msg #273389
New year's resolution: take more risks
I got a call this evening to do a short-notice closing. I did a search on NotRot and read some negative comments. Not overwhelmingly negative.
It turned out to be a good assignment. A purchase transaction. It was for a reputable lender and title company. I had to download special software that this lender uses to be able to print the documents. But everything went smoothly. Everyone I dealt with at the signing service and the title company were nice to work with.
The borrower was a doctor who was visiting Colorado Springs. Both he and his wife were very friendly. We did the closing at the hotel where he and his wife were staying. Very nice. It was one of the more pleasurable closings I have ever had.
I would have missed out on this closing experience if I followed the herd. Sometimes you have to go with your instinct.
Yes, there are indeed some companies that I absolutely will not work with because of too much negative press. But I'm going to accept more closings in 2009, and I'm going to take some risks.
Good luck.
P.S. And with a little luck, I'll be able to get that Porsche that I have on layaway. 
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Reply by LKT/CA on 1/2/09 9:46pm
Msg #273394
<<<Good luck.>>>
Yes, you'll need it. While it is great you met wonderful people and the process went smoothly, the signing experience is no indication of whether you'll get paid....the pay history of the company IS an indication of whether you'll get paid. A leopard doesn't change his spots. Please update the board as to your payment experience with this company. I'd be interested in the results.
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Reply by Leon_CO on 1/2/09 9:54pm
Msg #273398
>> the pay history of the company IS an indication of whether you'll get paid <<
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The reason I accepted the assignment wasn't because of the pleasant experience. I had no way of knowing beforehand that it would be pleasant.
I accepted the assignment because I have confidence in my ability to collect payment. I wrote about this at length in a previous post a few weeks ago. I have never not been paid by a company in all the years that I have been a signing agent.
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Reply by LKT/CA on 1/2/09 10:26pm
Msg #273403
<<<The reason I accepted the assignment wasn't because of the pleasant experience.>>>
I didn't say anything about why you accepted the signing. You highlighted the "pleasant experience" in two paragraphs, and also mentioned that you would have "missed out on the *experience* had you followed the herd".
<<<I accepted the assignment because I have confidence in my ability to collect payment.>>>
I accept assignments for a different reason - because I have confidence in the company's integrity and willingness to fulfill their contract obligation, without my having to "collect". JMHO and I hope it works out and you get paid as agreed.
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Reply by sue_pa on 1/3/09 7:50am
Msg #273422
...have never not been paid by a company in all the years that I have been a signing agent....
I'm glad for you because most who have been in this business any length of time have been had by at least one of the big ones ... Express, Archer, KMC, all those Mercury Companies that dominated your area, 21st Century, Victory, Door to Door, SouthEast Equity, everyone's friends the Katz family, ... I could list 10 more if I put a little thought into it. What I'm saying is when you have a broad customer base, you are bound to be on the receiving end of nonpayment sooner or later ... because even the good ones are tumbling.
All that said, I also take a lot more chances than many seem to and it generally works out.
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Reply by Leon_CO on 1/3/09 8:28am
Msg #273425
>> SouthEast Equity <<
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Although I say I have always been paid, that doesn't mean I haven't had my share of problems. Including this company. But I got them to pay me.
I could reveal my secret, but then I'd have to kill you. 
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Reply by desktopfull on 1/3/09 6:19pm
Msg #273455
If I'm going to pay for a pleasant experience it won't be for working without pay, it will be for pleasure. Good Luck on your taking risks and collecting from the companies filing bankruptcy. I had nine file on me last year and can't get a dime.
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Reply by Leon_CO on 1/3/09 8:48pm
Msg #273458
>> Good Luck on your taking risks and collecting from the companies filing bankruptcy. <<
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I am somehow able to tell when it's time to stop taking calls from a company. I stopped accepting closing assignments from LandAmerica, for example.
There are red flags that let me know that a company is in trouble. A lot of it comes from experience. I also do a lot of homework.
And even if a company goes out of business, I have still been able to collect. A signing service that I worked with went out of business last year. They owed me fore 2 closings. They stopped answering their phones. They shut down their email account. All emails were kicked back. Getting paid would have seemed hopeless, but I was still able to collect from them every dollar of what they owed me.
I could tell you how I'm able to do all of this, but I'd have to kill you too.
Good luck.
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Reply by Demore on 1/2/09 11:26pm
Msg #273404
Hey! Leon_CO
I find your "New year's resolution: take more risks" thought provoke! How interesting your "know-How" --Ha! It seems that your BM are smelling flowers and it seems better than anybody.
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Reply by ReneeK_MI on 1/4/09 6:08am
Msg #273474
First you say they were "reputable", then ...
you go on about not following the herd and taking a bigger risk. Which is it - were they reputable (which implies of a GOOD reputation) or were they a 'bigger risk'?
If your posts are really all about being so helpful, why the huge Cloak of Silence around how you got SE Equity to pay you?
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Reply by Leon_CO on 1/4/09 7:16am
Msg #273477
New year's resolution: take more risks
>> you go on about not following the herd and taking a bigger risk. Which is it - were they reputable (which implies of a GOOD reputation) or were they a 'bigger risk'? <<
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When a notary signing agent gets a call to do a closing from a signing service, they have no idea at the time who the lender and title company are going to be.
It's possible that a signing service with a bad reputation can work with lenders and title companies that have a good reputation. One usually doesn't find that out until they receive the documents.
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>> If your posts are really all about being so helpful ... <<
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I didn't write this post to be helpful. I wrote this post to express my thoughts -- my new year's resolution. I think I have a right to do that.
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>> why the huge Cloak of Silence around how you got SE Equity to pay you? <<
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I already wrote a very lengthy post a few weeks on ways to collect payment.
P.S. Taking risks involves more than just the companies that I'll work with. It also involves the types of assignments I'll receive, the distances I'm willing to travel, ... etc.
I turned down a lot of assignments over the past few years that could have worked out well ...
... if only I had been willing to take the risk.
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Reply by Leon_CO on 1/4/09 7:58am
Msg #273479
I was criticized by one of the respondents for not being helpful, and for not sharing with others how I collected payment from various companies.
The response that I gave to a couple of people was intended to be humorous. I tend to do that.
But I have already taken the time to write a very lengthy post a few weeks ago on ways to collect payment.
See: Msg #272544
However, I want to add: collecting payment is a lot like selling a product. You can give two salespeople the exact same product, and the exact same sales pitch. One will be able to sell the product -- the other won't be able to sell it.
When trying collect payment, a lot depends on a person's personality, and other factors.
Timing is critical too. If it has been 10 months since you were paid, your chances of receiving payment are worse than if you are trying to collect payment from 10 weeks ago.
In summary: what works for one person may not work for another. And every situation may require a difference strategy.
Good luck.
(Yes, 'luck' also plays a role.)
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