Posted by jba/fl on 5/29/09 1:24am
Msg #290244

For those new to Notaryland, please note:

Mortgage rates’ rise may end refinance boom
Surge in past week leads some to believe that they have missed out
http://www.msnbc.com/id/30988937/

Rates are going up again - heading up to 6%. How fast is unknown. For how long is unknown as well. I'm just happy I'm locked in...now if they would just move faster! LOL

Our surge may be coming to an end. For those who bought into the hype of "great career, rags to riches, you too will make $100K per year, There is a great need" and many other advertising slogans, missing or ignoring the cires and whispers of "there's a sucker born every minute" or "if it sounds too good to be true, it probably is". You will see some bubbles bursting faster than fireworks being sent aloft on the 4th of July.

This truly is not the time to get into this business. There really is no way to sugar-coat this. Unfortunately, you are probably reading this AFTER taking all those expensive courses and signing up for all those expensive 'sections' promoting your - oops--(their) agenda for success. You see, 'they' are a business (for profit) trying to survive in this economic downturn, at your expense. "They" have their interest at heart no matter how much 'they' tell you 'they' are on your side. And, odds on, you probably didn't do your homework, research, due diligence, whatever you want to call it before plunking down your hard earned cash. Or if you did, you didn't think it applied to you, or others just didn't want to share the money pot with you or whatever excuse you concocted to ignore any real wisdom and "bought the story".

When I first got into sales, that was the first thing that was drummed into our little minds: People don't buy products, they buy stories. And we were taught to construct stories. Believe me, I have some outlandish ones to separate you from your money and none about bridges.

"They" have many stories as well.

'Nuff said - you probably quit reading already anyway.

Reply by Lee/AR on 5/29/09 6:01am
Msg #290249

Golly, would 'they' be the Not Necessarily Accurate business organization?

Reply by Teddog/CO on 5/29/09 7:18am
Msg #290253

jba/fl, How very true. As I've said a million times before "Keep your day job!" Nothing will replace a regular paycheck. Notary business will never be what it was, end of that story. Let alone anyone being able to afford a new home. Just two classes now Haves and Have-nots.

People are buying into the GRQ (Get Rich Quick) principal being sold by XYZ. To bad we can't show the newbies the segment from 20/20. Just a 1 1/2 years ago of the notary in California sleeping in her car after losing her home. She was just doing notary work with no other steady income. Poof! In a heartbeat it's all over while "waiting" for a cell phone to ring. Your savings all gone while you're getting the "Sucker Punch."

FYI Newbies: Regarding notary work. It really doesn't matter how many people you sign-up with, websites you create, notary boards you are listed on,...etc. The notary spends a LOT of money on equipment, car repairs, gas, membership fees,...etc. It is very expensive to be a mobile notary. Wierd, helter-skelter hours, all kinds of weather, holidays, blah, blah. We're a lot like a ER doctor "On-Call" at the ring of a cell phone. Not to mention dealing with the stress of going into some strangers home and adjusting to their personality.
Cold hard facts are you are waiting for someone to call you. Miss a call they move to the next person. Not the ideal job kiddos. Not recommended for the faint of heart.

Newbies above are the reasons we "Old" notaries have our fees set and will not lower them. Soooo when you think you are getting a leg-up on the competition by low-balling remember this post when the mechanic hands you a bill for $1k to repair your car. Oops! You don't have the money to pay him because you've been working for NaDa.

Bet that XYZ didn't bother to mention any of the above while making their sales pitch. lol

The above post is JMO

Everyone have a great day

Reply by MW/VA on 5/29/09 8:27am
Msg #290257

Well said, Julianne. We know XYZ is about marketing, marketing, marketing. The person who called me a couple of months ago about renewing my Cert/BGC was clearly irritated when I didn't buy into the bargain they were offering me at $99 (and only 20 questions to test).
I will no longer support that organization or give them one more $$$$.

Reply by Teddog/CO on 5/29/09 10:00am
Msg #290287

MW/VA Smart move.

Keep your $$$ for raising gas prices and paper costs :

Reply by Les_CO on 5/29/09 10:04am
Msg #290289

Let’s see we’ve got what 100,000 auto workers out of work now and maybe another 25,000 next week? Now if they all join XYZ (notary union) and pay annual ‘dues’ take a 10 question test, and haven’t robbed a 7/11 lately, they can become Certified Notary Signing Agents, and make $300-$400 a day doing mobile signings. Maybe someone in the current administration could ‘suggest’ that all ACORN members also join XYZ, and then pass a law that all new voter registrations need to be notarized (at taxpayer expense)? Now that would sure help a bunch of ‘underemployed’ people, while helping the 'notary union', gain a lot of new members (and voters). Just think hundreds of thousands, maybe millions of new Notaries. What a prospect.

Reply by Marian_in_CA on 5/29/09 10:31am
Msg #290301

Heh, if the NNA were a notary union that actually faought for the 'RIGHTS' of notaries, we'd actually be making upwards of $200 a signing and the title companies/services would be locked in to contracts for years.

The NNA is more like a Title/Escrow union than anything else.

Reply by Les_CO on 5/29/09 10:43am
Msg #290305

If I could find ANYTHING the NNA did for the benefit of its members, I’d rejoin. BTW in the years I was a member I never receive a work call from anyone because of being listed there. I DO get calls from my listing on this site, and a couple of others (numbers/restaurant)

Reply by Marian_in_CA on 5/29/09 10:53am
Msg #290308

I get lots of calls from the NNA site...which I understand is really rare and unusual. In fact, the service that now calls me almost every other day initially found me on the NNA's website. They pay me well, too... so I can't really complain.

I'm no fan of the NNA... but my membership was purchased by someone else and for now...it's working to bring me work. I get a few $60-$80 "offers" for work, but most of them pay better than that.

So because of that, I'm kind of neutral. I don't like them... but I don't hate them either. I find a lot of what they do annoying and useless, but not all of it. The NNA is probably the loudest voice we have right now in California trying to get a current bill in the State Senate to fail. This bill would require us to accept the Matricula Consular Card from Mexico as acceptable ID. Having this pass would be really bad news because of the amount of fraud involved in obtaining the cards.

So, they do some things that are good for notaries... I just wish they would reevaluate their marketing strategy BIG TIME.

Reply by Les_CO on 5/29/09 4:02pm
Msg #290364

As a Notary I don’t see why you would care about the Matricula Consular Card thing. It seems to me it would just make your (notary) job easier. No more embarrassing ID questions to ask. As a citizen I can see how the rampant fraud this would encourage would concern you, but as about 1/5 of the CA gross income goes to Mexico, or its citizens now…what’s just a little more to put on the taxpayers? And just think of the votes (and maybe some of that good drug money) it will get, the scummy politicians that proposed its acceptance.

Reply by davidK/CA on 5/29/09 4:12pm
Msg #290365

It's bad enough that virtually any home-made local governmental agency employee ID card is now OK to accept in CA, but adding a well known broken ID card like the Matricula Consular to the mix completely destroys the system of identification integrity that we as Notaries Public stand for, and have since ancient days.

Sure, it's all about votes. Hey, if ID regulations ever go into effect for access to the ballot box, we won't have to worry about vote honesty ever again. That will certainly shorten the election night broadcasts and we can get back to our regular TV programs sooner. I guess there is always a silver lining to ever disaster.

Reply by Les_CO on 5/29/09 6:04pm
Msg #290387

I must agree! If the ID is worthless the notarized signature must carry a like value. Sure glad you guys in CA have to take continuing education, and pass a test. It’s a real shame you can’t require the same standard for your lawmakers

Reply by Shoshana Roller on 5/29/09 10:27am
Msg #290298

Actually, rates are inching down again.

I believe that the trend in interest rates will be downward for a while yet. Periodically, the rates hiccup like that and then go back down. I don't believe the refi boom is over, though it may depend upon where you live. Here in the Phx area, some of the hardest hit communites are now seeing multiple offers on foreclosed homes.
I am an LO and I monitor the rates on a daily basis.

Reply by Marian_in_CA on 5/29/09 10:27am
Msg #290299

So very true. This is why I do not rely on Notary work alone. There's just not enough call... and I can tell you for a fact that at least two of the ones in my area are telling people they're super busy have 5-6 signings a day and I know that they're not very truthful about that. The work is there, yes... but it's spread out among about 10-20 of us that I've identified so far.

Honestly, I would love to do notary/signing work exclusively, but there's too much competition and not enough demand. In my case, I just moved here and am having to establish myself, too. Fortunately, I was born and raised in this area and I know a lot of people, so that makes it a little easier. I also have kind of a big family that likes to spread the word, too.

But even with that...there's no way I could live on what I make on notary work right now. No possible way. I'm getting plenty of work, yes... but not enough to be considered full-time. I would need to be doing 2-3 signings a day in order to get to that point, at least. It seems like a lot until you factor in the idea that those checks coming in aren't just paychecks that you can spend. That money is going to pay the invoice to a business and a good portion of that money goes to the operation of the business itself like taxes, insurance, auto expense, paper, toner, other supplies and so on.

So a business that earns $60,000 in fees in a year is $5,000 a month. That's about 2 signings a day (10 a week) at $125 a pop. That $60,000 is what your BUSINESS is pulling in, not what YOU are pulling in. That sounds great... until you start taking out the expenses of the business. That $60K will soon get down to at or below poverty level if you're not really, really good at managing your expenses.

Now, note that I quoted a fee of $125 a signing?
At $85 a signing, 2 per day, that will only bring in $40,800 a year. Again, that seems fairly decent...if it were a regular paycheck, but it isn't.

So, these numbers are based on having 10 signings a week.

Some of us are lucky to get 2-5 a week. I know of a few who get only 2-5 in a whole month.