Posted by Alyse Karasik on 4/11/10 4:54pm
Msg #331252

Just Breaking in to the signing business...

I've been performing signings for about six months now and I'm not sure if I'm being fairly compensated. I do alot of e-signings and typically get between $60-$85 a signing. Can anyone offer a "greenhorn" like myself some good advice? I don't know if I'm being taken advantage of or if I'm getting paid properly. Any help?

Reply by John/CT on 4/11/10 4:57pm
Msg #331254

At $60 - $85 for e-signings, yes you are being taken ...

advantage of. I wouldn't even accept an e-dox assignment for that price.

Reply by BrendaTx on 4/11/10 4:58pm
Msg #331255

Alyse, are you covering your expenses and making a profit?

Most of us here would probably say no, you are not.

However, you are the only one who can set your fees.

What if your computer breaks while on one of those signings? Can you afford to replace it from your profits?

What if you need new tires sooner and sooner because of your mileage? Will your profits pay for that?

Your costs of doing business are not obvious, you need to really look deep at every piece of equipment you use and run to make your business work. Then figure out how much you need to charge to continue to have good equipment, supplies, pay for insurance, maintenance, AND TAXES.

Figure out how much it costs to print, travel, etc. and what your time is worth...if you are just making around $5 a signing (net) then you are probably not going to like this field of work. That's my opinion.

Reply by cawest/PA on 4/11/10 5:46pm
Msg #331260

Let me guess? Nations direct is the one at 60 to 75 ? The 85 one I cannot guess, to many offer that low amount but Nations beats most of then with their 60!

You have to set your fees and see what your cost is and like others said see that you can replace items from your profits and not from having to dig in your own pocket!

Reply by Alyse Karasik on 4/11/10 6:04pm
Msg #331264

Yup-Nations Direct calls me constantly-lots of volume but I'm not making much...Speedy Closings just started calling me too-$85 for e-doc but their reviews are horrible. Can you suggest any other companies that give volume and pay better?

Reply by BrendaTx on 4/11/10 6:50pm
Msg #331272

Alyse, you ask, "Can you suggest any other companies that give volume and pay better?"

I think if you start looking at Signing Central and this board as MW/VA suggested you will find what you need.

Reply by Alyse Karasik on 4/11/10 7:27pm
Msg #331275

I will start asap-I need to ramp up my business and really thankful for the kind words I received today.

Reply by MikeC/NY on 4/11/10 10:57pm
Msg #331297

"Can you suggest any other companies that give volume and pay better?"

Alyse, you can't make money on "volume" in this business if they're paying at a low rate. You need to figure out what your costs are for printing, travel, etc, plus the time you spend at the table and afterward. These are fixed costs - they won't change if you get more work, they'll just be multiplied by the number of jobs you get. Figure out where you need to be to make a profit - what it actually costs you to do an assignment and put money in your pocket - and stick to your guns when they call you. You may decide to discount that if they give you a certain amount of business, but NEVER offer a discount based on a promise - if they tell you "we'll give you volume if you cut your price to $XX", your response should be "I'll cut my price to $XX after I get XX assignments from you that month"; make them deliver on the promise before you give up the money.

Everybody's situation is different, and everybody's costs are different - you need to find what works for you. And here's something that might surprise you: you tell THEM what you charge, they don't tell you what they'll pay. If they won't meet your fee, let them find someone else. Yes, you may lose work, but that's not a bad thing if the work you lose is not going to make you a profit...

The companies that are calling you now are bottom-feeders. They look for "fresh meat" - new notaries that don't know any better. Don't be one of those - put a value on the service you offer, and refuse to take work from anyone who insists on paying you less than that. Go through Signing Central and sign up with the companies that are rated highly (and make a note of the dirt bags. They WILL eventually call you; they're always looking for "fresh meat" because the experienced notaries refuse to work for them). Consider upgrading to a premium membership here, because it makes you more visible when companies are searching for a notary in your area.

Most importantly, be patient - it's going to take a while for you to build your business, and you're jumping in at a really bad time. Good luck...

Reply by Alyse Karasik on 4/12/10 8:06am
Msg #331308

Hi Mike,

I'm starting to see the light pretty quick. I do feel like "fresh meat". I get lots of calls from Nations Direct-some totally not worth it. I want to thank you for your advice and I will be signing up soon for Premier Membership.
Have a great day,
Alyse

Reply by John/CT on 4/12/10 8:23am
Msg #331311

And, please link to your profile ...

as did all the others who answered your post in this thread.

Reply by MW/VA on 4/11/10 5:58pm
Msg #331262

You didn't link your post, so we have no idea what area you're in. If you haven't already done so, I would suggest you use the orange search button to pull up message 33325. It is a long thread, but contains a wealth of info about what it takes to make it in this business.
The lowball companies ($60-85) will seek out "newbies" who are willing to work for those low fees. As Brenda pointed out, only you can determine if you can make any profit at that #.
I was in your shoes once a few years ago & thought I'd have to take the low fees to gain experience. I quickly decided that wasn't a good idea & set my minimum at $100. I have to admit that figure has been hard to maintain with the change in the market. In spite of that, there are some companies that pay such a low & insulting fee I wouldn't work for them anyway.
It's your business, you're in charge, and it's best to see your fees where you can make a profit.
Good luck.

Reply by Moneyman/TX on 4/11/10 6:36pm
Msg #331269

Alyse, Check yor PM. Great advice above n/m

Reply by Norma Woodall on 4/12/10 9:55am
Msg #331314

Re: Alyse, Check yor PM. Great advice above

Hi everyone, I started doing signings in the summer of 2009. I retired recently after 21 years of mortgage banking experience. I am having the same problem you are Alyse with companies calling newbie and offering little money. Thanks to all who have responded. I live in the country and I have had to review my expenses too. I am presently taking the NNA certification course for certification. This should also help to get your name out to companies for signings.

Reply by Cari on 4/12/10 12:02pm
Msg #331337

NNA membership does NOT guarantee more exposure...

its a waste of money....

Reply by Sylvia_FL on 4/12/10 12:28pm
Msg #331341

Re: Alyse, Check yor PM. Great advice above

"I am presently taking the NNA certification course for certification. This should also help to get your name out to companies for signings."

Norma,
As a Signing Service owner, I can tell you that the NNA certification means diddly squat.

I check the "Find A Notary" link on here when looking for a signing agent. If you are listed on here, your name will get out to companies. And if you are a Premier member your name comes up higher in the list.

Reply by JanetK_CA on 4/12/10 2:28pm
Msg #331360

A better certification?

The training class from The Signing Registry (available here from Notary Rotary) is considered by most to be a much better training program. I was certified by the NNA back in 2002 before I ever did my first signing. But no clients cared about certification then and many thought it was a joke. It was all I had to talk about in the beginning, but it was mostly just flagging me as a newbie. When my membership - and "Certification" - expired, I chose not to renew it because it was all just a waste of money.

In all fairness, these days there are a few large companies - probably because of heavy NNA marketing - that are now requiring an NNA background check which, last I checked, requires you to have (i.e. pay for) both the NNA general membership and their separate NSA membership and a new "certification" every two years. Most of the more experienced folks here don't think it's worth it and choose not to support the NNA because of some of their business practices. (For example, requiring all those memberships before getting a BGC.)

Those companies may get a fair amount of volume, relative to others in the business (I have no way of knowing that for sure), but from what I read here, they are mostly low-ball companies, or are in the process of driving down fees - and driving up the hand-holding and micro-managing of assignments. More reading on this forum (use the orange search button) will give you more information.

This is all my own opinion, so do your own research. But I know I'm far from alone in feeling this way. FWIW.

Reply by Sylvia_FL on 4/12/10 2:31pm
Msg #331361

Re: A better certification?

I agree on the Signing Registry training!

On those companies that are requesting the NNA certification and background checks, from reading in here they seem to be usually the low ball companies (probably ones that got the NNA's list of "suggested" signing agent fees)

Reply by MW/VA on 4/12/10 2:57pm
Msg #331369

That's what I thought about "certification"--wrong. There

is far better training available, "certification" means absolutely nothing--good, solid knowledge
is key. As far as getting your name out to companies, you will need to be prepated to do a lot of marketing. If you use the list of names in Signing Central, at least you will know not to market your services to the deadbeats. Once you know what you're doing and are ready to roll, advertising is key. NotaryRotary is one of the top listing sites that companies use to find us.
IMO Premium membership pays for itself in a short time.