Posted by Ellen Therese Franger on 5/28/10 5:52pm
Msg #338877

oops finishing my thought..

I am called a lot but SS and TCs are not meeting my fees anymore; except for the larger companies who usually ok with my quoted fees. Is this happening to all notaries or am just expected to lower my fees because I "want to work?" Have any of you tried to find out if there are new kids on the block or have fees just decreased with the economy? Other than looking on this site or NNA, is there another way to find out if I am being seriously undercut? This is a rural area with miles of coverage and not many SAs and I do not want to work for free. Suggestions?

Reply by Notarysigner on 5/28/10 6:56pm
Msg #338885

Invite your nearest competition to meet for lunch, it will be interesting what you may discovery. IMO

Reply by Frank/NC on 5/28/10 7:26pm
Msg #338892

My thought is to hang in there. If we all do that, we maintain our professionalism. With a poor economy as well as organizations like the NNA, just to increase their membership, telling people they can make 100k a year doing loan signings, a lot of new people are trying this field. When they discover that it isn't as easy as they are led to believe as well as the fact that times are slow right now, many of them leave. My advice is not to be concerned about the, "new kids on the block" or the econony. If you are in it for the long run, don't worry about being undercut. A lot of the cheapo signing services as well as Title companies will be gone. There will be a consolidation of companies. Remember that when you figure your actual costs, those people who undercut you eventually leave the business when they realize they aren't making money.

Reply by Claudine Osborne on 5/28/10 9:05pm
Msg #338908

I have invited other NSAs in my area to meet..Sadly..No one has even retured a phone call or email..twice!

Reply by BossLadyMD on 5/28/10 9:08pm
Msg #338909

agree w/frank 100% n/m

Reply by MW/VA on 5/29/10 9:43am
Msg #338967

Lower fees being offered.

It isn't just happening to you, Ellen. I have major companies now offering lower fees.
I have a choice--work or not. I need to keep my cash-flow coming. Most would not agree with that philosophy.
I learned a very important lesson many years ago. A company that I worked for (structural steel) was having to compete with lower prices offered by foreign competition.
They went to the union (USW/teamsters) and told them in order to stay in business the union would need to take some concessions. Of course, they said, "No Way". The company closed about a year later & they had no jobs. Ultimately, most of the jobs in that area when to China.
Economics 101 for capitalism--you have to price to be competitive.
I have brought up my frustration to the companies offering the lower fees, saying, "Gee, how come the only fees I see being reduced are ours?".
Everywhere in this country people are having their hours cut, raises put on hold, etc.
IMO, I'd be a fool not to make some adjustment for market conditions. I'm talking about a difference of $5/$10 per signing. No, I don't accept the $40, $50, or $75 low-ball offers.
Just my .02 on the situation.

Reply by CopperheadVA on 5/29/10 11:50am
Msg #338981

Re: Lower fees being offered.

Marilynn, I agree with you - I've lowered my fees 20-30% from what I used to get 3 years ago, just so I can keep working. But the ever-lower and lower fees are getting to the point where it's just not going to be worth it any more.

Reply by cadmonkey/CA on 5/29/10 11:58am
Msg #338983

it's time to boycott all the lowballers! n/m

Reply by Lee/AR on 5/29/10 1:52pm
Msg #338998

I understand everyone is hurting and I am doing what I can to stay profitably in business.
Sometimes that does mean saying "No" because banks & other companies are not my favorite charity. I often get 'my fee' approved when I very briefly explain what they are really asking me to do... "that 'only 20 miles' takes an hour each way, ya' know....."

Reply by Ellen Therese Franger on 5/30/10 12:31am
Msg #339072

Thanks everyone, great insight! Appreciate your comments.