Posted by Pat/CA on 10/20/10 9:19pm
Msg #357523

Low Ball! Notaries to You 916-354-1100

Yes it's been a long time since I've posted anything.

Just received a call from them and they wanted to pay a max of $65.00 for overnight loan package. Sorry, no can do!

Wouldn't it be great if we set the minimum pay across the board at $100.00? In a business that requires meticulousness to detail, a large amount of knowledge, and especially UNLIMITED personal liability to ourselves only, I find it amazing that anyone would accept less than that.

I understand these are hard times and can surely appreciate the importance of feeding the family, etc., but I don't feel signing companies should take advantage of our circumstances, after-all, we do have a professional business to run.

Reply by Pat/CA on 10/20/10 11:54pm
Msg #357532

"Could" set the minimum! Could I realize, should have been inserted.

I've gone lower, sometimes, for the faithful client base I have worked hard to secure. But they've been good to me too... and I'm grateful! Very grateful!

Reply by Tish/CA on 10/21/10 12:22am
Msg #357534

Pat - don't retract now, we're with you.

Reply by Pat/CA on 10/21/10 12:27am
Msg #357536

Haha, no I'm not retracting, just trying to clarify what I meant as far as having a universally (well, in the US anyway) set minimum signing fee. I know that's not possible, just wishful thinking. A "raise the bar" standard so to speak.

Reply by Tish/CA on 10/21/10 12:47am
Msg #357540

yep! n/m

Reply by Grammyzoom on 10/21/10 9:26am
Msg #357558

You said it would be great if we could set the minimum pay across the board at $100.00. And I agree with all that you said but it is not ever going to happen. But we (individually) do need to set our own limits.

I personally have a standard that I set for myself but am flexible to the point that I will bend for companies who have remained loyal to me over the years. I know which ones are just out to take advantage of the current market and those that are struggling themselves to survive.

I also believe that it is not right to take advantage of companies who may be willing to pay more when I quote them a fee. I received a call from a title company in another state the other day who I had never worked with before. Even though I felt that they would probably be willing to pay more than my customary fee, I quoted them what I quote everyone else. I do not want to take advantage of anyone anymore than I want to be taken advantage of.

Someone reading this is probably thinking that practice is foolish but I just believe that it is the right way to run my business.

When a lowball company calls me for a signing it is very easy for me to tell them "no", my experience, knowledge and professionalism requires that my clients pay a higher fee than you are able to offer. Good Luck, I hope you are able to find a competent notary who will accept your very low fee and not make a mess of your signing.

Reply by Linda_H/FL on 10/21/10 9:34am
Msg #357561

I agree with you Carol...

I have a title company that I feel I should probably ask for, and could get, an additional $15-$25 more per signing (pkgs usually about 130 pages), but why? They meet my standard fee and never dicker; they pay in about 3 weeks; they call me consistently and never last minute; no handholding; no faxbacks; great suppport; pay me additional print fee if circumstances warrant; no "all caps" letters of fee reductions. Great respect from and for this company.

Funny..I just mentioned this extra money to my husband yesterday - as he said "if it ain't broke, don't fix it"...

Reply by James Dawson on 10/21/10 10:03am
Msg #357570

I do the same, while I do turn them down I tell them to keep calling down the list because I'm sure they'll find someone needing the experience. HeHe

Reply by ReneeK_MI on 10/21/10 10:22am
Msg #357577

Agreed! It's not about what They do, only about what I do. n/m

Reply by Pat/CA on 10/21/10 10:59am
Msg #357592

Thanks for the input, I agree with every word you said. I also am willing to bend for the faithful. I've been a loan officer also and sometimes, every dollar that can be saved can make a difference between someone getting into a home or not, besides a myriad of other reasons.

I don't believe it's a foolish practice. I have companies I know pay higher and in the winter, when the weather is treacherous, I will sometimes bump up my fee to when considering the travel risk involved.

When I first began this venture I was willing accept low fees. One must be willing to pay their dues to gain experience and knowledge. And then one must learn when they have done so and act accordingly. I have no problem saying no, it's simply good business sense for myself.

Reply by ikando on 10/21/10 9:44am
Msg #357563

I agree it would be great if the low ball signing companies would pay us better. But my experience tells me that they are bidding lower to get the work, and not taking into consideration their expenses--primarily a fair fee to the notary who's actually doing the work.

If the signing services would mark up their bids to a rate that everyone would come out right (not to jack up their rates to make more money while not paying the notaries), then it would be a win-win all the way around.

Reply by DD/OR on 10/21/10 11:03am
Msg #357594

Isn't your statement contradictory? First you said we should set the minumum to $100.00, then you admit to lowering your fee. Hmmm.

Reply by Pat/CA on 10/21/10 11:09am
Msg #357598

While it could appear to be contradictory, it was more a clarification.

When random ss's call me with low-ball fees, I will turn it down. However, when my faithful clients, who meet my fee regularly, call and ask if I'm willing to lower my fee for this particular signing, I realize I do not know the circumstances involved in the request and would be foolish to not be willing to do so.

Reply by Pat/CA on 10/21/10 11:04am
Msg #357595

Thank you all for your valuable input!

I understand the ss's are in business to make a profit also, no problem there. But many of them are greedy and want 1/2 the amount shown on the HUD and that is ridiculous!

Professionals take their duties VERY seriously and should be compensated accordingly. In the long run, everyone benefits, lowering costs across the board! A business no-brainer!

Reply by Leslie Przybyla on 10/21/10 4:40pm
Msg #357672

I totally agree with you. I will not work for low ball fees. I am one of the few here. But if you read the settlement statement....we certainly do not make what they are charging. Just trying to get us to cheap out. I for one say.............next?