Posted by mwm143 on 5/27/11 8:15am
Msg #384511

To those who "need the money"

There was a post a couple weeks ago from Daffodil stating that she needed the money explaining why she was accepting $75 closings from First American.

To Daffodil and others, think of it this way:

Your new neighbor asks you to mow their lawn for $15 and clean their house for $25. You already have the mower, mops, brooms, etc. You just need to buy some gas and Pinesol. There's some profit left over to pay for your time. But you decline and do so feeling offended that they would ever offer such a ridiculous fee. Why do you decline? Because you know your services are worth more than that. And when they tell you others are accepting that fee you laugh to yourself thinking "what idiots!".

Reply by Notarysigner on 5/27/11 9:27am
Msg #384512

If my neighbor asked me that I would tell them the gardener and maid can be contacted around back at the service entry. LOL

Reply by SouthernOK on 5/27/11 10:53am
Msg #384519

It's a business

To play devil's advocate why would a SA not look for a great deal? The lower they contract the job for the greater their profit margin.

If people are willing to work for peanuts you can't fault the SA for using those folks, or for searching them out.

If you were going to spend $100 on something that by making one phone call you could get for $75 wouldn't you save the $25 and make the call?

I mean we all shop for paper deals, right?

Note: I have learned the hard way in life that you get what you pay for, so I shop for quality but I still want a great deal.

As a retired teacher I feel the need to have both sides of the problem represented.
Flamesuit on.

Reply by Notarysigner on 5/27/11 11:29am
Msg #384521

Re: It's a business

Flamesuit on..I like that. LOL
my only comment to yours would be Businesses (those doing well) have a markup of between 250 - 500% and NEVER say..."can you help us out" or "we don't get paid that much for these" so they should stop the BS.

I think when we try to forewarn NSA about low-ballers we are really trying to be "protective" of mostly newbies without realizing you do have to get in on the ground floor whether you're being taking advantage of or not. The bottom line really is, while in my area $90 may be a low-ball fee, it may be quite adequate in a not-so-expensive area. We should not generalize but be more specific when calling out anyone for offering a fee that doesn't meet our needs. My .02

Flamesuit on (more expensive model). LOL

Reply by Stephanie Santiago on 5/27/11 11:36am
Msg #384522

Re: It's a business

I'm just being neutral here; we all run our businesses as we so choose.
If some Notary Signing Agents want to accept "low-ball" fees, it is there choice, is it not?

Reply by laurel/nc on 5/27/11 2:32pm
Msg #384542

Re: It's a business

I have accepted lower fees at times, IF, I was going to be in that area, or IF the signing was in close proximity to my office, or if borrowers came to my office. I agree that each agent must decide for themselves if a fee is going to be acceptable. I have a base fee but I am flexible as well, depending on the circumstances.

Reply by mwm143 on 5/27/11 3:11pm
Msg #384544

Re: It's a business

I agree with everything said. Only the signing agent can determine the value of their services.

Reply by Lee/AR on 5/27/11 4:02pm
Msg #384547

Just want to add: If you don't value your time, experience and professionalism--nobody else will!

Reply by HrdwrkrVA on 5/27/11 7:27pm
Msg #384558

Once you "help us out", they try to stick you w/ that fee -

that was my experience as a newbie. Also, only a disreputable co would try to pay you less than min. wage or a living wage. My 18 yr old niece just told me min wage in the DC metro area is $8.50/ hr. If I wanted to work min wage, I'd at least get a job w/ benefits! I just can't understand why people would would work for free????? Why not got to gas stations that are 20 cents more??? Just think, with the added volume at the lower rate, you could work yourself into bankruptcy that much quicker!!! Or better yet, pay THEM for the privilege of closing the loan (with your gas, toner, paper, etc.)
SMH, SMH, SMH!!!!

Reply by NJDiva on 5/29/11 1:05pm
Msg #384665

The problem with that is...

when more and more notaries accept low-ball fees it debases the whole industry.

I've said this numerous times. The lower fees you take, the lower these companies are going to *gradually-maybe not so* offer you. It would be fine if you were the only ones being affected by it; but you're devastating/degrading everyone.

You think you're getting more business. But what you're doing is accepting a quarter to half of the standard fee AND using/PAYING for twice the amount of overhead (operating costs.)

If you're new and are not able to figure that out yet, please listen to the people that have been in the field many, many years. They haven't been doing it for so long without having reasons for how they've come about the numbers.

I wish I'd been in the business 10+ years ago when NSA's were making $200 PLUS (is that right?) a closing (with overnight doc's!!!)

Maybe I'm mistaken, and forgive me if I am, but it stands to reason (if only in MY head) that the people defending the lowball takers; 1) ARE lowball takers or 2) aren't as active in the business or 3) haven't much competition in their area or 4) own a SA or 5) do not need the business as a primary source of income...I could go on and on...

Please have respect for yourself, the rest of us and the industry AS A WHOLE and put these lowball companies out of business. After all, they're going to put you in debt. You can't afford to keep paying more in overhead and accepting the low fees...STOP accepting them and they'll STOP trying to screw you!!!! UUUUH DUUUUUH!

Of course this is just my very humble opinion... xo