Posted by Frenchie/TN on 9/17/11 10:31pm
Msg #397779

lost two signings

I lost two signings this week because they were offering $95.00 with edocs and I stuck to my 3 digits minimum fee. It's just a few dollars difference but a principle is involved. You can only shave so much off. And gas is $1.00 more a gallon than last year at this time.

Reply by Roger_OH on 9/17/11 11:21pm
Msg #397780

As my old bud Chicago Bob might say...

You might consider, in this case, whether 95% of something is better for you than 100% of nothing, which is what you ended up with.

If you're getting enough volume to offset these two, more power to you, but otherwise your "principal" cost you $190.

If they were reasonably close by, I would have grabbed them, but it's certainly your call.

Reply by Moneyman/TX on 9/18/11 1:24am
Msg #397786

You didn't lose two signings. You had two offers that

were lower than your business model says you should accept for your services, imo.

If someone walked into Walmart (or any retail store) and picked up 5 different items then told the cashier that you were only willing to pay 25% less than the items were priced at, do you think Walmart would believe that they "lost" that sale? I don't.

The borrowers are still being charged $150-$200+ on average for the NSA services regardless of what the amount any SS is willing to offer (even those SS companies that are offering $55/signing).

Some might suggest that any/all offers should be accepted. I happen to disagree with that view. If a company has a reputation of not paying why would any reasonable business person accept an offer from them in the hopes of "not loosing" a signing? There is also the cost of having to turn down a request that is willing to pay your normal fees without any issues because you have booked in other lower request(s).

There are still good SS companies (& TCs) that are willing to pay a professional fee for professional services. I suggest marketing to the companies that are in your target market.

"You can only shave so much off." -- I agree with you.

Reply by topflyt on 9/18/11 4:31pm
Msg #397826

Re: You didn't lose two signings. You had two offers that

Still, " A bird in the hand is worth two in the bush".

Reply by Notarysigner on 9/18/11 5:53pm
Msg #397830

Yea like a virus n/m

Reply by ME/NJ on 9/18/11 7:40am
Msg #397795

Hope you made up for the lost money somewhere else

If I had nothing on the books and if it was only a few dolllars off WHY turn down job. You must be rich, I like to make money.

Reply by MistarellaFL on 9/18/11 5:05pm
Msg #397828

We have to draw a line somewhere

and without having all the details, it's difficult to discern whether this $95 refi was profitable enough to accept.
That is, if you are working for a profit.
Sometimes a $50 refi is profitable, and sometimes a $150 refi is not profitable.
Depends on the details.

Reply by Notarysigner on 9/18/11 8:28am
Msg #397797

I agree with moneyman,..you can't lose what you never had period. Market to the people who pay you what you want and forget the rest. You can get tired of eating subway if you like prime rib.

You can easily change your business model to accommodate those fees and all will be fine.

Likewise, as also posted, I will take a signing for $95.00 depending on the circumstances. For example, close to home, one borrower, package size and amount of work involved (all these things you can find out before accepting or turning down).

Have you noticed no one is posting about ND anymore?

Reply by MW/VA on 9/18/11 10:49am
Msg #397805

I also maintain a 3 digit minimum, but would have taken those if I wasn't booked. Biz is more scarce these days & that's not a huge compromise. I don't even think about the $70-$80 signings, though.

Reply by kathy/ca on 9/18/11 11:15am
Msg #397806

If they were not far away I would have taken them too! n/m

Reply by Jessica Ward on 9/18/11 12:08pm
Msg #397807

You can't take reasonable-fee work if your calendar is ...

full of low-ballers, partial payers, "hassle factor" or check-bouncers. My business model says stick to my guns. Every time I've waived, I've regretted it. There's a big difference between cash flow and profitability.

I'd have made the same choice as you.

Reply by Ruby on 9/18/11 12:20pm
Msg #397808

Re: You can't take reasonable-fee work if your calendar is ...

That is exactly why fee's have been lowered because people have accepted these low ball offers. Keep and accepting and not sticking to a reasonable fee and every body loses.

Reply by Lee/AR on 9/18/11 12:22pm
Msg #397809

and now we know

why there is continual downward pressure on fees. imho, we're supposed to be running a profitable business not a yard sale or auction.

I do realize that sometimes cash flow is more important than sustaining the desired profitability of your business, just understand that everytime you opt for 'cash flow', you are contributing to the WalMartization of this field and, ultimately, making it harder for your business to be profitable.

Reply by Notarysigner on 9/18/11 1:18pm
Msg #397813

Wikipedia - Walmarting

The Wal-Mart business model includes: marketing to a broad "family" demographic that includes rural as well as urban, ethnic minorities as well as mainstream, people without a higher-level education, lower- or working-class consumers, as well as the middle-class;

Reply by Notarysigner on 9/18/11 1:23pm
Msg #397814

Nordstorm rule book

Nordstrom Rules: Rule #1: Use best judgment in all situations. There will be no additional rules.

Reply by Notarysigner on 9/18/11 1:25pm
Msg #397815

Frenchie, I think you followed

the rules.

Reply by Lee/AR on 9/18/11 1:40pm
Msg #397817

WalMartization - defined

at great length:

http://www.zcommunications.org/the-costs-of-walmartization-by-silvia-ribeiro

Reply by jba/fl on 9/18/11 2:30pm
Msg #397819

Re: WalMartization - defined

That last line says it all - WalMart needs us, not the other way around. All businesses go through a cycle towards obsoletion; WalMart has finally entered the down side. Notice how they now have to advertise? They didn't in the past. I find this to be great news.

Reply by Notarysigner on 9/18/11 3:59pm
Msg #397823

Re: WalMartization - defined

Fully agree with the both of you and Lee that article was the bomb.

Our city, Oakland won't allow Walmart in, ...like other places, it would kill the Mom and Pop's. I think the city of Berkeley offers an award for who ever brings in a dead Walmart! IMO

Reply by GOLDGIRL/CA on 9/18/11 4:13pm
Msg #397824

That's a tough one, Frenchie

I admire you so much for sticking to your principles; however, you just got a heavy dose of "you did right" and "you did wrong," and both sides have strong points. You just have to decide for yourself.

In my area, there are notaries who demand $125 - maybe they get it sometimes - but more likely they're mad at notaries who accept $100 - $115. And furious at the notaries who snap jobs up at $75-$85 - and there are plenty who do. (In fact, that seems the going rate now when I'm contacted by firms I've never worked with before.) Click.

The most important thing is that you have to live with your decisions - don't look back, don't regret, don't agonize over it. Just decide what direction you want to go and stick with it. There were some great suggestions on how to do that in the replies to your post. ("You must be rich, I like to make money" not being one of them, however.)

Reply by Linda Juenger on 9/18/11 7:10pm
Msg #397833

Re: That's a tough one, Frenchie

I have a company that pays me the same whether it is 20 miles or 2 miles. I accept it because it works out in the wash. I don't make enough on one but make too much on another.

Reply by SouthernOK on 9/18/11 8:03pm
Msg #397836

Did you ask if they'd pay today? Let that be the early disc n/m

Reply by Pam/TN on 9/19/11 1:25pm
Msg #397875

I accepted a job a couple of weeks ago for a little less than I normally charge, only because my phone has not been ringing. I was thinking "a little of something is more than nothing". Normal fee $XXX, fee taken $XX, got a call from the same company Friday and they offered even less than the $XX they paid me only a couple of weeks ago. I did say "NO" to this, they immediately informed me they would simply find another notary that would accept this fee. I am assuming they did, because I did not hear back from them. This is a company I had worked for previously, always good relationships, never had any problems.