Posted by Kevin Pereira on 4/5/12 11:28pm
Msg #417122

Can I make a living as a Notary?

Hi everyone,

I'm sure this topic gets discussed a lot but I would like some input. I'm currently a young real estate agent in the SF Bay and business is slow due to lack of inventory and so I'm becoming a notary for extra income but I am curious as what kind of income I can expect?

I'm willing to do what it takes and go where need be (mobile notary and loan signing) so what can I realistically expect in 2-3 months time of marketing? Is there enough business out there or is it slow and competitive like the real estate industry?

Thank you!

Reply by CJ on 4/6/12 12:43am
Msg #417126

This is a difficult question to answer. It's like saying, "Can I make a living opening a restaurant?" Many restaurants succeed, and many fail. You have a service, you market, you open the doors and you pray that customers appear. If they do appear, you do your best. Sometimes you blow it and they never call you back. Sometimes you think you are doing well, and another restaurant (with cheaper food) opens next door and everyone runs over there. There are a lot of variables as to whick restaurants succeed and which ones fail. Likewise, there are a lot of variables as to which notaries succeed and which ones fail. Some variables are out of the control of the restaurant owner / notary.

Since signing services are EXACTLY tied to the real estate market, we go up and down with them. When everyone was signing up with subprime loans, we were rolling in work and money just like eveyrone else. When the governement pulled the plug on those, tons of people went out of business, including notaries. Loan officers, title people and processors didn't have work so they also became notaries, but our ranks were already overcrowded and not working either. Notaries were like starving wolves fighting over a winter carcass.

After a three-year (or more) drought of practically no work, interest rates went down in the middle of October and everyone was scrambling. Suddenly, there were not enough notaries to go around. Then interest rates went up and we are all sitting by the phone waiting for it to ring. No one knows what tomorrow's work will bring.

Some people here do make a living, some do it part time, some have been working at it for a while and still get minimal work. Some charge a lot, some undercut. Some are good, some drop the ball. We are all independent contractors striving to get the same jobs.

You can look on Signing Central and market yourself to the companies there, and you can read these posts every day. Reading these posts will be an education in itself.

Reply by Kevin Pereira on 4/6/12 12:54am
Msg #417129

Thank you for the thorough reply!

Reply by CJ on 4/6/12 1:04am
Msg #417131

You're welcome. Remember to read these posts every day.

Reply by ikando on 4/6/12 9:40am
Msg #417142

CJ, what a wonderful analogy. Our work IS like a restaurant in that the client (title/lending companies) have all sorts of options and choose to pick us for any particular project. In my situation, it is not my only source of income, but I do well between the signing and general notary work.

As others have mentioned, read and learn from this and other notary forum sites, Know Your State Laws regarding notaries, and market wherever and however you can.

Reply by MW/VA on 4/6/12 10:32am
Msg #417149

CJ gave a great analogy here. IMO the answer

would be the same if I asked, "Can I make a living as a Real Estate Agent?"
Again, IMO, the Real Estate/Mortgage debauchle flooded the market with everyone trying to cash in.
The bubble burst, and it's tough to make any money in the field. This industry was always competitive, but it's even tougher now. TC's and SS are low-ball bidding to get what work is out there. I also don't think it's exclusive to this industry. It seems to be impacting business across the board. I know many restaurants that have closed, for example, and others are down by 50% or more. It's a sign of the times (sigh).

Reply by Chuckd80/NJ on 4/6/12 11:25am
Msg #417155

Good analogy, CJ.

Reply by Karla/OR on 4/6/12 2:48am
Msg #417132

Great answer CJ! n/m

Reply by JanetK_CA on 4/6/12 3:08am
Msg #417133

CJ gave you a pretty thorough response. I would add, though, that even if you work very hard, in the current economic environment, I don't think it's realistic to expect much results after only 2-3 months. This will vary a great deal, of course, depending on where you are located - along with all the other variables that CJ mentioned.

BTW, make sure you know your way around a set of loan documents. Your real estate knowledge will help some with knowing terms, the process etc., but it's not enough. Also, know your state notary handbook inside out, backwards and forwards.

Reply by Luckydog on 4/6/12 7:45am
Msg #417135

Back in 2005 when I started, I need a 2nd job and tried to balance the 2. The trick is that if you turn down closings, they quit calling you, so you have to be available almost always. It took me a good 8 months to quit my waitress job and go full time. In the beginning you make mistakes, and are pretty much self taught, live and learn. I think if you try it with being a realtor, would be great...just swing your realty jobs around your closings. You have to be available for them.
Good luck. This has been my only job since I have started, and am a single mom with no support. It pays the bills, and better than waiting tables!

Reply by Stephanie Santiago on 4/6/12 10:42am
Msg #417153

Very Impressive Luckydog! n/m

Reply by Stephanie Santiago on 4/6/12 10:54am
Msg #417154

It takes more than 2-3months to build a clientele... n/m

Reply by Les_CO on 4/6/12 2:39pm
Msg #417161

In my opinion it’s not likely. I would say it depends on everything stated above….and chance. One can make a good living buying lottery tickets…if you win early and often.
You could with your RE connections find a local title company, new, well established, or even a branch office of one of the majors that just acquired a new customer that is doing a lot of business in the SF area (very unlikely given the prices) and needs a mobile notary signing agent to handle all of their increased business. There is not a lot of competition for NSA’s in the SF area, and some there command a higher fee (parking/tolls/overhead) but I would guess if you market yourself to EVERY signing company, and every title company (local and those that do interstate business) and pursue this job with diligence, and tenacity (more effort than you spend on your farm area) you could end up making maybe three-four hundred dollars a week. What will that buy in SF?

Reply by Kevin Pereira on 4/6/12 5:15pm
Msg #417187

3-400 a week? You must be kidding me...

Reply by CJ on 4/6/12 11:42pm
Msg #417219

For the past three years, I was averaging one job a day.

For the past three years, I was averaging one job a day. I'm not going to tell you how much I charge, but that could be anywhere between $50 - $100 a day. Gross. Then minus the paper, ink, gas, etc. and how much did the job cost you? It picked up in October, but it could stop tomorrow. And I was lucky to be getting one job a day. I would check this forum and read lots of people saying, "My phone hasn't rung/rang all week". "I did only a handful of jobs this month". "Is it slow there too, or is it just me?"

Reply by Les_CO on 4/7/12 8:25am
Msg #417224

No…not kidding. I know several NSA’s in the SF area and my Ex has been a real estate broker there for years. One thing to keep in mind we as NSA’s DO NOT get a percentage of the sale price as a commission. We get a flat fee, and not much of one for the work involved. Now a commission split on a $1,500,000 condo you can live on for a while…but that same closing in SF will pay a NSA maybe $125.

Reply by ReneeK_MI on 4/8/12 7:21am
Msg #417280

One thing to add ...

I know we have others in this community who are 'cross-marketing' as either RE Agents or Loan Officers, but I just can't understand how that doesn't hurt the SA part.

RE Agents & Loan Officers are every bit as territorial as SA's are, and necessarily so. Title co's aren't going to score any points with either of those clients by sending their competitor to close their deals.