Posted by ME/NJ on 2/28/12 1:34pm
Msg #413373

Now the part I dislike about our business

Need to chase the money, had a couple of new clients and even some I have worked with in the past. We pay in 3-4 weeks, I have a bridge you can buy. One client it's a monthly chase and I'm getting tired of it.

Day two of late docs, I saw the HUD for this one @ EOM they got back 30 bucks, god knows how they will work it out for today, sure hope the lender issues a credit other wise the borrower will need to write a check.

Reply by Luckydog on 2/28/12 2:05pm
Msg #413383

Just make a note on their listing in "company ratings" to let us all know who pays late. That is the main thing I look for. Late docs suck, but getting paid laid is much worse! No one likes to work for free.

Reply by ME/NJ on 2/28/12 2:17pm
Msg #413387

Late doc's are fine if it's the only thing scheduled or you have a large gap between signings, but when you don't the 2 hour window is important. I give an hour between signings in case they run a little late. Today I just handed back a deal because still no docs and hour till signing, at this point no way can make later appointment.

What gets me about this business, we do the work so we should set the credit terms not the other way around. Does my credit card payment say pay in 45-60 days, my gas, cable and phone don't say that. Now if you take a job which the company has clearly outlined payment guidlines and are longer then 30 days it's on you. If you say payment within 3 weeks and week 5 nothing or say pay on 15th for prior month and nothing.. oh boy.

I think this industry could use some regulation.

Reply by Moneyman/TX on 2/28/12 6:30pm
Msg #413430

"I think this industry could use some regulation."

By setting our own credit terms and fees, & sticking to them is one way we can "regulate" this business. Another way is to let others know that certain companies don't pay as agreed, pay late, or stiff NSA's. Making the decision not to accept work from those companies (regardless of what they "offer") or ones that do not agree to the NSA's payment terms is yet another way.

If they cannot fill their signing orders then the TC's will stop using them and they will go out of business. That's how the market can regulate itself.

The real problem is that there are a lot of people without any real understanding of how to run a business or how to price their services that help to keep the bad companies in business. I have no sympathy for people that accept low ball offers from companies that have a history of not pay even the low ball offer as agreed or companies that have a history of slow pay when they post rants about not being paid [a general statement - not aimed at any post in this thread] This doesn't mean that I think people should not let others know about slow/no paying companies. They should just acknowledge that it was a mistake and accept responsibility for their part when they post without looking for any sympathy.

I charge late fees and do not accept work form companies that want to hold my money for more than 30 days. I only have one company that I will accept work from that pays Net 45. The only reason I accept work from this company is because for 2 years they paid Net 30 and when they changed their payment schedule several years ago, they agreed to meet my increased fees for the additional time.

Reply by NJDiva on 2/28/12 9:44pm
Msg #413443

AMEN CHRIS!!!!!

"If they cannot fill their signing orders then the TC's will stop using them and they will go out of business. That's how the market can regulate itself. "

It's as simple as that folks!!!!!!!

Reply by Margaret Paddock on 2/29/12 12:24am
Msg #413453

I know what you mean. I received docs for the wrong borrower - both last names the same but in different states. Docs printed before I caught the error. My time wasted and I couldn't do the signing as it delayed me so much. On top of that when I called the guy almost accused me for the error! Like I could access the wrong docs on my own - duh. I had to call them to begin with as they were late sending docs.