Posted by 101livescan on 10/20/12 8:33am
Msg #439343

Surviving Signings, Not working for Low Ball, No Pay Co's

This is for new people on this board. You can go to Signing Central and sort the companies by star rating. The companies with 3.5 to 5 stars are the only companies any of us should be working for.

Three star are a huge gamble. Two, one and less, don't even go there. Some of these companies aren't even around any more, but listed just in case they rise from their graves!

You never know when they will resurrect themselves. Hopefully they've moved on to their original gigs, whatever those were.

Now, if you can just remember not to accept work from the 1-3 star companies. There are so many, how do you track them all.

What do you think of the policy of asking them, how many stars do you have on NR, and that just might be illuminating. Otherwise you gotta have a pretty good memory to recall all the companies out there which do not pay, never intend to pay, and outright out fox new notaries.

I had a call from Firma Signing Solutions yesterday. My first clue I shouldn't take the assignment: Low fee, $75 for edocs. I immediately informed the scheduler that is too little compensation for the scope of work, only half of what I normally get for signings. She hung up.

Got back to my smartphone and browsed them on NR: 2-star company! Shoulda known, right?

These companies have negotiated low fees with their clients to get the work, but then keep most of fee for themslves and try to get notaries to work for peanuts. As you know, some of them never pay up, or deduct partial fees if you make one misstep.

It's just that simple. Hope this helps you all in strategizing about your business model and how to stay in business by getting the better paying job$.

How an awesome day. Heading out for four closings this morning, then wine tasting fund raising at the SB Harbor this afternoon. At last, it's cooler here on the central coast.

Reply by Linda Juenger on 10/20/12 8:55am
Msg #439346

Where's the "Like" button n/m

Reply by Brenda/FL on 10/20/12 9:06am
Msg #439347

I had a company call me yesterday and after introducing himself he said "We are a 5 star rated signing service on Notary Rotary". I am learning how important this rating system is to all involved.

Reply by HSH/WA on 10/20/12 9:09am
Msg #439348

I have been working with 3 stars and above and accepted a signing for today after turning down two others - which is hard to do when you are looking for work. I printed out the NR ratings so I can look up how they are rated during the initial call. While I am looking them up I ask, "how many stars to you have on NR?" One 2 star said "you go by that????" As a scattered group of independent contractors I think this is the most valuable tool we have. We know from earlier posts that signing companies pay attention to what is being posted on NR. My minimum is $100 for a normal signing and so far I've got it - I know it's less than what you get and when I get busy I intend to bump it up along with moving up to 3 1/2 starts and above. I figure it will take a year to get where I want to be.

Reply by 101livescan on 10/20/12 9:26am
Msg #439349

Way to go...we don't have a nanosecond to waste on these low/no pay companies.

You'll foster a great audience out there. We have no time to chase our money or to perform work for "charity" cases.

Have a great day!

Reply by 1Notary1 on 10/20/12 9:59am
Msg #439351

I, personally, only do work for 4 and 5 star companies. n/m

Reply by LKT/CA on 10/20/12 10:03am
Msg #439352

Me too, 1Notary1 n/m

Reply by 101livescan on 10/20/12 7:35pm
Msg #439419

Re: Me too, 1Notary1

There are a handful of 3.5 star companies I still do work for, because they meet my fees and and pay on time. If that ever changes, well, they will fall from grace to the sea in my book.

Reply by bfnotary on 10/20/12 1:35pm
Msg #439372

Five Star Post. Like!!!! n/m

Reply by BrendaTx on 10/20/12 1:51pm
Msg #439376

I added this to #33325 - great advice, 101!!!! n/m

Reply by Clem/CA on 10/20/12 2:14pm
Msg #439378

I really like the part about Wine tasting!

Reply by NVLSlady/VA on 10/20/12 3:02pm
Msg #439384

70% NSAs have less than 10 years experience (http://www.payscale.com/research/US/Job=Notary_Signing_Agent/Salary)

After my "performance review" at the end of the year, I intend to give myself a Raise!!
So when a co. calls and says, "we pay $xx.00 for this," I can respond: "You pay that to seasoned signing agents? If you'd like a professional with experience (I'll have 1 yr), my fee will be $xxx.00"

Reply by JanetK_CA on 10/20/12 3:44pm
Msg #439395

Very interesting, but I think it's critically important that we all realize that the vast majority of us are business owners, not salaried employees. Major difference in thinking, to say the least. The upside of that is that it IS up to us to give ourselves a raise!!!

Reply by JanetK_CA on 10/20/12 4:00pm
Msg #439398

"These companies have negotiated low fees with their clients to get the work, but then keep most of fee for themslves and try to get notaries to work for peanuts."

Exactly. In other words, they're trying to negotiate with our money when they say "that's all I'm getting..." I'd bet that the vast majority of these companies that have acquired clients by underbidding are expecting to make up the difference by attempting to lower the fees they pay out to the notaries they hire vs. reducing the amount they keep for themselves. Their reasoning will be that they have overhead, need to make a profit, etc. Well, so do we. And we weren't consulted when those agreements were made, so we're under no obligation to go along with those fee reductions.

They could always choose to find a different client if they're asked to reduce the amount of the fee too much. And so can we....

Reply by ikando on 10/20/12 4:33pm
Msg #439405

For over a year, I've been trying to figure out why the companies up the chain from NSAs have decided they need to offer services at a discounted rate. As has been stated here before, the borrower isn't getting a reduction of costs. Seems by this method, the only group making any real money is the lender (bank), and isn't that where the dominoes started tumbling?

Eventually the fees all the groups above us NSAs will decide they can't handle the squeeze any more and either drop out or raise their rates. Then maybe we'll see a real change to the positive.

Reply by Marian_in_CA on 10/20/12 6:05pm
Msg #439408

"These companies have negotiated low fees with their clients to get the work, but then keep most of fee for themslves and try to get notaries to work for peanuts. As you know, some of them never pay up, or deduct partial fees if you make one misstep."

This is EXACTLY right! They don't think we know that, either, apparently. They are the ones that undercut other singing agencies to get the jobs and then in order to make a profit for "themselves" they keeps well over half the fee they get. Yes, in many cases, they do... and don't them them tell you otherwise. I know of one SS that swore up and down they "only* got $125 for a job and could only pay me $100. I wanted $165. They refused.

5 hours later, I get a call from a TC and they said that they were desperate to find somebody because the signing service that bid on the job turned it back after not being able to find a notary. You know what? Turns out the address and borrower name were the same. Inside, you know I'm laughing. SO, I say, sure... how's $165? The TC said, "Are you kidding? We'll pay you what we were going to pay the signing service... $225.

$225. I later told the TO that the SS approached me about the assignment earlier in the day and what transpired. She was livid. Of course, now if they have anything in my area... guess who gets the call first instead of a signing service?

So, now, when those signing services start spewing those lines about "that's all we're getting" and such.... I just don't believe them. A lot of loan officers and title companies have said that some signing services skim 30-60% of the fee for themselves, some even more than that.

Reply by 101livescan on 10/20/12 6:43pm
Msg #439413

Thank you for everyone's input...This is a valuable thread. I hope you'll all remember it and think about who you work for and how much, and how to give yourselves a raise in the coming months and years in this business.

HAPPY EOM! It's going to be rock and roll. I had lots of calls today for next week.

Reply by Neil L. Kleeger on 8/13/13 12:29pm
Msg #480313

Do you have a url for Signing Central?