Posted by 101livescan on 6/25/13 8:39am
Msg #474605

Trend for SS Payment

Performed two signings back to back on investment property for a client I've signed twice before on May 2...nice to see such hardworking people get ahead with great interest rate.

I received a check yesterday, dated May 31, 2012, so payment received June 24, 2013, that's 7 weeks out. Guess checks are mailed, AFTER rent, salaries, insurance, taxes. It's a four star company, too.

We're just not a priority folks. We're not UP THERE on the first tier of financial obligations.

That is why we need to negotiate the best fee possible. To me it's a sign that this company is struggling, not bringing in the business like it needs to, notaries paid at the very end of the cash flow. Gives more credence to working only for companies that pay us when the transaction closes. I know those two properties closed in two days.

At least I did get paid ultimately. I'm not publishing the name of the company out of respect for them, but I will definitely make it part of my negotiation the next time they call me for a signing to be paid sooner than 7 weeks out.

So in a nutshell, these companies are having a hard time staying afloat and we're last on the list of payees. It's definitely a trend I'm not relishing that much.

Reply by janCA on 6/25/13 8:51am
Msg #474610

These companies keep negotiating their fees down to the title companies. You can't keep doing that and make a profit. Pretty soon, they will negotiate themselves right out of business. It's just a matter of time.

Reply by 101livescan on 6/25/13 8:56am
Msg #474611

You're right on, Jan. It's a MUST to keep a watch for who we do business with. There are simply too many SSs on the radar screen right now with business models that don't work. It will be interesting to watch the ones who drop out.

Even more important to do our homework before we take the assignment and to work only for those companies who have a strong track record for payment delivery.

Makes no sense at all to work for $50 to $95 and expect to make a profit, make it worth doing all that we do to keep going.

Reply by jnew on 6/25/13 10:44pm
Msg #474733

In late 2008 and early 2009 I had the most problems collecting my fees on time. The cash flow problem was evident, along with some of the smaller operations folding up rather than paying their obligations to notaries. I have a one strike policy. If they pay too late, I will only work for up front Paypal payment prior to signing.

Reply by NVLSlady/VA on 6/25/13 9:20am
Msg #474616

<<"We're just not a priority folks. We're not UP THERE on the first tier of financial obligations.">>

Not a Priority, that is until the SS calls last minute for a rush hour closing!!

I liked your comment (Msg #474609) about working DIRECT (just makes more sense to me)

Reply by snowflake/PA on 6/25/13 9:44am
Msg #474618

When the ss's fail - we WILL be getting direct calls from title.

Reply by PE on 6/25/13 9:55am
Msg #474621

When they fail, there will be a new crop of newly trained SS just graduated from the summer convention sponsered by the N..
Bottom line just ask questions and go with your experience and gut feeling about the company calling you.

Reply by 101livescan on 6/25/13 9:59am
Msg #474622

As well as using SC as a resourceful tool in reading their ratings GBU.