Posted by Sophia Spencer on 3/17/13 2:54pm
Msg #461742
I'm a new signing agent. Help!!
I am a new signing agent and have never been on a signing. I have had one company to call me to go on a signing, but when they asked how many signings I have done and I told them this would be my first one, they wanted me to get some more experience. Do any of you know any companies who are willing to hire rookie signing agents?
| Reply by Lee/AR on 3/17/13 3:08pm
Msg #461743
Before you do any signings...know what to ask, look for, do. Suggest you read Msg# 33325 first.
Then do your homework and figure out EXACTLY what your expenses are and what you will NEED to charge to cover the cost; then add your time/wages plus a profit.
| Reply by sueharke on 3/17/13 3:08pm
Msg #461744
Most lowball signing companies would probably welcome you as experienced notaries try to work for these SS. Newbies are easy to take advantage of in the amount paid for each signing.
| Reply by Buddy Young on 3/17/13 3:22pm
Msg #461746
Don't worry the ones that don't pay or the lowball companies will find you.
Take a course to be a certified signing agent, this will help you get your first job or two.
| Reply by Sophia Spencer on 3/17/13 3:30pm
Msg #461747
I am certified. I just recently finished a course to become a certified signing agent with Notary2Pro.
| Reply by Linda_H/FL on 3/17/13 3:38pm
Msg #461749
You should ask Carol - I'm sure she can help you..
My understanding is she has a good support system in place for her graduates.
| Reply by 101livescan on 3/17/13 3:38pm
Msg #461750
Do a search here on NR for LOWBALL, LOWBALLERS, NO PAY, LOW PAY, CROOKS, SCOUNDRELS, CHEATS, SCUM, SCUMBAGS, LOW LIFES, SOX, NATIONS DIRECT, SIGNING STREAM, and make your list of who not to talk to or work for. You'll probably get hooked along the way, it's like a game of chance. Only work for four and five star companies on signing central once you get some experience. Notary2Pro probably has some companies to recommend you work for in their course material.
Good luck! It's a learning curve for sure. This is serious business, takes a lot of attention to detail and one where the notary bears a lot of responsibility for error free work. Perhaps you know of someone in your area who can mentor you.
| Reply by HisHughness on 3/17/13 4:12pm
Msg #461751
***Do a search here on NR for LOWBALL, LOWBALLERS, NO PAY, LOW PAY, CROOKS, SCOUNDRELS, CHEATS, SCUM, SCUMBAGS, LOW LIFES, SOX, NATIONS DIRECT, SIGNING STREAM***
Please ignore any hits you get on my name under "scum" or "scumbag."
My ex-wives like to play on the Internet.
| Reply by Belinda/CA on 3/17/13 4:30pm
Msg #461752
Don't lie about your experience, don't sell yourself cheap.
This business is very difficult to get going in and to stay in.
You were probably told it is easy and you’ll make a lot quick. Since when is that philosophy so?
You need to be a marketing guru, spend hours a day for months and months to get jobs going in your direction, pound the pavement and spend hours and hours and hours applying with places, learning your craft, learning terms and documents frontwards and backwards, and learning your state laws.
It takes huge amounts of time and effort and then it pays off. Maybe not for a year or more depending on your tenacity.
Do not work for peanuts. Maybe figure what you have to make per year to do well. Work backwards from there. How many signing will it take to make that much and how much per signing to make that much. How many can you do in a day? What are your expenses? How many miles per gallon does your car get and how far are you willing to travel for a signing? Gas is going up and up slowly but surely. Figure what you have to make per signing to make a profit. A profit!
Remember you have to pay taxes. For an example of taxes: one of the posters here on the board posted about his taxes after he had them done for 2012. He said after expenses and paying taxes he was left with 52% of his income to live on. WoW! This is probably typical.
With the 52% in mind, if you are making $150 per signing that boils down to $72 for taxes and expenses and $78 dollars for you. Keep that in mind as you figure how much you need to bring in for a year. Consequently, the amount you figure you need per year needs to actually be about double that. Good ole’ self-employment.
Soooo, charge appropriately. Once you start selling yourself short you have set a precedence with the companies and you can't raise your fee afterwards just because you have more ‘experience.’ They will not go for that.
For example keeping the 52% in mind:
Do an $80 signing and take home $41.60
Do a $125 signing and take home $65.
Do a $150 signing and take home $78.
Surely your hard work and expertise is worth more than $41.60.
Also, these loans signings are not just stamp and run as you will see. So, then you have to divide that $41.60 by, say, four hours because being new to the field takes time. Now you are making $10.40 per hour.
It is not out of line to consider you will spend 1 hour or more once you get the workorder to read it, to go over the docs, and think them through and tab them or whatever you are going to do to get them ready as a new signing agent. You will be nervous. Then maybe 1.5 - 2 hours with the borrower(s). Half and hour to drive there and half and hour to get back to the office. Another hour to go over the docs paranoid you overlooked something. Hopefully you do not have to go back to get an initial before dropping the docs at FedEx. Oh yeah, that takes time too. You are now at 4.5 - 5 hours. Now you are making $9.24-$8.32 per hour of the $80 lowball fee. $80 sounds great to some. But, is it really?
See why this board so strongly encourages people to not work for pennies on the dollar?
Even when you get quicker $41.60 (an $80 signing fee) is a pittance. Let’s say your signings start getting to be 1 hour at the table, 1 hour there and back, 30 minutes prep, re-check, and dropping at FedEx. This is assuming there are no hitches. That is 2.5 hours per loan. Divide $41.60 by 2.5 and you will get a whopping $16.64 per hour. All the while wearing your car out along with the burden of liabilities.
Welcome - it is doable.
| Reply by Lee/AR on 3/17/13 5:18pm
Msg #461757
Good analysis here, Belinda. Somebody add to 33225! n/m
| Reply by Lee/AR on 3/17/13 5:20pm
Msg #461758
Rats~~ Make that 33325! n/m
| Reply by BrendaTx on 3/17/13 7:41pm
Msg #461768
It's easy - copy and paste it into the thread. :) n/m
| Reply by JanetK_CA on 3/17/13 6:31pm
Msg #461763
Agree w/Lee; One of the best posts ever on this topic! n/m
| Reply by Karla/OR on 3/17/13 4:32pm
Msg #461753
Welcome Sophia! Glad to see that you got certified - that's a big step. Keep reviewing the material so that when you do have your first closing, the info will be fresh in your mind. Also, keep reading on this forum and take in all that you can. This Forum and actual experience at closings have been the best training for me so far. I hope that you will find this job to be very rewarding as most of us on this forum will attest to.
Hope you will let us know when you get that call and confirmation to go out on your first one so we can support you.
You will soon recognize that Hugh is our Forum comedian!!! You will love his humor and he also has a trunk full of good advice.
Best of luck!
Karla
| Reply by leeinla on 3/17/13 5:17pm
Msg #461755
Belinda, great posting.
Everything you said is so true.
| Reply by Christine Morales on 3/17/13 5:17pm
Msg #461756
Go to first american title they like new people.
| Reply by Belinda/CA on 3/17/13 5:41pm
Msg #461761
But their pay is sub-par. n/m
| Reply by MW/VA on 3/18/13 9:49pm
Msg #461903
This is a tough biz, Sophia, and it's pretty much a "pay
your dues" structure, where many cos. will only hire experienced people. There's too much at stake, since these are large financial transactions.
A word of caution, too. There are cos. that prey on newbies, and will seek you out with low-ball offers & non-payment.
Start marketing yourself to some of the better cos. in Signing Central, explaining that you are qualified but do lack actual hands-on signing experience. Eventually, someone will take a risk. Make sure you do a great job, and they'll probably call you again. It takes a while to establish yourself in this biz, but try not to get discouraged.
My first year in this biz wasn't anything great, but it built up steadily. After over 7 yrs., of experience I don't have to go looking for any work, and get more calls than I can handle.
Good luck & welcome to the forum. You can gain a lot by following the threads & picking up tips that might not have been included in your training.
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