Lowball Signings

Sorry to say, but your experience is a classic newbie mistake as once you put yourself in the bargain bin with a co., you rarely, if ever, get out. Now that you have experience, sign up with other co’s, but don’t accept lowball offers from them.

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Sorry to said but you create your own problem. After all your expenses and accepting low offer where was your profit? It is late but I hope you learn anything from your bad experience.

Are you countering the offers? I learned the hard way as a new agent. I started this business just before the pandemic and my suggestion is to start declining if it fits your situation and wait it out.
I have found direct calls (not on signing platforms) from title companies pay very well. After a while the lowball offers will stop because they found someone else.

Also, go to Kendra’s Signingagentbasics episode on You Tube titled How To Determine costs and Profit. This really helps me to negotiate my costs and profit appropriately.

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I’m glad you found the video helpful!!!

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Hi Kasie, this is the nature of the signing agent business. Hiring companies want to hire us at the lowest possible rate because they want their profit margin to be as high possible. From their point of view, they would be foolish not to try, right? However, the buck stops with us as far as whether we accept a lowball offer. My advice is stop expecting hiring companies to automatically offer you a fair rate. Know that each time they are going to ask you to do the job for the least amount of money possible and you should not be offended by it any more than they should be offended when you counter their offer.

You had to learn the hard way like so many new notaries do. And I put myself in that category too! So don’t beat yourself up about it. Moving forward, you are armed with the knowledge that you have the power to counter an offer and to accept or refuse any assignment. Find out type of signing, # of signers (notice I said signers and not borrowers), # of pages (if possible), location of signers, and whether scanbacks are required. Then give them your quote. If their assignment parameters change after you have accepted, then you inform them what the new rate will be.

When the offer is too low (and they always are), counter it. Whether it is the first request from a hiring company or the 100th. Either they will accept your counter offer or they will move on. And same for us. I had been accepting a certain rate for doing signings down in Long Beach area and when I got another assignment down there recently, I increased my rate and explained it is because what I was ending up having to do is drive even further south to Warrenton, Oregon to be able to drop the package at the UPS facility on time. Warrenton is 40 minutes further away but is the closest vs. driving 2 hours back home and then missing the pickup cutoff time. So going forward, I take that extra drive into account or tell the hiring company it will be a next day drop.

Wishing you good luck, Kasie. Keep at it! :slight_smile:

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I concur! Well said!

You must do your homework first.

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Lowball Signings? Today, I had a small problem with high roller signing! :joy: It was quite funny. I received a fee confirmation from my favorite title co for one of my Sunday signings for $2,050 for a simple refi! True story. :joy: I called the lady immediately. I gave her the order #, she pulled it up. And she said, how may I help you? I said, can you look at the total fee for this signing? She said, sure. I said. What does it show on your side! She paused, I almost could see her dropped on the floor! She became silent. And I said, yep. $2,050! That’s why I’m calling! Someone obviously changed my $250 refi fee to $2,050 by accident! Yikes! She thanked me for letting them know:). I joked with her that I’m worth it but I can’t accept that high of a fee! :joy:

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This is a business. No one is going to pay you more than you agree to accept. Offers are just that - offers. Accept the first amount if you think it’s all you are worth (or can get) - that is your choice as a businessperson. Otherwise, counter with your desired fee. If the company declines to negotiate, that is their right. They believe they can get the job done at the fee they are offering. If they discover otherwise, they may come back to you.

Start looking for other clients.

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You are correct, Judi. How is it that I am very busy even though my fee is higher than average. I am busy 7 days a week. Yesterday Saturday, I closed five loans lowest $160 to $250 the highest. Right now it is Sunday on my way to my 3rd of 4th closing and texting this message, sorry. But I’m texting using my EarPods so I’m ok. The lowest is $140 the highest is $250 or simple refis:) :pray: Thank you God.

Also on Friday a signing agency sent me a text message asking me if I am available to do a reverse signing for $125! I politely replied back and said, “Thank you for thinking of me. I am currently only taking orders from existing title companies that I am working with right now. Also my reverse fee is $400. Thank you.”

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How did you market yourself to get direct calls?

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I started going directly to the title company website, and there were 2 title companies that I was invited to directly sign up with. They will vet you by asking for all of the required information but once it’s complete they contact you if there are signings in your area.
Now, I only work with 4 core companies and they provide me with 8-10 signings per week with $175 as my base fee. I find this more helpful than chasing pennies elsewhere but my prices are based on the state that I live in (NJ) so you need to move accordingly.

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Thanks for the tips. How did you start your Title company search and determine which were the right ones to solicit? I’m in CA by the way

Since everything is shut down due to COVID I went to the title company websites and one company was advertised on the NNA for a limited time. The final was an invite to apply. Once I provided all the needed paperwork they would contact me if there were signings in my area. These companies usually fill up my calendar in advance so I can plan around my full-time job. I wish I could say that I had a strategy but, I do not know anyone in this signing work so it was outreach, apply and see how it turns out. They also pay in 7-14 days depending on the signing date. If you are on time, reliable, and follow the directions they provide the same schedulers continue to call me.
Prior to this continued to boost my knowledge and skills with Snapdocs signings.

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Thanks for the tips :grinning:

Thank you for the guidance. How did you decide which title company websites to check out? Did you just google search local title companies in NJ? Also, I’m on Snapdocs and don’t seem to get any assignments. Is there any kind of strategy for getting Snapdoc signings?
Thanks again

Snapdocs is a jump start. Try Amrock, XOME, Signature Closers. They’re not really high paying, but more steady income and well organized companies.

I am using Old Republic Title, Mortage Closers, Inspire Closings, and Mortage Connect. Snap Docs has always been my go-to when things are slow.

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Hi Millard, how does Sanpdocs help when things are slow. I am with Snapdocs and get very little signings through them. I registered with them back in April, maybe 5 signings from them. My rating is high with them whatever that means. LOL

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Hi VIP; pls advise how does one go about getting work frm title companies VS signing platforms. I’d appreciate any feedback (I’m located in the Woodland Hills, CA area (The Valley). Thank you, Robin Smith