Good Day!
Curious if any of you experienced Notary’s/LSA’s have seen a growth in your signing fees from SS with the maturity of your busienss? Beginners always take those low ball offers for experience, I get that… But after sometime your experience out weights the low ball offers. From the time I started about a year ago and now I have seen my average signing climb from the 40’s to the mid 90’s.
What say you mature experienced LSA?
Jim
Idaho Notary Signing Agent.
Where I am, it’s over 30 miles to the nearest FedEx or UPS dropoff point, and 5 miles to the nearest business, so I’ve never considered fees under $100 for most real estate transaction signings. I might go below that if there’s only a few pages to deal with.
I haven’t noticed any willingness by any particular SS to pay more for an experienced signing agent (maybe it happens, but I don’t see it). Of course, the experienced signing agent can make a higher per-hour profit because they can carry out the whole process faster.
Agree with Ashton. 25 years later, I’m making LESS per signing…probably due to so many willing to work for peanuts. Still have a few companies willing to meet my minimum…but it is mostly ‘my minimum’. Seems that once you’re in the bargain bin, it’s really hard to get out so don’t do that to yourself.
I think a lot of things have opened up the access to be an LSA with internet speeds increasing, technology making it easier to get documents, printer hardware prices coming down, GPS, and so on. It’s the same in other areas like Photography. My wife and I do wedding and everyone with an iPhone is a photographer. I think all we have is our reputation and connections to rely on. I am hoping to eventually make those relationships with EO/LO and Real estate professionals to get those direct fees so I dont have to split it with the SS.
Keep pushing. My average fee this past month was $125. Tho’ I did have one @ $150—which was low-average 25 years ago. And, back then, the docs were overnighted to us. Technology is a factor.
I averaged about $50 per signing when I started 20 years ago, and $95-$100 a year ago. I’m averaging $110-$115 now. As of 15 months ago I started to focus more on this as my main income and put in the effort to get on more of the “good” signing companies’ lists. The best ones know me and can rely on me so are willing to pay more than their standard fee. I also get maybe 10 offers (many for way to little money) for every one I accept and that’s been increasing every month. I set monthly goals and if I thought I would fall short I would probably accept a $75 or $80 (within 18 miles) but it’s been a long time. I really think of the signing as a team effort and try to keep it a win-win-win-win (me, signing co., title, signer) so I think I’m reasonable about fees and wouldn’t feel professional or respected if I accepted $40 and $50 fees. It might be different if I had a lot more competition, though.
Hi Jim, that is an excellent question and one that many signing agents ponder. The problem with beginners accepting lowball offers is that our personal and professional responsibility/liability are exactly the same-- regardless if it is our first signing or 101st. Business is business. I caution all NSAs to make sure they understand what it costs them to do a signing and to charge accordingly. Don’t accept a lowball offer without first understanding the true cost. Time, equipment, paper, toner, gas, licensing, notary stamps, training, insurance… it all adds up. And on top of that we must be able to earn a living. No one is successful in business by just breaking even. Not escrow & title companies, not lenders, not signing service companies, not attorneys, and not us signing agents.
Wish you the best.
This goes to the business principles that airlines and companies like Amazon use - a concept called ‘yield management’ comes to mind. The idea is to get the maximum utilization from a limited resource, like airline seats, inventory or notary time.
These companies realize it’s better, for example, to sell the last few seats on an airliner at a loss, rather than risk losing 100% of the revenue.
I have some ID verifications that pay poorly - about $30 for 15-30 minutes (not counting travel); I try to avoid them, unless I can get a group of them, back-to-back in a single area.
Suddenly, signings that would have been far in the negative (e.g.: significant driving time) become very profitable when you can knock a half-dozen or more, along with R/E closings in the immediate area.
Put simply, although there is a floor pricing for most signing engagements, there is no hard-and-fast rule, and working with the signing agents/lenders/lawyers/etc… can yield some interesting (and profitable) results.
HWB.
I agree…to a point. When ‘grouping’ works–it works! Just don’t fall into the “well, I’m going there for one at my fee, so I may as well do this nearby one for much less”. Then the high paying one cancels and you’re left working at a loss.
My belief is every fee has to be profitable by itself and there are few exceptions to this rule. .
