As I said…it’s all NUMBERS. Sure, out-of-state TCs call direct…for the (number) 2, 3, 4 they may have in my (number) low population, rural area in a year! To local TCs, I am the competition. Guess the point I’m trying to make is ‘they don’t really care about experience…they just want as cheap as possible’. (And as long as there are so many willing to work cheap–may as well look for experience, too.) It’s up to ALL of us to keep ‘possible’ UP. Except…that will never happen…due to the (number) of newbs looking for (number) work that will probably (number) decrease as (number) interest rates increase.
OT: This really isn’t rocket science and they figure they most likely will be able to get the many minor errors fixed for (number) little or nothing–and they have enough (number( PROFIT to cover the (number) major ones, if necessary.
There is one large closing company that many of us work for that calls me at the beginning of every year and asks me to cut my fees. This is difficult, since I can’t figure out how to justify doing that when my costs have gone up. I tell them that and keep things the same. Then I raise later as needed. I believe they know we are running a business just like they are, but they have given the lender a cut rate to get more bus. My fees are not the same as when I was new, but I still get a lot of requests.
Pay less? There is a pandemic. The pay must be double. I charge double what I used to charge before the pandemic. This is the new normal. I am doing better than ever with the bottom line. But I am not working as much. The “experience thing” is not true. Companies don’t really care about experience. They only care about low balling. Of course as the interest rates go up, we will have less refinances. With Biden in power, you see how the gas prices are up. The same I am expecting with mortgage rates.
Thank you glenntabor for confirming what I’ve been saying. When they tell you to ‘re-apply when you have X experience’ all they’re really saying is ‘we already have more than we need and don’t want to bother setting up/validating more, but, in six months time we may need more new bodies to offer low fees to as the last batch left the field for steadier, more lucrative work’. And, in 6 months, you’ll realize that low fees are the norm and negotiation (& luck) are the keys.
I’m not getting near the offers, let alone fees offered, in Florida. I was, the first 18 months, getting $125 down to $100. Now the offers are $75-$85. I am competing with many more people because I seldom get a chance to accept. It’s almost not worth getting RE certified. .
I never answer a text. I never answer an email. I wait until they call me personally. Then I give them my price. It seems they call me at the last minute when they can’t get anyone else or when its a long distance. Also I charge more for the same day assignments. My key is to wait for them to call me. A second key is you have to be willing to not take the signing.
Yes! One of my norms have brought their price 35 which bring under 100. Now I have to work twice as hard to maintain my quota.
And your accepting work at that price? I am turning them down. But that is me. I won’t leave the house for under $50 and It better be one doc and next door. LOL
It all starts with the lenders, (some have gone public this year, and have to keep their bottom line up) since rates are going up, their volume is going down, so is ours. So guess who gets squeezed, Title, signing companies, appraisers, and notaries. The only winners are the LO & Realtors.
This is time when part time notaries, go back to their other or real job. Or they get to work, and sign up with as many companies as they can. The only thing holding back success is procrastination. Tell a title company to reduce what they charge for title insurance, they never will, but they want us to lower our fees. I’d rather lose signing job, than reduce my fee.
I hope you all have be saving your big bucks you earned in the last 1 1/2 year, I have, I now buying investment properties in Tenn. & PA., do the same. Passive income.
Sadly, always a cheaper one out there and they care a lot more about their bottom line. Where I am is quite competitive and I get a lot if lowball requests. If I respond with a higher fee, I don’t get it. Sometimes it is really half of something is worth more than 1/2 of nothing. As a 36 year real estate agent, I know my worth, but getting it is another matter.
Oh yes, and it’s frustrating as hell. I’ve even come down a little on my counteroffers, and they’re not being accepted. So, instead of taking $80 for a Refi I used to get $100 for, I’m not getting work at all.
Certain title companies I used to get refi’s from, like the boiler room companies with 200+ pages, haven’t sent me any offers in 6+ weeks.
someone is working for next to nothing. Not me. I am holding my guns. If they want less experienced and issues with packages, they can have at it.
The reason the gas prices are increasing is because the oil companies suffered in 2020 because of COVID, laying off thousands of workers. The world stopped traveling causing the demand for gasoline to plummet. To prop up oil prices last year, the OPEC cartel and its allies slashed oil production and have been slow to increase output this year. In addition, the extreme cold weather we had in February shut down refineries. President Biden had no direct impact on the price of gasoline. Regardless of who the president is, mortgage rates will increase.
I greatly appreciate the honorable mention. I agree with those extraneous factors you’ve mentioned. Something I’ve noticed in my market is both new and old notaries buying into the hype about making a 6 figure income coming from certain trainers. I can only assume that to many see the NSA business as a quick and easy buck.
I’ve also found a signing service who asked me to violate Texas law. When I explained what they were asking me to do was illegal, they offered an alternative that was still illegal and would have invalidated the closing. I tell notaries to know their State laws, and do things right, as the person who’ll be held accountable is the notary. Avoid those who would ask the notary to violate the law.
One challenge is the newbies approach this business like they would a payroll job. The more experience the more an employee can demand. In this business, with few exceptions, there’s no motivation for higher fees with experience. There will always be someone who’ll accept low fees to gain experience. New agents haven’t figure out you’ll learn as much with high fee assignments as they would with low ball offers.
Spot on. Anyone with an education in Economics knows that the President, whoever they are, does not control the price of oil.
So happy the “big lie” days are over.