I know we have the choose to accept or ignore signing offers. But when companies refuse to negoiate with us concerning loan signing fees. There’s no rhythm to reason on how these companies determine their signing fees. Every company fees are different. I received this notification today - “Timios is in the process of assigning a closing in your area. To accept this order for $100, please click the link below. Should you accept the order, a confirmation will be emailed to you. Please do not reply with revised fee proposals or unavailability.” Please allow me to think this offer over. Driving distance from my city is 37.24 miles one way, so that will be at least 74.48 miles round trip. Fuel costs $14.24; drive time equals = 1 hour and five minutes: print cost (paper and toner) $15. So if a title company pays me $65 to perform a RON assignment or $125 to perform a hybrid assignment. Why shouldn’t I be paid at the least $150 plus to perform a mobile assignment. When companies refuse to be open to counter offers, then it’s not an assignment for me to consider.
Agree. With this particular company, I have discovered that they start cheap, but keep increasing offer until they get a taker. (Most likely a closer notary will accept it…but, every once in a while…we click.) I also think it’s a very annoying way to conduct business.
I agree their process is annoying. But, once I found out the details and understood how their system works, I don’t mind it as much. Unless they recently changed their procedure, I’ve never had the impression they won’t negotiate.
The initial offer is always very low. Just put in your bid as a counter-offer. The offer will keep coming across as a gradually increasing (usually in $10 increments?) amount. It’s all automated. It takes a while for your counter-offer to be reviewed and maybe accepted by a human. So, several increases may be automatically offered until some human sees your counter and, maybe, accepts it.
Thanks for sharing your thoughts. Apparently, when the company states the following: “Please do not reply with revised fee proposals or unavailability.” It’s very clear that negotiation isn’t an option. We work in an industry, where one of our essential skills are the ability to play close attention to the details. For example, in the loan documents we are given “Loan Signing Agent Instructions” on how to complete an loan signing assignment. What kind of impression would we be displaying, if we fail to follow instructions during the Initial communication with the company? One of the companies primary purpose of using texting or email blasts for offering loan signing orders, was to eliminate the LSAs opportunity to negotiate. Companies know that we are working in a competitive environment, most signing orders acceptance occurs in a few seconds.
I got an offer for a seller signing at 25.00. With scans !!
How about another side job or other notary work! This race to the bottom for fees is ridiculous.
It’s so funny, how their increases comes in ten dollars increments. It’s only shows, how price sensitive we as signing agents are willing to accept so little.
I see anything from $5 to $50. The big platforms seem to be the $5…proprietary ones may make big jumps. Regardless, it’s still a very unsatisfactory way to do business. Tho’ I do understand that it makes life very easy for hiring party while driving us nuts.
Right now there are more notaries, than orders to go around. So the prices are going to be lower. When the rates come down, that will change, and our prices will go up again.
Its simple supply and demand.
But if you get more notaries to quit the loan signing business, I’m sure our prices will go up. Ha ha.
If they will not negotiate, move on to the next order. No issue.
The simplest answer I can give you as to why companies will not negotiate is because they don’t have to. Especially in larger markets, there are a multitude of notaries who will accept the assignment at the terms stated in the offer. To the signing companies, there is no difference from one notary to another, so using the argument that you are a great notary with 10,000 signings under your belt, who never makes mistakes will fall on deaf ears. Only if they have trouble filling an order will a signing company listen to counteroffers or upgrade their initial offer. That actually happened a lot during the heyday of the pandemic, but with the rise in interest rates and the practically non-existance of refinances, job opportunities for signing agents have been in the toilet for the last couple of years. Far too many signing agents available for far too few jobs. It’s basic supply and demand.
I understand your position and respectfully have to mention other factors that may cause changes to the Notary Public/Loan Signing industry and continue to reduce fees. Government policies and regulations changes will impact fees. Consumers preferences towards more conveniences, desiring more simpler, and faster services. Changes in technology, such as remote online notarization processes. I am not trying to say, the personalized notary services will become obsolete. Consider what happened to the travel agents industry and it’s current status. You made a very valid point, that the numbers of Notaries and LSAs will eventually decline. For the Notaries that are willing to adapt and change, will still find this industry rewarding and profitable.
I’ve taken orders and charge print and travel fees
or just ask…
They Always increase fee
And they pay fast…dont see many signings from them…even when it was busy a few years bsck
Ok thanks, I will see if that works because I have been only receiving low ball offers and I just ignore them and find other work as a notary that I can do with less cost and stress on my mind, vehicle, and time.
Nobody is holding a gun to our heads and forcing us to accept the lowball offers. It’s our choice to accept the job or not for the fee that’s offered. “Something is better than nothing” is not always the case and with some of us, it’s never the case. The problem is that the signing services know that “someone” will accept the job at the stated terms.
Steves, I totally agree with you, “nobody holding a gun to our heads”. There’s this old adage, " A Monkey Knows What Tree To Climb". Signing services cannot stay in business without the signing agents. With that being said, I only work with the companies that are bearing good fruits, so that we both can eat. Edited - * Every / A Monkey Knows What Tree To Climb Meaning: used to describe a person that is experienced in a particular field and knows what to do and what do avoid."
Timios starts with $90 in our area, if they call me directly I can usually ask for an increase if there are special circumstances.
Same fee amount as for my region of FL, unfortunately that can involve anywhere up to 62 miles or more.
This will never happen as long as the mighty Gurus selling the master class promising the sun, the-moon the stars plus 6 figures income keep dancing on tiktok and IG and all over the internet. Everyday thousands of day dreamers suckers sign up and join the graveyard dead NSA scam business. Yes it’s a scam to be offered low ball. I am ashamed to be in any of their sucker lists. I ask all the low ballers to please remove my name and stop wasting my time.
Snapdocs sent me a signing an hour away yesterday. It was for $45, of course I ignored it. That would be a 2 hour drive. They always low ball.
@gilesmservices Succinctly & accurately conveyed ‘reality check’ for this business sector.
NOTE: The modern proverbial saying fits: “If it sounds too good to be true . . .”
This is good information to know. I’ll continue to bid, but we shouldn’t have to fight for our dinner, ya know???