Low ball offers and negotiations

@barbarahoffman Absolutely :100: percent spot-on . . .

.
.
.

===>>> Itā€™s truly a reflection of their lack of cognizance regarding the myriad skills that the diverse backgrounds/tenure/experiences that professional signing agents bring with them to the signing table while serving their clients.
.
.
.

:white_check_mark::partying_face::white_check_mark: Way to Go!!!

.
.
.

:swan:

2 Likes

A lot of notary friends say they get great business from Snap Docs.
I never have.
Iā€™ve been a mobile notary for more than three yearsā€¦ and Snap docs has never provided an offer above $75.
Iā€™m not availableā€¦ Ever!
When I see offers on that platform, itā€™ll be $25 to drive to Broken Spoke, WY (from GA :rofl:)

I have direct clientsā€¦ several platforms with other clientsā€¦ LOVE :two_hearts: my little side hustle. If itā€™s a busy monthā€¦ I get plenty.

Snap Docs is a non-starter for me, even with my alleged ā€œHighā€ rating.
I used to try to figure it out, now I donā€™t waste time.

4 Likes

I live in rural area, and we must do things a little different Let me ask a question say you own a signing service, and you have an order for a refi are going to pay $200 to someone that has done one signing?

If Iā€™m the owner of a signing service Iā€™m going to vet the notary. Thatā€™s the problem with most signing services they donā€™t vet and they put all the notaries in one category. If they took the time to do that and get references we the seasoned notaries wouldnā€™t have to compete with new comers and so nooo to all the unreasonable $30 fees for a refinance package print 2 sets of 200 pages scan back and drive 100 miles round trip.

1 Like

After being cheated out of fees from the notary signing services, I stopped doing all notary signing signature service request. They have no ethics or they seem to have no ethics and they donā€™t care if they pay you or not. Also, they want you to do 200 pages for 50 or $60 travel 30 or 40 miles from your home print out all the materials scan the materials back and then stiff you. No thank you. I only do title companies.

5 Likes

@earl226 brings up a very good point. I, too, am very rural and travel and the time involved is a major factor. As @vasquezt1 said, companies need to vet the notaries they contract with to find out just why we charge more in these rural communities. Not all people live in mid-city where FedEx and UPS are 5 minutes away. And the platforms just do not take enough of that into account.

1 Like

Thank you so much for sharing your experience and insight. Truly Appreciated

Iā€™m doing this business for 6 years and it was pretty interesting, at first. The pay was not out of this world but OK. Then, interest rates went down and work was plentiful. Then, COVID hits and you know the rest. These platforms are easy for the customers to use & Iā€™m sure theyā€™re costly. The notary, who is the backbone of the business activity is now squeezed by just about everyone, with the constant threat of being blackballed by the platforms. Loan signings and modifications has become a real BS business and I now hate it. I cannot even get excited about helping the signers, who really need the assistance. Iā€™ve received $25 offers to drive 37 miles & I get so angry. Iā€™ve turned down 99% of my offers for the last 9 months because I refuse to work at payment so low, I feel like Iā€™m subsidizing the title companies. And yes, there is zero loyalty.

4 Likes

No loyalty is correct.

However, title companies and signing services are still making good money. Look at the CD/Alta Statement. Those fees have either remained the same or increased. If you work direct with title, you can still get the full amount of $200 - $250. If youā€™re working with signing services, they take their cut. Sometimes, that cut is extraordinarily large ā€“ for example, they get $200 and pay the notary $50 or less. Yes, they have other overhead but not to the tune of $150 per file.

Figure out what your fees should be, develop a business plan and stick to it. Itā€™s your business. Treat it as such.

jmh&po

5 Likes

Concerning non-payment, Iā€™ve had a lot of success getting payment after threatening to contact the mortgage company (lender or title) letting them know their vendor did not disperse the payments on the settlement statement to the notary which is a violation of regulations.

5 Likes

answer: hire an experienced notary and pay them fairly

2 Likes

Thatā€™s exactly why they seldom call anymore. They donā€™t want the notaries to have the ability to negotiate. They want it to be ā€œtake it or leave itā€ and youā€™d better take it quickly before it gets snapped up by someone else.

3 Likes

:100: percent Accurate statement.

The objective of the Signing Service(s) [SSs] is purely & simply to: MAKE MONEY :money_mouth_face::moneybag::yen:

Thatā€™s it! End of story.

The SSs are simply being a 'broker" for providing a service/fulfilling a task; i.e., a truckload of goods that needs to be transported from one location to another . . . the ā€œbrokerā€ is in need of an over-the-road driver to transport the load.

Same scenario with regard to Professional Signing Agent [PSA] services. A task needs to be accomplished & the SSs are endeavoring to be the ā€˜linkā€™ that joins the task to the service provider. The sole focus & goal of the SSs is to BE THE LINK. Thatā€™s all. When they provide that link, they make money.

.
.
.

:100: percent Accurate statement.

The reason why the SSs/platforms donā€™t take any of the configuration elements into account regarding what it takes to complete the task is that it isnā€™t on their radar screen as an important element.

Why? Because it doesnā€™t affect THEIR financial remuneration of the task.

Whose financial remuneration does it affect?

OURS! This is why WE care about negotiation for an appropriate fee for providing the PSA services requested.

Ergo, if/when/until that changes, nothing will change about the SSsā€™ blasting out LOWBALL OFFERS with little-to-no negotiation in the fee.

======

REMEMBER: Follow the money & youā€™ll discover the underlying motivation . . .

:swan:

1 Like

What people here are forgetting to mention, is that the signers the ones paying for the notary fee. So when the notary doesnā€™t get paid, it immediately becomes fraud and theft by swindle. I was accused of harassment, when I contacted the Escrow, Lender and Borrower of non payment from a signing service who knew nothing about the signing not even the location! There was a mistake in the wifes name spelling and they refused to sign. Mr Borrower told me he had mentioned it to the Loan Officer who apparently didnā€™t care. I drove 30 minutes for this and needed to get a print and trip fee. This signing service owner contacted Chicago Title who removed me from the preferred notary list . Iā€™m still getting business however . SO I donā€™t let them intimidate me. Iā€™ve been a notary since 2008 things have really changed since the advent of Signing Order, Snap Docs and all the other platforms. Back in 2012 was when I really got busy , mostly direct from Service Link, National Link , Amrock, WFG , XOME and First Am. Concentrate more on General Notary Work including Estate Plan Signings. Those are less of a hassle.

1 Like

Companies would benefit if they would call us and it goes both ways for more or less money for us if we know the entire story. I was asked to do a hybrid signing (90pp). They offered $50, I countered with $90. I was happy to accept this because the signing was 397 FEET from my house (per GPS). I felt like I should say, ā€œI can see Russia from my houseā€.

Or we might determine a lower fee is just fine too. Last week I got a call from a very good title company for a HELOC 20 minutes away; I asked $125 and she countered with $100 because it was only 15 pages. No problem for me. One notarization, 3 signatures and I was out the door in 5 minutes. A quick discussion helps everyone to understand the full picture.

1 Like

I totally agree. A few can be done for not much money ONLY if you know the whole story. And therein lies the rubā€¦they never tell youā€“so, in order to maintain a profit, you have to figure worst case scenario.

4 Likes

Thank you to everyone for your input and great insights.

I now choose to work with only a few reliable signing agencies that are directly affiliated with large title companies and provide support for us notaries, and the pay is fair. While signing agencies can help allow title companies and notaries to focus on their work instead of marketing, processing, and tracking, the main issue lies with the numerous unreliable signing agencies signing up on those signing platforms. Itā€™s like a jungle out there, and sifting through the bad companies to find the good ones defeats the purpose of easing the workload for notaries and title companies. In addition to working directly with title companies, I am also a RON. Apart from working directly with title companies, I am also a RON. Although I am new to mobile notary and signing as an owner, I have over 25 years of experience as a loan administrator for banks, and Iā€™m well-versed in collaborating with title companies and attorneys. Upon joining the most popular signing platform available, I quickly became frustrated by the presence of unreliable and potentially fraudulent signing agencies, which prompted me to write my previous post. As a former banker with a wealth of experience in compliance and fraud detection, itā€™s evident to me that significant improvements are needed in the signing platform sector to prevent potential issues.

2 Likes

When you do a signing from snapdocs do you post it? Post each signing as your number goes up you will get more offers.

I used to post onto Snap docs each signing, the fee, the hiring agency/signing service.
Results?
Absolutely no change, no increase in respectful offers. I stopped after three years, somewhere around 450 signings.

I no longer try to figure out what would make Snap docs good for me.
Knock on wood, but I donā€™t have crazy errors or missed signatures that firms using Snap docs can cite to exclude me.
Oh well, canā€™t cry over what Iā€™ve never known or experienced.
So, I just get on with it, happily busy from work offered on other platforms & from my directs.

2 Likes

I appreciate your candid response and wholeheartedly agree. 2023/24 thus far Iā€™ve dedicated my efforts to direct notary and general notary with my local community. As much as the NNA threatens notaries about collusion, meanwhile the SS and notary platforms have colluded to do just that.

3 Likes