Hi all, I counter the $80 lowball offers with my standard fee, they usually up the fee 10 bucks from original offer, I counter again with my fee, they up it again 10 bucks, done playing…still not taking it…at least I helped the other notary get over $100. When I look back at it!! I have my big 3 that know my fees, and I dont have to haggle, in South Tx outside Houston gulf coast
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“Pandora’s box” has been opened and the birth of signing services has evolved. Now you have RON providers marketing their services to the lenders, title companies, and signing services. Not to mention the explosive growth of Notaries/Loan Signing Agents coming into the marketplace. We are going to have to get used to seeing “low fees” being offered. Years ago this had happened to the Independent Insurance Agents, where FMO (Financial Marketing Organizations) came along and eliminating the agents ability to contract direct with insurance carriers. What does all this means? It means the creative thinkers (Notary Public/LSA) will need to evolve in such a manner that cuts their dependency on the traditional way of doing business. Like all business, they either expand their business to adapt to the changing marketplace or the business struggles to stay in business. My suggestion is simple, stop focusing on the things you can not change, focus on the things you can change.
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I feel ya…I have been a Notary since '93 when NO one wanted to be one…LOL. My advice is take what you can get. If you do a great job you will be a repeat agent that gets something instead of nothing.
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if u dont stand ground u lose… if these companies actually say that to you,thats dispicable.
Yes I have an area over saturated too and they (signing Companies) do whatever they can to lo ball the fees
However I also have direct business who pay fair fees and steady work,not near what it was , but steady. These days Unless you have those relationships, you cant depend on this Notary business to make a living.
try to reach out to some in ur area and tell them
Signing Carolina is in my area too. either they pay me, or i decline
and I do that with anybody.
I do have a reputation I am proud of, with some of these signing Companies, but I know for $5. they will give it to somebody else.
I’m in business to make a profit, so I counter for my fees and I get the job or not.
My direct business is Totally different. They pay a fair fee and I give them a fair Quote.
Plenty of times I have said that I could do the particular job for a lesser fee because of travel.
They appreciate it and I have exclusive work from them.
good luck …but sadly you may need to supplement your income…many think they are going to make $100K ,and they all bought the course…now reality of the Market is here…interest rates are way up. that affects us all.
Who will REFI for 8% when they have a 3% mortgage.??
Young Couples starting out got a bigger home for a 2-3% mortgage that today,at 8% is over budget.
it is reality
I do predict some rate cuts in 2024,but with the over saturation,of notaries, it still will be a problem.
I got my direct business by hustle and pure moxy.
I called title companies and others and found decision makers who call the shots .
The schedulers are often paid a bonus to get a lower fee for our work.
those are the lo ballers
search out the companies who are bigger…talk to decision makers …introduce yourself…Somebody with 20 years experience is far more desirable to have conduct a signing then some newbie who makes mistakes.
Sell Yourself
The loan or title agents are far more interested in getting a flawless signing done and they understand a fair fee because they work too.
ok I have never told anyone what I did before good luck
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take it or counter immediately…
or Take it and get the docs and ask for a travel fee or print fee
if they will pass you For $5 maybe you can play by their rules.
no you have the closing disclosure and title /loan agents name
thats who you sell
you can see what the notary fee is …
Title companies want flawless work so they can CLOSE AND FUND in 3 days
A conversation I have had with Signing Company Owners and Title agents
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CAFRAN2, I recently had a conversation with an NSA from Texas who told me something similar. Most Title Companies will only hire notaries they’ve had decades long relationships. They’re reluctant to hire a notary with 5 years and hundreds of unblemished signings under their belt. My colleague’s experience includes being a Realtor, Broker, Title agent, Loan processor. From this it’s taken decades to build relationships that he can leverage for his business. He said that ten years is typical to get this kind of foundation.
He’s also said that until the current NSA saturation becomes less saturated, more stable RE prices, and the next generation of buyers enters the market before things return to ‘normal’. He estimates 10 years.
He also stated, as you did, that the schedulers get bonuses for keeping costs low. They also like working with signing services as it leave them one one vendor to deal with. These two factors also add to what’s also driving low fees.
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I brought this up several yea.rs ago. It’s really against Respa rules. the buyer is supposed to be able to shop around for certain of these fees the notary fee being one of them to see if they can get a better price from someone else this doesn’t allow them to do that because they’re misdirected thinking that the notary is getting $175. And even though it is they won’t do anything about it it just rolls on and I tell everyone there no that’s not what we’re getting that’s other fees loaded in.
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You have a good point. All that has been said is well noted.
I left a 9-5 job to became an NSA. I became a notary in 2020. I didn’t join to have a side hustle. I bought the hype and crossed over. I have prior business experience here and there. So, I don’t take every assignment that comes. I mapped out my territory and generally stick to only going out within those cost margins.
I too am affected by these low balls. I too want to grow a viable business. And, you are right the net is broader than loan signing. The GNW has been sometimes more lucrative.
I am in for the long haul despite the bumps. Surely this issue should be addressed at our trade seminars (NNA).
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FYI they can’t … Several years ago they used to post recommended fees for loan signings and got nai!ed by the DOJ for price-fixing. Several of us old-timers were contacted by the DOJ about it. They had to remove that recommendation and I highly doubt they would chance addressing the lowball issue at any of their “pay-to-play” seminars … Other than to tell you what we tell you here for free … Set your own fees and stand your ground.
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Wow, thanks!
This is information well needed for us to ponder as we move forward.
May we be successful and lead to the people who need our services.
Thats why you need to work with only title companies because this is where there getting the work from. There are other signing service companies making $250 from titke companies and sending them out to people like you paying $60…this is why we need to stop gettung these low ball offers. You should make $125 and more or go straight to title companies. Its up to you if you want to pass up this signing i dont know how you are financially. Just not worth for me to start my car for $75…
I take wipes, I wipe the pen in front of them, I explain they have to use my pen, ( or if they have a BLUE pen OK ). Amrock 9 yrs ago use to send envelopes for return with TWO NICE blue pens inside. NO MORE coast cuts every where, even our pay fee’s. SAD
Nor would they if they could. They partnered with TC & SS under the Signing Professional Workshop and have named a person who keeps trying to get still more notaries to buy his course and get rich as their ‘influencer of the year’.
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I was under the impression that the notary fee is both the seller’s and buyer’s notary?
In Texas Title Companies were inundated by NSAs during COVID. Now that we’re past COVID Title companies have reopened their offices and the need for Mobile Notaries are low in demand. Many Title Companies are now using SS for in office closings. This pushes the booking and tax compliance onto a third party vendor.
same here. I am in the same boat and completely align and understand.
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What is GNW? I am not aware of this>