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Lisa T.
California
391 Posts |
 Posted - 01/04/2010 : 7:26:06 PM
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| Contract with professionals only and pay a professional wage. Something you can do different from the others: Pay within 21 days from the date of the signing. I only know of one SS that pays around 14 days. I know of no other SSs that pay at 14 days. Within 30 days, yes......14 days, only one I know of. Quick pay certainly will set you apart so have adequate reserves to pay timely. Also, very important: Be cognizant at all time of when your agents have signings so you can be available by cell. Don't just retire for the weekend because it's Friday night and you want to party. When you run a business, this is what you sign up for. Your agent has a signing on Friday at 6pm, Saturday or Sunday - be available. Even better, call the agent a half hour before their signing to touch bases and let them know you are available. One SS I work with, the owner is available, even with the time difference. I did a signing at 8pm CA time, 10pm her time. Available by phone for the borrowers questions. She pulled up the info on her computer, I put my cell on speaker and she and the borrower conversed. He signed and was satisfied. |
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Lee-AR
Arkansas
678 Posts |
Posted - 01/03/2010 : 10:46:08 AM
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Being a Signing Agency is not as easy as it looks. You'll need notary coverage all over before you can even begin to think about marketing to TCs. I mean, how good are you going to be for them if you have to say 'I can't find anyone at that price' half the time. Do not compete on price because odds are you will also be eliminating the seasoned notaries from consideration--with the resulting quality issues. (I say this because I am in a 'lonely' area and frequently get calls from 4 or 5 SAs &, eventually, even the TC for the same signing. Only the TC can meet my fee--not because I'm that expensive, but simply because it's far away & takes hours of travel.)
Get an 800 #. Answer the phone. Answer your e-mail.
You simply must have a LOT (LOT, LOT) of cash reserves to enable you to pay the notary in a reasonable amount of time (reasonable is not 50-90+ days OR 'when I get paid, you get paid'). Most TCs will want to pay you monthly, but there still will be glitches where you don't get paid as quickly (or as much!) as you thought. You're going to have to cover that shortfall.
As to your question about fees... one size simply does not fit all... as indicated by travel-time mentioned above, or tolls, parking fees, rush hour, etc., etc., etc.
I have worked for 181 different entities in the 16+ years I've been doing this. Many are no longer in business; a few companies who were once good have gotten so cheap that, well, they're not good anymore.
What should I do that no one else is doing? As Renee has already said--sorta--if you will take the time to get good, experienced notaries, you will have to pay them decently, but this should pay off in the long run for you, too. I am frequently amazed at the calls I get from some SA I've never heard of whose only question is: Can you do this one? They don't know or ASK a single question to determine my experience. I truly don't think it would take more than 1 - 3 quick questions to determine a notary's actual experience level. Also agree that many 'profiles' are wishful thinking.
What do I dislike? Don't lie to me. Get enough info from your hiring entity to be able to answer questions such as package size, faxbacks, splits...surprises are not cool; neither is playing 20 questions as it wastes everyone's time.
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Renee
Michigan
549 Posts |
Posted - 01/03/2010 : 02:55:58 AM
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David - the first two questions are excellent openers, and questions I put to myself all the time. I have one SS client who truly IS doing things differently - accomplishing what so many others try to or claim to, but seldom pull off (I say 'seldom' just as benefit of doubt, too). The closers this company uses are, without exception, highly experienced & highly polished - we're doing full/complete purchase closings, and anything less than top-notch just isn't going to fly. I've worked with many of the closers used, and were I ever again in a position to do so, I'd hire any one of them on the spot. In fact, I'd hire them even if I never met them, based solely on the fact that this client used them! Getting 'in' with this client is totally by word-of-mouth recommendation, and I am hugely honored to be among those used. The client is utterly beyond reproach; pay is weekly & communication is excellent; this person is one of the finest human beings I've been blessed to meet, and has my absolute faith and confidence. (And 'this person' is MY secret, so don't even try!)
You can insure I'll want to work with you again - if you do all of the above, are quick to communicate and know what you're communicating (i.e. KNOW this business!), and ALLOW me to do my job by not disallowing direct communication with the title agent. Hire good people and you won't have to worry about them asking ridiculous questions or embarrassing you, or trying to steal the relationship. If your services ARE that good, nobody COULD steal it anyway.
Going back to what I first talked about - don't compete on price, compete on quality of service. Once you've tried to find a fair number of exceptional closers, you'll find THAT is going to be your biggest challenge, and THAT is one of the root causes of low fees (IMHO). There's a lot of title closers out-of-work right now, a LOT of very experienced people - the trick is finding them, because talk is cheap (and profiles are about as reliable as TV commercials). |
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dgkomatz
New York
8 Posts |
Posted - 01/02/2010 : 6:01:41 PM
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Linda thanks for your comments. So far you are the only one to respond.
Regarding fees, I am planning to go no lower than $100. I still am a notary signing agent and will continue to do so. I will not take a deal with a title company who is not respectful of the work a notary does.
I would never through a notary under the bus. I would rather take less myself than ask a notary to do so.
As far as this economy I could care less. This is when I can easily build as I have no overhead other than my home office which is covered by my accounting business.
Again, thanks for your comments.
David |
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LindaH
Florida
1754 Posts |
Posted - 12/22/2009 : 7:19:33 PM
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1. Have enough capital to back you so you can pay your notaries within 30 days regardless of whether you're paid or not.
2. Don't negotiate your fees with your title companies to such incredibly low amounts to get the account because, in the end, you know the notary is going to take the hit in having to accept a lower fee.
3. You should be able to offer your notaries minimum $100 - I personally do e-doc signings for $125 in my home county, more outside home county, additional for excessive packages. My demographics are such that I don't do a lot for $100 - remember that when the notary quotes you a fee - remember you have MapQuest but they live there.
4. Don't throw your notary under the bus - be there for them
5. Remember where you came from - you were one of us - what didn't YOU like about SS's and what did you dislike about your treatment - and don't do it.
I could go on forever. I'm sure you'll get a lot of feedback. Why you'd want to do this now in this economy is beyond me but Good Luck to you!
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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Edited by - LindaH on 12/22/2009 7:21:04 PM |
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dgkomatz
New York
8 Posts |
Posted - 12/22/2009 : 6:48:40 PM
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I am working on starting a new signing agency. Let me know what my agency should do that others cannot or will not do. I cannot guarantee that I will do everything you ask, but I want to be different from the rest.
What can I do that is different?
What should I do that no one else is doing?
How can I insure you will want to work for me again?
What do you like most about the agencies you deal with most often?
What do you dislike most about the agencies you deal with most often?
What are your fees for edocs, overnight docs, docs mailed to the customer?
What types of singings have you done?
Are there any restrictions you have for doing a signing?
Thanks for you help. If you would prefer to make your answers private, you can email me at dgkomatz@hotmail.com
David G Komatz
Notary Siging Agent
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