Why are the fees offered to us so low?
….because many of you keep taking them. Some folks are new to the profession and don’t know any better. They want to get experience at any cost. Others know better but take them because they are desperate and can’t seem to find better paying work. Whatever camp you fall in you should not be taking low fees. Why? Because it hurts all of us!
Let me give you some history on our profession. Years ago, it use to matter to signing services/companies who they used. There use to be oral and/or written tests given before they would hire you. And with the exception of a few they paid better and more timely. But those days are behind us. Most of them don’t seem really to care. They are looking for the most green, inexperienced notary so they can maximize THEIR profits. Most title and escrow pay anywhere from 150 to 300 per signing and the signing services know this even if you don’t. The money is allocated from borrowers closing fees and the (title/escrow) typically aren’t paying it out of their title/escrow fees, they are charging it the borrowers. So signings don’t cost them anything for the most part. (there are exceptions to this but no need to get into that now, that’s for another blog). 🙂
Many of you ask me why they use signing services in the first place. Bottom line is they use them for convenience. It is easier to just give the service the assignment and let them find a notary. It frees them up and saves them an enormous amount of time to follow lender instructions and make sure all conditions are met so they can close. But over the years as things have slowed up and due to many notary errors many have abandoned signing services altogether. So contrary to what many folks think many of them do still use notaries directly. But the notary signing professions is still over run with companies that are just out to maximize their profits. And this is our fault.
I had a notary just call in the other day and told me that she was offered a sellers package from a signing service for 20.00. (you know they were receiving WAY more than that) 20.00 dollars people! Unbelievable. Just take a moment and let that sink in. That paltry fee is not even worth starting your car up for. Here in Callie we get 15.00 per signature and then if you have to print (god only knows how many pages) and then take them to FedEx or UPS to ship them back, it is just not worth the time, energy or paper.
Now the saddest and worst part about this situation is probably not the ridiculously low fee of 20.00 being offered, it is the fact that although the notary speaking with me refused, we know somebody will/or did accept it. For those of you that have followed my blogs and or spoken with me, I predicted long ago that as long as there are notaries that take low fees, they would persist and they would eventually get lower and lower. That day has come. I too was just recently offered 65.00 to go to a place that is about 40 minutes from me. There were 2 copies needed to be printed, signed and dropped all at FedEx or UPS all for for 65.00. I would never accept such an assignment, even if I were desperate.
I know that a lot of folks don’t really understand this business and the learning curve is quite high. I also know that other notaries once they start to figure things out they don’t share information on pricing/fees. But we need to work together. We need to educate each other that fees need to be fair and reasonable. We are all in this to make a profit. And you can’t make a profit if others are making/taking the majority of the money (signing services) and you are undercutting one another just to say you had some work.
Remember, the goal is to work direct! Marketing and advertising is key to your success in reaching those title and escrow that have had it with signing services. It is time to works smart not hard. Know your worth.
Just some food for thought…
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