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November 19, 2016

The Uber principle at Snapdocs. New blood!

Snapdocs has grown in popularity in the last half year. Many of our clients have gotten a lot of business from them. One guy got 350 signings from them while another got 150 last year. Most Notaries are fed up with the low-balling and hand-holding. But, the ones who can tolerate the low-ball practices are getting volume. At low prices after you deduct your toner, paper, gas, and phone-time, you might not end up with much, but at least you get something.

My question is, can these guys stay in business with this business model of low-balling the Notaries? So many Notaries are so sick of it and drop out as a result of these practices. The answer lies with Uber. Uber burns out their drivers very quickly. I forget how long the average driver lasts, but it is not more than a few weeks. They just can’t stand the low pay and difficult situations they are put in. Snapdocs seems to pray on new blood too. Although most Notaries we know have dropped Snapdocs (we should call them SnapDrops) there seems to be an infinite supply of new Notaries with no knowledge, no experience, and most important, no self-respect who work for pennies.

On the other hand, perhaps the signing and title companies will get sick of bad quality Notaries and come back to 123notary where we deliver the highest quality search results in the business. I manicure my directory daily for accuracy of data and quality of Notaries. People value quality, but do they value it enough to pay for it?

I estimate that 123notary is losting 7% of our search volume due to Snapdocs. On the other hand, we are not losing revenue simply because we make our money from Notaries who get paid for high paying Title work for the most part. The Notaries who do low-ball work don’t have much money, don’t spend much money, and won’t lose us much money if they wandered into other pastures. So, we’ll keep our business model of quality search results and quality Notaries over here and hope for the best.

To sum it up. As long as SnapDocs has new blood and the Title companies will stoop to the level of accepting untrained, inexperienced and unqualified Notaries, SnapDocs will stay in business. Scary to think — but true! On a brighter note, they did an excellent job of harnessing modern technology in a way that nobody else did or wants to!

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You might also like:

Compilation of posts about SnapDocs
http://blog.123notary.com/?p=21531

Opinions about Snapdocs in the forum & blog comments
http://blog.123notary.com/?p=21299

Shark Tank – Notarizing in the shower for executives
http://blog.123notary.com/?p=20511

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5 Comments »

  1. When notaries get out of the “I’m a signing agent only” and seek General Notary Work – their bubble will Snap Crackle and PoP.

    Comment by Kenneth Edelstein — November 20, 2016 @ 1:37 am

  2. Really trough out the years, many if not all, Notaries we can complaint about low fees.
    When this abuse is going to stop?
    When this disrespectful treatment will end?
    Are the Notaries having a teammaster to resolve Labor remuneration?

    Comment by Victoria Barrena — December 12, 2016 @ 6:00 pm

  3. Snapdocs is not hiring notaries, the signing agency uses Snapdocs as a convenient way to notify and keep track of signings. It’s the signing agencies low balling us.

    Comment by Angela — January 16, 2017 @ 7:19 pm

  4. I am on SnapDocs and the fees are ridiculously low. Unless the signing is a few misc docs and across the street, I always ask for 30% more and usually get it (or very close to). Am I new to loan signing? Yes. Am I a new notary? No. I also have 2 signing certifications and I am a real eatate agent. Do I have self-respect? Heck yes. I was also considering a listing and certification with 123 but after reading more than one condescending article, I doubt I will.

    I know its tough to lose business and to know that SnapDocs links with NNA certifications and background checks but there is no need to be bratty about it.

    To be quite frank, I actively chose not to list with you guys when I started loan signings because your website is so antiquated. I did not think you were a legitimate site.

    Perhaps the answer would be educating new signing agents as to proper fees to charge and how to negotiate those fees.

    Comment by Sharon — January 17, 2017 @ 5:30 am

  5. How can I get trained to perform title work?

    Comment by Stan Cohen — January 18, 2017 @ 10:08 pm

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