We often hear a great deal on "the Internet," about Signing Agent Fees and you may be wondering if they are collapsing? This is a great question but in order to answer it, we really need to look at the bigger picture.
Yes, fees were higher years ago when there were only a handful of Notary Loan Signing Agents in every town across America. Things were different altogether back then actually. There were very few Signing Agencies in existence and there were only a few Notary Platforms that generally charged the Notary to advertise. If a Title Company wanted to book a Notary Loan Signing Agent- they picked up the phone, called you, and they booked you themselves. You may be asking yourself what happened?
What has changed over the years is a couple of things. First and foremost, Signing Agencies became more prevalent but that wasn't the end of our problems. Yes, they took their cut but they did their fair share of the work getting business for the Signing Agents, answering their questions, scheduling, and sometimes more. The next problem that entered our industry was Big Tech like SnapDocs. From our research it has been discovered for a new client to onboard with Snapdocs it's $2,500 to start an account and $25 per order! This means if you have a file that would pay $175, SnapDocs is getting a minimum of $25 off the top of the order, and then the Signing Agency or Title Agency using the platform is getting a cut on top of that. That means a $175 file is now down to about $100 for the Notary (or less if the client is paying less than $175- and a lot of them are nowadays). The third problem in this industry is actually THE INTERNET! And that will take a fresh paragraph to discuss.
The Internet didn't just cut our fees because it made things easier- it cut our fees because it saturated our market. Take a look at YouTube and just enter anything about Loan Signing Agent and see how many people are on just this channel alone talking about how they made "Six-Figures" as a Notary Loan Signing Agent. And then, look at how many views some of those videos (which were once paid advertisements) have. Influencers inside and outside of our industry keep pulling at the heartstrings of people who really need a stable career but they aren't telling them the truth. WHY- YOU ASK? Because they get money for you signing up for their courses and they get money for their YouTube videos as well.
Simply put: The more Loan Signing Agents there are in every zip code across America the less of a demand they are to Title and Escrow. You combine that with Singing Agencies (which are needed to help manage busier offices), and Platform Management fees- there are too many hands-on everyone's fees!
By The Way- Please stop blaming newer Notary Loan Signing Agents for taking "low balling fees." There are several factors that go into what is considered a "low ball fee." Location, Distance, Size of Package, and Volume are several factors that make up a Notary Loan Signing Agents decision to accept an order or not. And sometimes, it's just about gaining experience and building relationships that will increase fees over time.
Here Is Where Most Notary Loan Signing Agents Get It All Wrong (Are You Ready?)
1. This is a turn-key business in a lot of ways but marketing is not one of them. The cost to enter this industry is insanely low and requires very little education. Do you know of many other businesses you can start for under $2500, or even $1500 in some States? One thing The Internet or those Make Six-Figure courses won't tell you is that those who make the bigger dollars invested in marketing their business. We can assure you- Six-Figure incomes don't come easy!
2. You kind of have to work with Signing Agencies to fill in your calendar but you really should be focused on direct business- and a mix of direct business at that. This means you should be working with the General Public, Signing Services, and Title Companies Direct. As a business owner in a niche market, beggers can't be choosers until they've proven themselves to their clients. Start out with competitive fees and slowly increase them over time. Never burn bridges! You may need those "low-ballers" one day to fill in your calendar. And who knows, you might build a relationship with them to get them to pay you more.
3. You have to set yourself apart for Direct Business. Every Title Company has hundreds of Notaries reaching out to them every month. What makes you different? What does your resume say that other Notary Signing Agent Resumes don't say? Do you have more training listed- is it verifiable? Do you have more signings- how do they know?
4. Your paycheck will be a direct reflection of the amount of work you put into marking your business. Relationships and signings will not just fall from the sky into your lap.
5. Your cost is your cost! You need to make sure to adjust your supplies (even including your vehicle) to keep your cost low!
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