Free "How To Start" Notary Signing Agent Book
by Brenda Stone of TexNotary.com
Find Texas Notaries with hundreds of signings experience and reverse mortgage experience here
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How many notaries are in your service
area doing what you do?
Especially if you are in California or Florida, do not fall into the trap of being promised riches where there are none. Whether the idea comes from easy money, or from the idea of seeing a notary making their job seem effortless, or if the
When thinking of competition, think in terms of a "net" or active group of competitors, and then in the "gross" or total group of notaries out there who are advertising to do what you do. Both numbers will affect your business.
There are a couple of ways to determine who your Gross/Total competition is, as well as your Net/Active competition. Both ways are important for your business planning. You should look into both of them.
Net/Active competition are those who are going to be tough to beat. They update their online profiles regularly, they post comprehensive, complete profiles. They do not have spelling errors in their online profiles. They understand the game and will play it to beat you. Check the dates on the profiles of your local competition to find out how strong they will be against you.
Total/Gross competition - Your gross competitors are both your net/active competitors, plus those who are just sitting out there wondering why they are not getting business. Their mere existence will be fuel for the low-ball fee mill. They DO have a serious affect on your business. Supply and demand comes into play here. The non-aggressive notaries will jump at the chance for a low-dollar signing.
When there are too many net or gross competitors, signing services will often offer you chickenfeed and taunt you with the idea that they can call one of a host of others.
You may never be able to mitigate that while you are new. You may have a great deal of trouble getting your first signing appointment.
What I know about the group outside your "net" they do not meet the simple, grammar tests, they are not going to be a major long-term competitor, but will be a nuisance because they will take low fees and undercut you regularly until they get tired of the game. Then, they'll come and go intermittently. (This is my experience.)
So, you'll need to do online research of finding your competition online. The main databases which will give you a realistic method of finding your competition are: NotaryRotary.com, 123Notary.com, GoMobileNotary.com, GoGetNotary.com, SigningAgent.com, NotaryDepot.com.
Here is what I mean:
On NotaryRotary.com there are six signing agents listed within 50 miles and 107 mobile notaries within 75 miles listed on NotaryRotary.com. There are four listed within 40 miles of me on 123Notary.com. There are two listed within 50 miles on GoMobileNotary.com. There are two notaries listed on GoGetNotary.com with 100 miles of me, and a few on NotaryDepot.com.
As you can see from the above, this is easily done research and accomplished within minutes.
The second method of seeking more information on your competition is required, in my opinion. It will also demand a trip to the county recorder's office. For this, you will need to refer to Chapter 5.
You must do your research on competition,
or you will be planning to fail!