I received a letter from a signing service I recently did a closing for. It offered an opportunity to earn more money.
I'm always interested in earning more money. Tell me more.
It works like this. If there is a title company that I work directly with, I give that signing service their name and contact information. If the signing service is successful in working out a deal with the title company, and the title company has a need for a signing agent outside of my area, the title company will contact the signing service to locate a signing agent for them.
What's in it for me?
For every order that the signing service receives from the title company, I get a cut.
In other words, if you are a signing agent in California, and you do a closing for this signing service that was obtained through the title company that I referred to them, not only do you get paid -- I get paid too.
Sounds like a win-win situation
Not exactly. Suppose this title company stops calling me altogether, and instead decides to handle all of their closings through the signing service? Okay, so I still get called to do the closing. But not directly from the title company. I get called from the signing service. Now there is a middleman who gets a cut of the fee that I should have received 100% of.
How's that for shooting yourself in the foot?
There is something else that I question. Suppose I refer the ABC Title Company to this signing service. And 500 other signing agents refer the same ABC Title Company to them. Does that mean that we split the cut 500 ways?
So let's say (hypothetically, of course) that the cut is $100. Divided by 500, that's 20 cents that I get. I could buy a pack of Ramen noodles for that.
How's that for a cash cow?!
Thanks. But no thanks.