(Originally published in the October 2016 issue of The National Notary magazine)
For many mobile Notaries, loan signings are an important part of their business. And while there are millions of signing assignments for residential property transactions, commercial real estate signings are often overlooked — and pay much more.
“This is where the big bucks are,” said Frank Marcial, a seasoned California Notary Signing Agent and the NNA’s 2006 Notary of the Year. “If you’re a commercial Notary and you get known, you get jobs from New York, Texas — all over.”
Marcial said commercial assignments can pay from $200 to $1,000, depending on the number of certificates to be signed, travel time and sitting time. (He charges up to $18 an hour to sit and wait for everyone to be ready.)
Commercial signings often involve large-scale business transactions, from the sale or refinancing of various commercial properties to various types of partnership agreements and other business documents. Marcial stressed that commercial signings are no more difficult than residential signings, and the field isn’t any harder to break into. Nor does it require any special training or education.
Breaking in to commercial signings
Marcial has been doing these types of signings for years, but he didn’t get into them intentionally. He got a phone call from a doctor at Kaiser Permanente who needed a notarization for a K1 distribution, a document used to report the incomes, losses and dividends of a partnership. The doctor asked if he was the man for the job, and Marcial said yes.
This one document, outside the scope of the typical NSA signing, led to more commercial-related signings through referrals, and the business took off from there. But this opportunity was not purely a fluke. It came, he says, because of all the time and effort he put into building his brand. He says that’s how other NSAs can start getting commercial signings as well.
When you’re doing retail signings, you’re going to come across a certain percentage of people who are in business. They often need partnership agreements signed, K1 forms notarized, etc. Marcial hands out his business card, a pen and marketing literature at every signing, whether it’s for an individual homebuyer, a mom and pop store or a large corporation. He gets to signings early and places these items on the table. That way, the principals involved in the signing take the items with them and then spread the word.
He also looked the part at signings: “I didn’t care what they looked like. I was in a tie, jacket, shoes, hair perfectly combed. That’s how they got to know me. They’d think ‘this isn’t any regular Notary.’”
Learning the ropes
Though a specialized education isn’t required, there are a few licenses and certifications NSAs should consider obtaining in order to be fully prepared. Because his experience was in California, Marcial recommends getting a California insurance license and a department of real estate license. These licenses aren’t any more expensive or more difficult to obtain, in his opinion, than the California Notary license. Notaries in other states might consider their equivalents.
The secret to commercial signings
So what’s the secret to commercial signings? “You don’t say anything,” he said. “You’re not allowed to. All you do is smile and collect your fee at the end. You’re verifying that this person signed the document,” but leave the advice to the lawyers and the CPAs.
In fact, the NSA isn’t in charge of setting up the signings or coordinating people’s schedules to ensure smooth execution. The principals’ attorneys and other professionals will negotiate the day the signing will take place, the number of Notary certificates to be used, plus the time and location of the signing. You just show up. The Signing Agent will then go over all the documents and determine there are no blank spaces, then ensure the principal has provided proper Notary certificates. Again, any questions signers may have are directed to professionals such as CPAs, attorneys, and financial advisors.
Adding up the certificates
A big reason that the signings pay so well is the number of notarizations, Marcial said. For example, in a swap rate agreement — where two parties agree to exchange interest payments — there are so many certificates, multiple Notaries could be required for up to six hours. He estimates there may be a few dozen notarial certificates involved in a typical transaction. It’s not the complexity of the agreement that determines price but the number of required certificates to be signed.
Marcial said the business has only one downside: because of the complexity of these documents, and the need to coordinate multiple parties, sometimes the Notary has to sit and wait for a few hours. But, Marcial simply charges the extra fee to wait. His main advice for breaking into the biz: take it seriously, and don’t say ‘no.’ “If your business is serious, you’ll grow financially and get known for your brand. It’s going to happen. Business will come.”
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