The world changes, we change with it. So, how does the notary create a new model for their business?
The Remote Revolution?
As a notary, and a small business owner, a large change in the landscape requires a change in business model.
Fortunately, as of now, it appears we have some time. Industry forecasts are now predicting remote notarizations to double by 2025, from 2020 numbers. That is not exactly the revolution many were expecting.
Make no mistake, it is coming. But, there will be bumps in the road. Webcams aren’t eyes, and it is bound to cause problems.
IDs can be tough enough. There may be a real push to require RealID for remote transactions. Originally intended for airline flights and sensitive government facilities, the requirements for it are already expanding.
The Mobile Revolution
Don’t forget, you’ve already been part of one revolution!
Mobile Notarization transformed an industry that had been static for hundreds of years. It completely changed the game. No longer did you have to travel to the notary, the notary traveled to you!
This not only allowed greater flexibility for those needing documents notarized, but opened a flood gate for a new generation of notaries. Notaries who now had the opportunity to make more money than their predecessors.
It even saved businesses that needed notaries money, as they were now able to streamline their process and increase their productivity.
What seemed at first glance to some to be a hassle ended up being a win win for everyone.
It is easy to look at a situation and find negatives. It is another entirely to find the positives.
When many of us look at our industry, we think of mortgages. And rightfully so. It is the main source of income for not only notaries, but also notary services such as ourselves.
And it is easy to find ways the remote revolution may cost us. From full virtual closings to things like hybrid signings, it is normal to have some qualms.
But, so did notaries during the mobile revolution. And in the end, the reservations held were let go as the industry blossomed into a new era. One of both freedom for the notary, as well as the customer.
Those of us ready to re-tool our belt will find ways to thrive in a growing marketplace.
New Opportunities Mean New Income
Right now there are still a lot of signings that are static. And even more that never happen, as people just cross their fingers and hope it will all be well.
But, with the proper marketing and business development, the ease of online signings will bring new signing opportunities to the fold.
More competitive pricing will continue to squeeze static notaries, who are bound to onerous fees they can charge in most states. This is a big reason the mobile notary revolution happened and it helped notaries make more money.
Individuals commonly forego getting documents notarized that they should. From simple hold harmless agreements, private loans or IOUs among family members, and even simple agreements between neighbors for things like easement access.
And too often these people get bitten in the rear. Because they find the current process either too onerous or too expensive.
But, remote signings will make this both easier and price competitive.
Diversification Protects You
We say it all the time. Diversify, diversify, diversify.
We can’t tell you how many comments we’ve received over the years about us accepting more types of signings than mortgages. More types of signings than our competitors.
Why would you do that? It is stupid to accept signings that pay less then others. Why waste my time?
But, that is a large part of what made Sunshine Signing into who we are today. Diversification has allowed us to grow stronger even when an industry wanes.
While others floundered during the real estate crash in 2007, we ended up thriving because our business was not solely reliant on new mortgages and refinances. And while others faltered, when the market rebounded, we were able to acquire more business in that sector.
As the old adage says, “Don’t put all of your eggs in one basket.”.
Remote Notarization is Diversification
Even after the mobile revolution, static notaries still stand. And even after the remote revolution occurs, mobile notaries will do the same.
So, the question we need to ask ourselves is this?
- How do I capitalize on the slate of new signings?
- How do I make myself mobile and online at the same time?
- How do I turn this into an opportunity to make more money?
These are just a few questions we need to ask before we prepare our business for a new world.
And we will talk more about these topics in upcoming articles.