Having a private office space is not expensive to obtain and manage. Consider co-working office spaces that are available nationwide. The average cost for this space is approximately $250- $300 per month. For this monthly payment you would get 24/7 access to a secure office, office space to work, access to mailing services like UPS, USPS, and Fedex, and most importantly a copier, printer, scanner, and fax. The cost of printing is .15 cents per page which includes things like maintenance, and paper. If you charge $150.00 per loan signing of about 150 pages for the document the cost to print would be $22.50. The cost of fuel and maintenance it would be safe to add about $20.00. The cost of mailing about $10.00 The total expense $52.50. Total profit for each signing $97.50. The gross profit does not include the rental payment for the co-working office space. If your rent is at the low end which is $250.00 then you would need to have a minimum of three (3) loan signings per month.
Guess what? No fancy equipment needed except your laptop computer.
This method is a great solution for new loan signing agents who are just getting started and do not have access to equipment that can produce quality print documents, scan documents of over 150 pages, or have access to a convenient mailing system to mail the loan documents to the required lender or title office.
Wondering how will you be able to pay for the upfront expenses without using any of your own money. In our next article we will disclose a new way to pay business vendors.