Exploring Side Hustles: Should You Become a Loan Signing Agent?

In today’s economy, individuals are continuously searching for flexible side hustles to supplement their income, should you become a loan signing agent or explore gig economy income streams? Exploring a notary side hustle presents a unique opportunity for those interested in offering notary services, given its potential for steady demand and significant contribution to legal processes. Understanding how much a part-time notary can make and the nuances of becoming a notary signing agent are crucial for those considering this path. On the other hand, the gig economy offers a plethora of options with varying degrees of flexibility and earning potential, appealing to a broad demographic seeking secondary income sources.

This article endeavors to dive deep into the whether you should become a loan signing agent or engage in gig economy opportunities. It will cover essential aspects such as the overview of being a loan signing agent and the spectrum of gig economy side hustles available. A comparative analysis focusing on earning potential, flexibility and commitment, and the barrier to entry and skills required for each option will provide readers with a comprehensive understanding. Whether readers are curious about the financial viability of notary services, how flexible hours can align with their lifestyle, or pondering, “Can I make money as a notary?” this article aims to offer valuable insights to guide their decision-making process.

Loan Signing Agent Side Hustle Overview

Loan signing agents specialize in managing property records and loan documents, offering a niche yet lucrative service in the real estate sector. These professionals can earn significantly, with potential rates reaching up to $200 per hour. The flexibility of this role is notable, as part-time agents have the potential to earn as much as $20,000 monthly.

Should you become a loan signing agent, the journey to becoming a loan signing agent involves specific steps that vary by state. Initially, one must become a notary, followed by taking a loan signing training course and passing a secondary exam. This entire process can span from 4 to 9 weeks, making it a relatively quick path to a new profession.

Starting costs are also minimal, generally staying under $1,000, which covers training and certification expenses. Once certified, loan signing agents typically find opportunities through signing-service companies or by directly soliciting business from loan offices. Establishing direct contact with potential clients through loan packages or in-person visits to escrow or loan offices can be particularly effective.

Furthermore, the ability to convey problem-solving skills and a thorough understanding of common documentation and potential errors is crucial. These competencies help attract and retain clients, enhancing an agent’s reputation and business prospects. Typically, earnings per appointment can range from $75 to $200, depending on the complexity and requirements of the signing process.

Gig Economy Side Hustles Overview

The gig economy, characterized by short-term contracts or freelance work instead of permanent jobs, includes a significant portion of the workforce. In the United States, over a third of adults have at least one side hustle, with nearly 40% of these individuals using the additional income to cover everyday expenses. The average monthly income from side hustles is $686, although most earn $200 or less.

Popular side hustles range from driving for services like Uber or Lyft, freelancing on platforms such as Fiverr or Upwork, to tasks like babysitting on Care.com, running errands with TaskRabbit, and delivering food with DoorDash, Postmates, or UberEats. These opportunities not only provide extra income but also offer the flexibility to work around personal schedules and the potential for skill development. The benefits of gig work include flexible schedules, the ability to choose jobs, and the opportunity to be your own boss, which can lead to the establishment of a full-time business.

However, there are challenges to consider. The pressures of juggling multiple jobs, unexpected costs, and potential distractions from full-time employment are notable drawbacks. Additionally, preparing for taxes and ensuring personal protection are essential steps when starting a side hustle.

As of 2018, 36% of all U.S. workers were part of the gig economy, with an estimated 57 million Americans participating globally, contributing to an industry potentially worth as much as 350 billion dollars. The American Opportunity Survey indicates that 36% of employed respondents identify as independent workers, highlighting a significant increase since 2016. These workers engage in diverse jobs such as tutoring, driving, delivering food, and even renting out personal property.

For those looking to enter the gig economy, identifying personal skills and talents is crucial. Opportunities can be found through online job search portals, industry-specific organizations, and traditional employment agencies. Utilizing social networks for advertising services and asking for referrals can also be beneficial. Setting up a home office might require investments in new equipment, and protecting against cybersecurity threats is critical due to the increased risks faced by small businesses.

Collaboration with other gig workers can bring in more business, and establishing a formal business structure with the state can provide additional legitimacy. Researching competitive pricing, setting up efficient record-keeping and invoicing systems, and continually seeking customer referrals are all strategies that can enhance the success of a gig economy side hustle. For additional support, communities like Solopreneur Grind offer resources and guidance through platforms such as their podcast.

Earning Potential

In the realm of side hustles, earning potential varies significantly between different options. For instance, notary signing agents have the capacity to earn impressively, with some top professionals commanding up to $200 per hour. This high earning potential is indicative of the specialized skills and responsibilities involved in notarizing and handling crucial loan documents during the final stages of the loan process. In the “How to make money as a notary” article we explore ten revenue stream opportunities.

Comparatively, gig economy roles such as rideshare and food delivery drivers generally see lower hourly earnings. Rideshare drivers typically earn between $15 and $20 per hour before expenses, while food delivery drivers make approximately $10 to $15 per hour. These figures highlight a stark contrast in potential income between more specialized side hustles like notary services and more accessible gig economy jobs.

This disparity in earnings underscores the importance of considering one’s skills and the level of commitment one is willing to invest when choosing a side hustle. For those with the capability and interest to navigate the complexities of loan documents, becoming a notary signing agent offers a lucrative opportunity. Conversely, gig economy jobs might appeal more to those seeking flexible, less specialized work options.

Flexibility and Commitment

Loan signing agents enjoy considerable flexibility in their work schedules, as they can set their own hours and often work from home or on the move. This flexibility allows them to schedule appointments around their personal availability, accommodating other commitments. Despite this flexibility, loan signing agents must manage their time effectively due to the sensitive nature of the mortgage or loan packages they handle, which often come with tight deadlines. The profession demands a significant commitment, requiring agents to gain experience and dedicate time to planning for success.

In contrast, gig workers also benefit from the ability to choose their work hours, which affords them the ease of integrating work with other life responsibilities. However, unlike loan signing agents, gig workers do not have set appointments and must spend time seeking new clients or projects to ensure a steady income, which can vary significantly. This aspect of gig work highlights a different kind of commitment, where flexibility is high but income consistency can be challenging.

Overall, both roles offer unique advantages in terms of flexibility, but they also require different levels of commitment and planning to succeed in their respective fields.

Barrier to Entry and Skills Required

Entering the notary side hustle involves specific barriers and skill requirements that differ significantly from those in the gig economy. To become a notary public, individuals must meet state-specific requirements and often complete specialized training courses. These courses, such as the Loan Signing System, provide comprehensive training and a certification upon passing an exam, which many companies prefer even though it’s not always mandatory. The cost of becoming a certified signing agent is relatively low, generally ranging from $75 to a few hundred dollars, making it accessible for many.

Additionally, notary publics must be certified and carry liability insurance, which adds another layer of professionalism and trust to their services. Building strong relationships with title companies and signing services is also crucial for success in this field. The skills required extend beyond mere certification; they encompass a deep understanding of loan documents and an ability to handle sensitive information accurately and efficiently.

In contrast, the gig economy side hustles typically have a lower barrier to entry. For most roles, such as driving for rideshare companies or delivering food, the primary requirements are a vehicle, a smartphone, and passing a background check. These roles do not require specialized training or certification, making them more accessible to a broader range of people. However, this accessibility comes with its own challenges, such as inconsistent earnings and the need to manage expenses like gas and vehicle maintenance.

The skills required in gig economy jobs often include time management, customer service, and basic technical skills to navigate apps and platforms. While these skills are less specialized, they are crucial for maximizing earnings and maintaining a steady workflow in the highly competitive gig economy.

Overall, the barrier to entry and skills required in the notary side hustle are higher and more specialized compared to those in the gig economy, which are more about accessibility and flexibility. This distinction is vital for individuals considering which path might better suit their capabilities and career goals.

Should You Become a Loan Signing Agent

Deciding between becoming a notary loan signing agent or diving into the gig economy encompasses weighing the trade-offs between earning potential, flexibility, commitment, and the barriers to entry. As our analysis reveals, a notary side hustle offers a specialized and potentially lucrative avenue, demanding a particular set of skills and certifications, but yielding considerable rewards for those willing to navigate its complexities. Conversely, the gig economy presents a myriad of opportunities that prioritize flexibility and accessibility, catering to a broad spectrum of skills and allowing individuals to tailor their work to personal schedules and preferences.

In light of these findings, individuals seeking to augment their income through side hustles should carefully consider their priorities, skills, and the level of commitment they are prepared to invest. Whether one opts for the structured path of becoming a notary with its higher earning potential or embraces the wideness of the gig economy for its flexibility and varied opportunities, the key to success lies in aligning one’s choice with personal goals and capacities. Ultimately, both paths offer unique advantages and challenges, underscoring the importance of personal alignment in the pursuit of income that supports the lifestyle you came here to manifest.

FAQs

1. Which notary roles are the most profitable?

The most profitable role for a notary public is that of a loan signing agent. These agents assist borrowers in completing the necessary paperwork for mortgage loans, ensuring that all documents are signed and correctly notarized.

2. In which sectors are notaries most in demand?

Notaries are particularly in demand in several key sectors:

• Administrative Offices: Often require notaries for various administrative tasks.
• Real Estate Agencies: Frequently need notaries to handle deeds and titles.
• Banks: Many banks provide notary services for their customers.
• Lending Institutions: Employ notaries to oversee the signing of loan documents.

3. What are the typical fees charged by notaries?

Notaries generally charge a fee that can range from $1 to $20 per document or signature. This fee covers the service of witnessing signatures on legal documents such as wills, real estate documents, powers of attorney, or contracts, making it a relatively affordable service.

4. Is pursuing a career as a notary in California financially rewarding?

Yes, California is the highest paying state for notaries in the U.S., with an average salary of $59,055, which is significantly above the national average of approximately $45,000. This makes it a worthwhile consideration for those looking to become a notary in California.