What 2024 Holds for Signing Agents in a Shifting Market?

Being a notary signing agent has been considered one of the most prestigious and rewarding job profiles for many years and still is. But, as 2024 approaches, the market is ready to surprise a lot of notaries and signing services for sure and can dramatically transform the future of notary services.

In 2022, the market also surprised us with unexpected twists and turns, such as interest hikes, inflation, volatility in the real estate sector, and an anticipation of a global recession. These events then prompted every notary and signing service to revamp their business strategies. Similarly, upcoming events like Fed rate cuts, declining mortgage rates, and high property demand may cause significant disruption in the market. 

However, like always, there is a silver lining! This year will be a roller coaster drive instead of a steep nose-diving. So buckle up and get ready to explore this blog to know the changing landscape of notary services in 2024 and how you can navigate this shifting market. 

The Changing Landscape Of Notary Services In 2024-Critical Factors & Prospects

#1 Falling Mortgage Rates:

From the last few months of 2023, the mortgage interest rates have been steadily falling, and the trend will continue in 2024 as well due to an anticipation of probable Fed rate cuts. The Federal Reserve’s interest rate has remained steady at 8% for many months and, for the first time, dropped below 7%. As a notary, you should celebrate this news. Why? This shift signifies that lower interest rates will encourage more individuals to invest in properties, resulting in increased mortgage and loan closings for you. Recognizing this trend is crucial for notaries in 2024.

#2 The Rapid Expansion Of Notary Tools & Software:

Over the past few years, notary signing agents have increasingly preferred digital solutions, and this trend is set to continue in 2024. From using notary tools and software for secure document management to using notary scheduling and signing service platforms, notaries are getting increasingly dependent on technology. As we move forward, this trend will play a significant role in shaping the future of notary services. Investing in these innovations remains crucial for notaries seeking to stay ahead in 2024 and beyond.

#3 In-Person Notarization Continues To Hold Significance:

If you are a practising notary who firmly believes personalized relationships with your clients are the key to going forward, there is good news for you. Several market studies reveal that despite the growing significance of digital notary tools, in-person notarization will remain popular. This preference persists for many crucial transactions like complex document verification and spot requirements for affirmation and authentication. Building trust and rapport through face-to-face interactions is still a valuable asset for notaries like you.

#4 The Rising Popularity Of Online Notarization:

The concept of Remote Online Notarization (RON) will continue to gain more traction in the future. Recent changes in notary laws and legislative frameworks now permit notaries from different states to conduct Remote Online Notarization (RON) and recognize RON performed in other states. In 2024, more states are likely to adopt similar approaches, integrating technologies like e-signature and video conferencing. This shift makes remote notarization increasingly feasible for real estate and loan transactions. 

#5 Fed Rates & Inflation Impacting Real Estate:

While falling mortgage rates seem rosy, the bigger picture involving Fed rates and inflation deserves consideration. Rising inflation may affect the advantages of reduced mortgage costs, impact affordability, and slow down the real estate boom. Notaries should stay informed about these broader economic trends to get hold of the changing landscape of notary services in 2024. Keeping track of inflation and Fed rates can help notaries adjust their strategies accordingly.

#6 The Popularity Of Mobile Notaries Will Continue To Increase:

The growing demand for convenience will most likely continue in the notary signing service industry; hence, the popularity of mobile notaries will not slow down anytime soon. Notary signing agents equipped with portable notary tools and equipment that can cater to clients on-site will have better career prospects in 2024. 

#7 The Growing Cybersecurity Concerns:

As online notarization increases and the notary signing industry becomes dependent on digital solutions, concerns about cybersecurity and data privacy will remain important for the industry in the coming years. The notary signing industry that uses technology will prioritize incorporating various security measures like encryption and identity authentication to ensure compliance with the upcoming privacy regulations to earn and maintain client trust. 

#8 Evolving Document Type:

The rise of new technologies like blockchain and digital assets will likely introduce new types of documents requiring notarization. The future of notary services will likely embrace e-papers and digital notarization. Notaries need to stay informed about these developments and be prepared to adapt their practices and expertise to meet the needs of the evolving digital landscape.

What Does 2024 Mean For Notaries?

In 2023, more than 4.3 million homes were sold in the USA. In 2024, falling mortgage rates will likely boost this number and trigger a surge in loan closings. It means more businesses, signing orders for notaries, and bigger paychecks. So, notaries who have better expertise and adapt to the evolving market condition will have a more significant opportunity to build their notary business and thrive. So, 2024 presents a golden opportunity for notary signing agents. 

1: Looking Ahead – A Comprehensive Checklist For Notaries In 2024

Notarization in 2024 is poised to trigger a surge in loan signings. However, You should start this year with a comprehensive strategy tailored to your notary business. There are a few strategies that can help you stay relevant in this competitive market while growing your customer base. Take a look at the strategies and techniques that can secure the future of notary services. 

2: Show More Compassion Toward Your Clients

Start this year with a sense of gratitude and compassion for your clients and show them how much you care for them. Try to create a warm and welcoming experience for your new clients and show your existing customers how much they mean to you. Be sure to remind them from time to time how excited and thankful you are to work with them. 

3: Expand Your Notary Skills & Expertise

To stay relevant and visible in the changing landscape of notary services in 2024, you should master various real estate transactions while continuing different notary courses to understand loan documents inside out and comprehend the evolving notary trends. Always try to become the expert client’s trust for informed guidance. Don’t be a generalist. Choose a niche within real estate notarization, like reverse mortgages or refinances, and become the uncontested authority in that area. Attract premium clients with your focused expertise.

4: Embrace The Latest Technology

While scheduling tools, accounting tools, and marketing tools have long served notary signing agents, in the coming years, notaries need a more unified and integrated approach. Luckily, today, notaries have signed service platforms that consolidate all essential monetary operations into a single and streamlined solution. In 2024, the demand for comprehensive notary platforms will likely increase due to their cost-effectiveness. In addition, these tools enable notaries to close more orders in less time.   . 

5: Review Your Finances

Notarization in 2024 is all about utilizing the resources in an optimum way. To make this happen, you must analyze the performance of your last year by breaking down your business by numbers. This analysis will help you to set a realistic goal for your business and allocate your resources efficiently to achieve that goal. The whole process will give you an idea about how your notary signing business will perform in 2024 and what the unforeseen factors and challenges that can affect your revenue projection will be. In addition, by considering the major global issues and inflation, you should implement an effective and robust cost-reduction mechanism to optimize your notary services in 2024.

6: Market Your Notary Business More Extensively

As a notary signing agent, you must have an effective marketing strategy for your notary business. However, the marketing techniques and campaigns have significantly transformed in the last couple of years. So, in the future, you need to decide how your marketing techniques can help you grow your notary business in 2024. You should use the latest marketing tools and leverage the signing service platforms that offer comprehensive marketing tools and technologies, enabling you to reach a wider audience. Techniques like digital marketing, social media marketing, and marketing campaign automation can help you increase the brand value and overall visibility of your services. 

How Closewise Can Help Your Notary Business Thrive In 2024?

The anticipated surge in loan signings in 2024 presents unique opportunities for notaries, and to grab them, you need strategic preparation and embrace the right system. And that solution is Closewise; your comprehensive online notary platform is your secret weapon to maximizing opportunities and outmanoeuvring the crowd in 2024.

Closewise can help you stay competitive by enhancing your efficiency and maximizing your opportunities. With Closewise, you’ll seamlessly connect with signing services, streamline your workflow with an intuitive interface, and never miss an appointment, thanks to automated scheduling and reminders.

But that’s not all. With Closewise, you can make your business future-proof by incorporating features like AI-powered mileage tracking, real-time expense tracking, and powerful reporting tools. These tools will ensure maximized earnings, data-driven decisions, and staying ahead of the curve in a rapidly evolving industry. To make your business ready for 2024 and beyond, sign up for Closewise today.