Posted by another counting notary on 5/20/04 1:14pm
Msg #2159

Why the veteran notaries tell you not to accept $50 jobs

So many people posting here have happily stated that they are getting $25 an hour because the appointments only take 30 minutes for everything. $25 an hour is not correct. Here's why:

Let's say you are a FULL-TIME signing agent and you average 3 appointments a day.
$150 a day.
$3,000 a month (except Nov 20 through Jan 31: the dead months)

Expenses: computer and fax purchase & supplies, gas, insurance, car payment, cell phone, income and business tax, etc. My expenses come to around $1,050 a month and I am frugal.

$3,000 - $1,050 = $1,950

$1,950 divided by 40 hours a week works out to $11.27 an hour.

Don't forget you need to save a big chunk of cash for the winter months.

The only way you can make a living on three SS jobs a day is if you fill your downtime with a second job. Tough to do, since you never know when a signing appointment will happen.

Reply by Anonymous on 5/20/04 2:41pm
Msg #2161

When I first started I took all the $50 jobs I could get because I wanted to reach a certain level of completed closings as quickly at possible for marketing purposes. It was always done with the intent of ultimately charging a reasonable fee. The time investment alone makes a $50 closing fee economically impractical -- aside, as noted by another poster, from the hard cash the signing agent has to lay out just to handle the closing. Here are the steps I go through for a typical closing, with >>no<< problems associated with it. Factor in a couple of glitches, and the time invested goes up even further.

1. Initial discussion and acceptance of assignment via phone/e-mail
2. Review order upon arrival
3. Insert into computer calendar, traveling calendar
4. Assign a file number in computer tracking program
5. Create file
6. Fill out order information form for file
7. Create map with computer program, place in file
8. Call borrower to confirm appointment, give instructions on ID
9. Go to appointment, execute documents
10. Prepare fax to closing/title company confirming closing and providing invoice; send fax
11. Write letter to title company detailing any problems with the closing, soliciting future business
12. Get overnight package to courier
13. Fill out order information form in file with tracking number, start/finish time of closing, etc.
14. Note closing completition in tracking program, change from pending order to account receivable
15. File file
16. Record check in when received
17. Deposit check

All of the above is aside from the time spent on general office chores -- printing those order information forms, keeping the web site updated, picking up supplies, trying to get other insights by plugging into forums such as this occasionally, etc.

If the beginning signing agent has another source of income -- or a working spouse -- taking $50 closings may be the thing to do for a while. If he is expecting to earn unencumbered profits, though, he needs to set his fee sights higher from the outset.

Reply by impressed on 5/20/04 3:37pm
Msg #2162

Re: $50 appts -- steps for each appt

Well done, Anonymous!!!

Your list presents a vivid picture of the chores involved in performing a single notary signing appointment.

I agree about the need to accept $50 jobs initially just to get experience. No training manual can prepare you for the actual work.

Two additional time-eaters that must be done weekly (or at least monthly) to stay in business
*Researching and marketing to potential clients.
*Researching to keep up to date on regulations and procedures regarding: notarial rules, loan documents, and business ownership requirements.

Pay close heed, new signing agents!

Reply by EconomicNotary on 5/20/04 11:25pm
Msg #2173

Good point. The $11.27, no benefits and pretax dollars!