Posted by Dale Simmons on 9/21/06 8:05am
Msg #147409

A real concern.

I was reviewing the many threads and responses from yesterday’s postings. One really concerned me. First, I understand this is a very competitive market and costs for doing business are up. However, I read a thread that simply put, stated one would rather do several signings at a very low price than do a less amount for the std going rate. Understanding that there is no real fixed rate out there. Now, the statement made had validity, but I don't know how many of you out there have looked at a closing statement after our part of the process is complete. But you will see it listed as "Professional Services, or Notary Services with a charge of $300.00. My question is, if you do a signing for $75.00 where is the other $225.00 going?

POINT: What we do is a profession governed by a specific state where we must go through educational instruction ($), Background checks ($), Associations ($), Marketing ($), Equipment ($+), Fuel ($), vehicle maintenance ($) and other standard business costs ($). We all know this is the price of being in business for ourselves. My Question; Why cheapen what we do?

Reply by MistarellaFL on 9/21/06 8:13am
Msg #147413

One thing you didn't mention was the MARKET.
Sadly, some areas are so saturated, that if you want to work, you must lower your fees
somewhat to attract a clientele.
For those who must, it gives an opportunity to gain additional experience and build a client database of companies who will pay a higher rate.
A year or so ago, we had a new glut of new FL NSA's (thank you NNA), and if I wanted to work, I had to reduce my fees, at least temporarily.
I continued to work, and build my clientele.
Eventually, many got out of the business (they couldn't make it on the low fees-high gas prices)
Now, I am able to say no thanks to the lower fees.

Reply by Dale Simmons on 9/21/06 8:39am
Msg #147418

Good point and true statements.
Let's do this small example.
Edocs-Click charge for your printer is about $.10 per page. That takes in all the costs associated with your laser printer. Average loan 150 pages x 2=$30.00. Standard signings 1st and 2nd - now x2=$30.00 for a total of $60.00. Fuel $2.50 a gallon 2 gal used for a particular signing =$5. Again this does not cover all the costs associated with doing this business. But let's keep it simple. So now we have a total of $65.00 costs associated to you the notary. You charge $75.00 for the signing, you made $5.00 per hour. How much time are you worth???

Reply by Blueink_CA on 9/21/06 4:20pm
Msg #147564

If you're responding to the post I think you are, then I believe you took it wrong. I read it as $75.00 is the poster's base fee for overnight docs, single loan. That fee is competitive in a metro area with not much travel involved. Now you're right if you are in a rural area and must go over the river and through the woods, to demand a higher fee. The line is thin in this business between making a decent living and starving. Work smarter not harder.

"where is the other $225.00?" In the lenders drawer, held together with OUR BINDER CLIPS!

Reply by Roger_OH on 9/21/06 4:22pm
Msg #147565

Am I correct in thinking your example is for a first and second signing? No one in their right mind is going to do a 1st and 2nd, with 2 sets of edocs for $75. There are lowballers out there who might do just a first with edocs for 75, but not a double. A conservative fee for an SS would be $150 for this one.