Posted by HouTexJoe on 7/15/11 7:03am
Msg #389757

Getting the Assignment

I'm new to the mobile notary game. I read with interest the postings here and learn a lot from them. I have a bit of a dilemma though when it comes to fees. Recently I have had 2 calls where I felt the fee offered was extremely low, less than $100 for re-fi's with edocs, etc. I tried to negotiate a higher fee and was told something like, "I'll see if I can get it approved and call you back." Needless to say, no callback. I read that seasoned MN's say stick to your guns and when newbies accept low fees it hurts everyone, etc. I agree and I certainly do not want to undermine that, but trying to negotiate a higher fee has cost me 2 assignments at a time when I am trying to build a business. I'm interested to hear comments on this and perhaps some negotiating strategies that will allow me to get a fair fee AND the assignment.

Reply by Ilene C. Seidel on 7/15/11 7:17am
Msg #389759

I can understand your dilemma. Understand if you accept such a low fees you will not be making a decent profit to make it worth while to do the closing. If you haven't already done so go to SC and market yourself it's a constant job.

Reply by Notarysigner on 7/15/11 8:09am
Msg #389762

You will have to fight that battle everyday IMO. One thing you can do is check out how many notaries are in your area, that would be your competition and determine the likelihood of you're being able to negotiate a higher fee. Remember not just the notaries listed here on find a notary. It is easy of course if your business plan calls for a certain fee, then stick to it. If it's not working for you, make some adjustment until it does. 'cause I need the money, will never work in the long run, besides, you always need the money until they turn rocks into money.

Reply by MW/VA on 7/15/11 8:13am
Msg #389764

We are all in the same dilemna these days. There are many posts here about cos. offering ridiculously low fees. We're in the same position as many cos., since biz is down but not costs of operating.
It hurts to say "no" to business, but holding firm on fees is important to building a biz that will make a profit. We are all aware that often newbies are the one's who will accept the lower fees. There is no price fixing, so you will need to decide what fee makes your efforts worthwhile. Good luck.

Reply by Eddy Seabolt on 7/15/11 8:20am
Msg #389767

I have only been in the game for about six months and have done very well. Stick to your fees, become an expert on loan documents, and ignore the ones that say you can't be successful in this business.

Reply by mwm143 on 7/15/11 10:15am
Msg #389773

Success is not measured the same for everyone

I once made 5 figures per month at 250.00 per closing.

Some are trying to pay their mortgage while others are looking for extra pocket money after deducting expenses. If you meet or exceed your goal then you're successful.

Reply by Notarysigner on 7/15/11 2:56pm
Msg #389795

Exactly...something not mentioned as far as

I know and that is, What percentage of your monthly income is derived from signings? I'm sure it is relevant to the amount being accepted. I have accepted only two signings under $XXX in the last three years and they were sellers packages. I don't do work agreements, faxbacks, won't tolerate handholding so obviously don't get the number of signings per month most of the members get. When I do get a signing, it is a fair fee.

Notary work probably represents less the 20% of my income which is why I can demand what I want to be paid.
Those who are trying to make a living at this (during this periods of time) are certainly having a hard time doing so. Some are probably being forced to accept sub-par fees to make ends meet, my hat is off to them but trust me, it is only a temporary fix. IMO

Reply by Stephanie Santiago on 7/15/11 1:10pm
Msg #389787

Eddy: Great advice! :) n/m

Reply by Sha/CA on 7/15/11 6:04pm
Msg #389817

I believe that some Signing Services prey on newbies. IMO when they see a new name in an area where they need a notary, they will call them first, just to see if they can low ball a signing. This will not help you or our profession. I say, do your homework, project your expenses and stick to your guns. Good luck.

Reply by HouTexJoe on 7/16/11 4:52am
Msg #389833

Thanks to all who responded. Obvioiusly there is no definitive answer. I'll continue to do what I think is right on a case-by-case basis. Good luck to us all.