Posted by Sylvia McKnight on 8/13/12 2:08pm
Msg #430310

So Cal Signing Fees

I'm in Southern California. I know fees are confidential, but I'm wondering why my signings have dropped - especially with interest rates so low. Maybe I'm charging too much? Or others charging way less? I used to get paid $120 per signing (a few years back), then about 2 years ago - I dropped my fee to $90-$100 (e-docs/faxbacks). Is that still too much? I don't ask for much (1-2 signings a week would be enough), but I don't want to be cheaper than my co-notary signers either and get all the calls. There are usually 5+ notarizataions per package, plus print cost, gas/travel/time, etc.. What is everyone charging these days? Thanks!!

Reply by Yoli/CA on 8/13/12 2:18pm
Msg #430312

I'm in Northern California. Your fees should be whatever works best for you after taking ALL expenses into consideration.

My personal opinion is that anything under $125 (base for edocs) is way too low. My base fee is for a 15 mile radius and package of about 130 pages. Anything beyond that is negotiated separately. Again, that's just me.

Reply by RonnieB/NC on 8/13/12 2:28pm
Msg #430314

Yoli is right! You have to pay Taxes, gas prices rising again, supplies, maintenance on your vehicle, the whole lot.

Reply by KODI/CA on 8/13/12 2:47pm
Msg #430315

I am in San Diego. My base fee is the same as Yoli"s. I am not hurting for business at that rate. Perhaps you should look at your profile and also recontact those original companies that were providing you volume. JMHO.

Reply by Marian_in_CA on 8/13/12 2:52pm
Msg #430317

I'm on the northern end of SoCal, up in the desert. Fees vary WIDELY depending on where you are located and where you are willing to travel. It also depends, frankly, on your local competition and the saturation of notaries. If you live in an area where there are a lot of Notaries, or well known an established notaries, you need to consider that. You do this though research.

Personally? Even $125.00 is way too low for me, because of expenses. I will accept that on certain occasions and with only certain companies, but I rarely go lower than that. In fact...these days, it never happens. If others charge less, that's great for them... they can have the work. But, I don't compromise. I have expense and a profit margin I have to maintain... otherwise the IRS will be pretty upset with me if I continue to report business losses. It's not about just getting the work... you need to cover your expenses *and* make money. Now, I can easily justify my fees... but in more suburban or city areas, I probably wouldn't be working much charging as much as I do and would adjust accordingly. Of course, I also wouldn't be traveling as much, either.

Out where I am, I'm one of the few mobile notaries, and I cover a large geographical area (Mojave desert). Some of the other local notaries have moved. One died. So loan work is increasing for me, and so is travel. I don't play the negotiating game. I have a minimum and I stick to it 99% of the time. Often that means I get passed by to cheaper notaries... and I'm okay with that, but I often get called back to clean up their mess.

I also don't play the waiting game for docs. I had an appointment today and the company KNEW that I had to have the docs by 8am or I'd cancel it. The scheduler knew it and even sent a reminder email to the closing coordinator that I would pull out if I didn't get them. Never got them.... I even waited a full 15 minutes past the deadline before I pulled the plug. The docs showed up 15 minutes later, after I'd walked out the door. (In the summer here I can't run my printer in the car.)

Turns out they had the file ready ALL WEEKEND LONG and didn't bother to send them. Whoops, they forgot. Well you know what? Too bad. Late docs are an extra $50.00. Yes, I do charge it and I won't take the job unless they agree to it in writing. They tried to reschedule with the borrower, but they couldn't do it when I was available again. The scheduler understood, even said, "I *told* her it would happen. She's known for 4 days that this would happen." This scheduler knows I don't mess around and knows to call me days in advance. Same day signings rarely ever happen with me.

So, they managed to call up another notary 45 miles away who agreed to take it.. and I'm pretty darn sure the other notary charges less than I do, even with travel. That's fine... they can have it. TO me, it's about standing firm to my business policies and not letting these companies know that I will compromise. I do not believe that these antics are "just the way it is" in the business. I think it's lazy and nonprofessional. Oh, sure, there are the rare times when there is a true emergency when accommodation is needed, but most of the time? Not so much.

I have plenty of companies who know how I work and are happy to call me up because they know what they get from me and what my expectations are. Frankly, 4 hours is not an unreasonable request and I find absolutely no excuse to be forced to wait around for people to get their acts together.

Reply by Shoshana/AZ on 8/13/12 3:14pm
Msg #430326

Marian,
I am glad that works for you. You must be exhausted with all the driving you do. Phoenix Metro where I live is of course, a differnt story. I have the luxury of taking jibs close to home. That's just what I do.

Reply by Marian_in_CA on 8/13/12 3:28pm
Msg #430332

Yup... driving can be a killer.... and don't even get me started on the number of nonexistent, dirt and mountain roads I deal with. Seriously, I think I need to get a Jeep to do this job sometimes.

but what can you do in these remote desert towns? For example, look up Randsburg, CA. It's small, touristy town (mostly for bikers and off-roaders) that is a bit of a revived ghost town full of, well.... interesting people. I love driving around that little town because the people are rather eccentric. Their houses are hilarious.

A lot of people don't even know where it is, much less would know how to get there. And once they find out? Yeah... they don't want to do it, especially in the heat of summer.

THe funny thing is that it's a small little rat-shack town in the middle of nowhere and yet they have the BEST cell phone coverage I've ever seen because there's a big tower nearby.

Reply by jba/fl on 8/13/12 6:38pm
Msg #430351

I looked it up on MapQuest - you can count the trees there. n/m

Reply by Marian_in_CA on 8/13/12 7:58pm
Msg #430354

Wait, we have trees out here? n/m

Reply by MW/VA on 8/13/12 3:15pm
Msg #430328

Unfortunately, it's Economics 101--supply &

demand. It's all about what the market will pay. I agree that anything under $100 is too low, especially if you have travel to consider. Only you can decide what fee you have to charge in order to make a profit.
I get the low-ball offers like everyone else, but just ignore them. If they're someone out there willing to do signings for $70 that's their problem.

Reply by Marian_in_CA on 8/13/12 3:35pm
Msg #430334

Re: Unfortunately, it's Economics 101--supply &

Marilyn is right... it's really knowing what your immediate area can handle. It's also about educating those in other areas of the country who call you who can't always grasp that not everyone lives within 10 minutes of everything and a blanket fee for every job across the country just doesn't work. I can charge what I do because my area calls for it.

If I lived just another 45 miles south... there's no way I'd get the same type of fees.

Reply by Sylvia McKnight on 8/13/12 4:48pm
Msg #430338

Re: Unfortunately, it's Economics 101--supply &

Thanks. I'm not dropping my fees again. I just wanted to make sure I wasn't out of touch. I know there are a lot of notaries in the area who will work for less. Oh well.

Reply by JanetK_CA on 8/13/12 5:31pm
Msg #430345

Re: Unfortunately, it's Economics 101--supply &

It may be useful to ask yourself if you're providing Walmart service and quality or Nordstrom service and quality - and then charge accordingly. The good folks at Nordstrom aren't really concerned with competing with Walmart on price. ('Course you then have to do the appropriate work to capture the market you're trying to reach. That's the catch.)