Posted by ibnotary on 5/11/13 1:56pm
Msg #469670

Question about fees to charge

Hello, as I get started reaching out to companies try to get business, I won't know what to say if they ask me for my fees, since I'm brand new. I would sure appreciate it if someone would give me a few general rough ranges of fees I should mention. I just don't want to sound like I'm clueless. (For instance, I don't know if I should ask for $10 for making a set of copies, or $30 ) If someone wouldn't mind giving me a few ranges for various fees, I'd sure appreciate it. Sending a private message back is fine.

Reply by Roger_OH on 5/11/13 2:41pm
Msg #469673

You need to create a business plan than includes all aspects of your business; coverage areas, types of signings, your expenses of printing/ink/paper, phone, PC, etc.

Use your plan to determine what standards of profitability are acceptable to you, and then charge accordingly.

It's not what a company says they will pay you, it's what you tell them YOUR fee is.

Reply by Doris_CO on 5/11/13 10:18pm
Msg #469697

Follow Rogers suggestion but also go to the Search feature and type in "fees" or "what fees to charge" or variation of that term and read what others are saying. A lot of the comments won't exactly match what you're seeking, but you'll get a good idea of what most consider an unprofitable fee. Don't let the company calling you talk you into their fee. They're looking for the cheapest person to do their job and don't seem to care about the quality of work you will do, just how low they can go. Sometimes I wonder if the scheduler gets a kick-back if they can get a job done for less then what has been set aside for it.

Reply by sueharke on 5/11/13 10:41pm
Msg #469701

IBnotary: find the closest location of the Small Business Development Center and take their courses. Also work with SCORE to understand how your business works. This organization will help you create a business plan to make the decisions you need.

Reply by ibnotary on 5/12/13 10:08pm
Msg #469730

Really, I'm not looking for a business plan, I'm just looking to understand what the going rates are . . . how much do I ask for from clients if I get to the borrower site and he refuses to sign, how much if I fax back the docs, or if I drop them off, or if I have to make a second set of copies, or make a second trip . . . I just didn't know if these things are worth $100 or worth $20. I want to sound somewhat legitimate the first time a potential client asks me my rates, but as of now, I have no clue even approximate ranges for these things, and I don't want them to blow me off as a joke.

Reply by JanetK_CA on 5/13/13 2:54am
Msg #469738

Scratching my head...

"I'm not looking for a business plan..."

To many readers here, that might sound like you're saying "I don't want to have to do the work that most start-up businesses have to do, I just want someone else to use some of their valuable time to tell me what I want to know."


"I want to sound somewhat legitimate the first time a potential client asks me my rates..."

You got three good suggestions. At the top of the home page of this forum is an orange Search button that will give you access to archives of incalculable value to someone starting out in this business. All the answers you want are there for the searching.

Reply by ibnotary on 5/13/13 8:30am
Msg #469746

Re: Scratching my head...

HI Kay, I totally made that come out wrong. Sorry. I teach business courses, I totally get the importance of a business plan, and our business that includes more than my signing service certainly has a business plan that we have followed faithfully and update regularly. I also understand formulas for developing product and service pricing - I do it all the time - but in the other parts of my business, I have a general understanding of market rates too - and that understanding is an important piece in developing pricing.. I have even calculated cost per page to print out documents, and the time it takes my printer to spit out different volumnes of paper. But, part of developing pricing includes benchmarking and understanding market rates. That's all I was trying to get a sense of. . I don't know if an item is typically charged at, say $200 markup , or$50, or vice versa and I don't want to look out of touch.. I don't know if 10% profit margin is the norm, or more like 200% profit margin is the norm (like in another business I worked in.) Being new to this industry, I don't have historical or industry knowedge about market rates. But, I DID get good information from the suggestions, esp from Roger and Doris. I was just clarifying that my quesiton here wasn't about a business plan, it was more about trying to understand rough market pricing ranges so I don't look naive.

Reply by desktopfull on 5/13/13 6:37am
Msg #469741

Seriously? ROFLMAO!!!! n/m

Reply by MW/VA on 5/13/13 7:44am
Msg #469745

I'm curious here. How did you get involved in a business where you don't know what to charge? Do a search under "fees", as suggested. For the most part my minimum fee for a signing is $xxx, including printing edocs (2 sets, of course). The standard for faxbacks was always $25, but many cos. won't pay that. You will find that you need to have a printer that is cost effective to operate, and buy paper at Costco or when on sale. I suggest you work on getting your fee schedule worked out, so you're in a position to negotiate when you get calls.

Reply by ibnotary on 5/13/13 8:35am
Msg #469747

thanks for the note. I initially did look up fees, but I apparently skimmed it too fast. I'm doing it again. And I do have a good sense of going rates for general signing fees, and I understand the rough range for signing services vs direct work for escrow agencies, etc. I've already done analysis and decided what my requested fee will be. My question was more about that other additional charges. Everyone has been very helpful.

Reply by Linda_H/FL on 5/13/13 8:42am
Msg #469748

Re: Question about fees to charge...to add on here

"I suggest you work on getting your fee schedule worked out, so you're in a position to negotiate when you get calls."

Only YOU can determine your fees and what YOU need as a profit margin. Only YOU know what your expenses are since the economy varies throughout the country. Only YOU know how much you need to make to both sustain your business and support yourself personally. We can't tell you what to charge - we can only tell you not to be fooled by companies who tell you what the going rate is for your services - remember, they're looking at THEIR bottom line, not yours. Don't be fooled into believing that "there's 100 notaries on our list that do it for $50, $60, $70" - it's a lie.

Reply by ibnotary on 5/13/13 12:22pm
Msg #469758

Re: Question about fees to charge...to add on here

Thank you! Very well stated and makes perfect sense.

Reply by NVLSlady/VA on 5/13/13 12:19pm
Msg #469756

Generally speaking, if I know I have to come back to my home office for fax backs, (whether scanned or not) that might add $15-$30 to my fee depending on time of day and no. of pages; so plan accordingly.

Or if I know I'll be traveling further and/or docs are late, I may “pad” my print fee to reflect my patience pedometer. But should be reasonable. Your question seems to imply: What IS reasonable? An extra $20-$30 for over-sized print packages. But then, what is an Oversized package? MY business model says over 110 pp. and is based on the avg. package I see.

So, deciding what is extraneous (aka, 'Junk', which RESPA sought to address), unwarranted; justified, normal, etc. in terms of fees should be evaluated when all your expenses and time is accounted for (then you can “work backwards” from the Fee You want). Oh, then address in your biz plan.
Plan being the operative word.

Reply by ibnotary on 5/13/13 12:24pm
Msg #469759

THanks. Very helpful!

Reply by Marian_in_CA on 5/13/13 9:55pm
Msg #469822

Is this a serious inquiry?

There is no standard fee. You have to set your fees by working your expenses and profit margin. If you don't know how to do that, you are going to get screwed... and you WILL come off as clueless. These companies will eat you alive. THe IRS will have a field day with you and you'll be out of "business" in a matter of months.

Reply by KC Bates on 5/14/13 9:27pm
Msg #469981

Re: Is this a serious inquiry?

just a note - the IRS WON'T have a field day with you. all the IRS cares about is if you reported all of your income and are your deductions customary and ordinary.

you have received some helpful suggestions here, I suggest you use the FEW posts that have offered you those suggestions and move forward.