No fire, just the facts.
<<<What about the beginning signing agent who has just been certified?>>>
My first signing was on Thanksgiving Day, 2007. I charged $110 for a purchase signing at a R.E. Broker's office....no edocs....package ready and waiting at Broker's office a few miles away. Just showed up, conducted the signing, notarized and left docs with Broker. I never mentioned that I was new and they're clients were my first victims. I was sent a check from escrow for $175. Therefore, it is a MYTH that new signing agents should accept crumbs until they get experience.
<<<What about the person just starting out that doesn't have a book of companies to draw assignments from?>>>
You want a book of stellar companies who meet your professional fee, without any babysitting and handholding....not a book of lowball companies who are so used to hiring incompetent signing agents that you're macro managed and who invent reasons not to pay you, or string you along with baloney such as, "So-and-so in accounting is out sick and they're the ONLY one who cuts checks."
<<<What about the signing that is two blocks away from you and only involves one experienced borrower?>>>
A NSA's expenses are not limited to gasoline and being a CA NSA, we have a lot of required costs to factor into our expense report, which are: Notary course/class and testing, bond, background check, fees to SOS, fees to County to file bond and take oath, TAXES, E & O Insurance, supplies (seal, journals, briefcase, printer, toner, paper, pens, etc.), marketing (i.e. business cards, website & hosting, directory membership, networking membership such as Chamber of Commerce, etc.) gasoline, brakes and tires wear out quicker, auto insurance, wear and tear on printers, etc.
If it takes 3 hours from start to finish to complete a signng and you charge $90, that is NOT $30 per hour, though some clueless scheduler will tell you that. 2/3 of that $90 is expenses and one third is profit. So $60 is expenses and $30 is profit. Divide $30 by 3 hours and you have $10 per hour.....NOT $30 per hour but TEN dollars per hour. Add to that extra distance to borrowers, additional borrowers beyond two, POA signings, Reverse Mortgage appts, and 200 page packages which take more paper and eat of more toner. Now that $10 per hour is even less. If you that's all you wish to make as a business owner, go for it. Personally, I wouldn't do a loan signing for less than $175....which is why I DON'T do them. No one wants to pay that....but that's what I charge, therefore, so be it.
<<<What if you haven't had a signing in 3 days and this is what is available?>>>
See above, and to add: Many of these lowball companies have a low star rating and lowball BEHAVIOR - which means they're slow payers who eventually morph into NO payers. If they don't pay, you spend time and money on collections....now that $10 per hour profit erodes even more.
<<<What if this is the market in their area?>>>
Another MYTH....don't fall for it. No such thing for a NSA is "market area". You charge what YOU know will cover your costs and yield a profit. Low pay signings do NOT yield much of a profit, if any at all.
<<<What if they have already asked for more and lost out the last times because of it?>>>
This is YOUR business...you don't "ask" for anything....you TELL them what you CHARGE. They'll definitely shop for a lowball notary....who in turn will not show up at the signing or bow out at the last minute or make a lot of errors and that same company will have to call a professional who will charge top dollar to do the clean-up work of the lowball, employee minded notary. Low pay signings don't have a place for anyone and as far as being called out for accepting low pay signings - it's that those folks are here to COMPLAIN that they got stiffed when the writing was on the wall that the company they contracted with is a low star, low/no payer. They didn't bother to vet the company before printing docs and got the shaft. It's their own fault and no one gets sympathy for being stupid when the info is readily available.
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