Posted by Anonymous on 11/29/04 12:40pm
Msg #12194

Fee Question for all and for those in MAINE

Hello All:

Hope you all had a great holiday!

Lately I have been receiving phone calls from companies telling me that a basic (which we know that's rare) signing fee is $50.00. I've never negiotated a fee before because I've never been called saying a basic fee is $50.00. It's always been $75.00. At Home Signings called earlier this morning and said "we pay $50.00 within a 40-mile radius for loan packages overnighted". I hesitated and told them to fax me a contract to look at.

My question is --- has anyone negiotated their fee? Have companies ever come back and accepted your higher rate? Are companies now starting off low hoping we will accept that amount - I feel like I'm at an auction! I feel like I should call back and say I usually get more for a signing, but I'm not sure I'll get anymore business - which in some ways I guess if I'm not getting the fee I want isn't that bad.

Just throwing the question out there to see what others have done in this situations and also to see if their are other notaries from Maine or other areas experiencing the same thing.

THANKS

Reply by Nicole_NCali on 11/29/04 12:55pm
Msg #12195

I state my fee is $100 and this is with the title companies. So far the title companies have accepted. If the signing is within 5 miles, I will do a signing for $65. I have looked over the breakdown of fees that is on the loan packet and I saw a $350 notary fees on some packets and this has made me a bit disconcerted, but try to get work with the Title companies first. So far I have done 5 title company signings.

Reply by Nicole on 11/29/04 1:08pm
Msg #12196

Did you contact the Title Companies directly??? I'm just afraid if I return this document that states $50.00 for a signing within 40 miles of my home - that I will get calls for a signing 40 miles away - 45 minute drive - do the signing - almost an hour and then drive home another 45 minutes - fax out documents, etc. I'm looking at about 4 hours of work for $50.00 = $12.00 PER HOUR. And that's if everything goes o.k.

Reply by Nicole in Maine on 11/29/04 1:09pm
Msg #12197

DIDN'T MEAN TO POST AS ANYONYMOUS

From

Nicole in Maine

Reply by Nicole_NCali on 11/29/04 1:14pm
Msg #12198

Re: DIDN'T MEAN TO POST AS ANYONYMOUS

I did cold calling to most of the title companies w/in a 50 mile radius from me. I am also in the process of contacting different law offices for their affidavit work. When you go direct, that means contact the Title companies, escrow officers, loan agents, you can negotiate a higher price. Fortunately, I personally know 4 loan officers and they have shot me work and because we are friends, they have gone over the loan packets from various lenders to ensure that I am familiar with them. Marketing is the key to building your business. I have a couple of title companies that I am taking my card to at lunch time.

Reply by CaliNotary on 11/29/04 2:47pm
Msg #12205

Some companies are willing to go above $50, some aren't. I have a list of all of the cities that I cover with fees for each of them. When I get calls I don't try to negotiate a fee, I simply state what my fee is and it's their choice whether to accept it or not. The companies that I deal with regularly have no problem with my fees.

A lot of people in here simply will not do $50 signings. While most of my signings are above that rate, I don't have any problem doing a $50 signing, but the area that I'm willing to travel to to do it is extremely limited. If I can't get there in about 10 minutes, I'm not gonna do it for $50.

I'd say that the odds of negotiating a fee with a company who think we should travel 40 miles one way for $50 are slim to none. That's just insane, but I'm guessing there are plenty of notaries out there doing it for them. I'd suggest that you make up a list of exactly where you're willing to travel for $50 and stick to it religiously.

Reply by Nicole in Maine on 11/30/04 7:10am
Msg #12287

Great advice - thanks!!! I don't even know why I was questioninig it -- I knew I had no interest in travelling 80 miles 1 way for $50.00. I sent my information back to At Home Signings and thanked them for contacting me and stated that I would not travel any more than 15 miles for the $50.00 rate they were offering. I told them I would be more than happy to work with them for that rate and thanked them again for their time. OH well we'll see.