Posted by MJ FL on 8/13/05 8:37pm
Msg #58941

At what point do we all raise prices due to gas????

Has anyone thought that all of the notaries are taking a pay cut everytime the cost of gas goes up. We are absorbing the cost and not raising our cost. It should go all the way back to the borrower in the form of closing costs.

Think about if logically, an extra $25 to the borrower. Compared to the thousands that they are charged for the other fees, is it really so unreasonable?

Reply by CaliNotary on 8/13/05 9:06pm
Msg #58946

"Think about if logically, an extra $25 to the borrower. Compared to the thousands that they are charged for the other fees, is it really so unreasonable?"

Yes, it's totally unreasonable. Why should the borrower have to pay more for their home loan because the price of gas is increasing? And $25? We're not spending anywhere remotely close to that amount on gas per signing no matter what the cost of gas is, so how do you justify proposing that much of an increase?

If the cost of gas is affecting your profit margins to a noticeable degree, raise your rates. You're self employed, you can charge whatever you please and you don't have to wait for "we all" to do it.

Reply by Denise, Ca on 8/13/05 9:30pm
Msg #58955

I am with CaliNotary. A reasonable amount can be charged for additional gas. The amount should be determined by the distance to the signing, but usually an additional $5 (which should buy about 2 gallons and in most cars pays for an additional 40 miles) is adequate.

Reply by John_NorCal on 8/13/05 10:10pm
Msg #58964

What it really boils down to is that everyone should know what it takes to make a reasonable profit, pay their expenses, provide for depreciation and replacement of equipment, etc. Given all that, the NSA should then determine what they want to charge. There is no set figure.

Reply by ANON on 8/14/05 8:15am
Msg #58990

I think notaries should adjust their fees accordingly. Most signing jobs are not a block away. If gas prices are up then adjust your fees. The borrower will not pay these fees. Most of the signing companys will give an extra twenty dollars especially if it is a last minute signing. How could you stay in business if you do go with the rise of inflation?

Reply by LawrenceOK on 8/14/05 10:48am
Msg #59004

We had this discussion last summer when gas went up. and it never did come back down to what it was. We will never see gas prices under $2.00 a gallon again. Get rid of that big A** SUV ya'll drive, get a smaller gas efficent car and deal with it. Just because gas prices effect everthing from food on our table to the shoes on the kids feet dont mean we should raise our rates.

Reply by newlysmomva on 8/14/05 2:06pm
Msg #59017

Easy to say if you are not already driving the Hyundia and driving only where you have to, not buying anything extra at the grocery and still having trouble making it.

Reply by CaliNotary on 8/14/05 5:26pm
Msg #59038

"Easy to say if you are not already driving the Hyundia and driving only where you have to, not buying anything extra at the grocery and still having trouble making it."

If that's the case, perhaps a job that uses such a large amount of gas and has no income security isn't the best career choice.

Reply by CarolynCO on 8/15/05 12:13pm
Msg #59146

**Easy to say if you are not already driving the Hyundia and driving only where you have to, not buying anything extra at the grocery and still having trouble making it.**

It sounds like you are living hand-to-mouth, and if so, being a signing agent or any kind of self-employment for that matter, is probably not your best choice for *making money.* With self-employment of any kind, there is NO GUARANTEE of a paycheck. Even if you do one or two signings a day, you might have to wait 30, 45, or even 90 days for payment.

As for raising signing rates $20 or more, unless the signing is over a hundred miles away, it doesn't cost $20 in gas for one signing, and if it does, you have more problems than the price of gasoline. In my base signing area, a signing is costing me less than $3.00 in gas, and I'm even driving an SUV. My dad raised me that it is cheaper to keep the top half of the tank filled than to run on fumes.

I bet many of us remember gas wars. My first job paid $1.65/hr. We're all complaining about gasoline today averaging between $2.50 to $3.00/gallon. Everything today costs more money than it did 20, 30, 40 years ago -- but we are also making a lot more money than we did, too. The cost of gasoline today is equivalent to what it was when I made less than $10,000/year.

Full-time employers are not automatically giving employees a raise because the cost of gas. If I worked full-time, I would still have to fill my gas tank, still have the wear and tear on my vehicle, pay over $100/month for parking, deal with an increased clothing budget, plus either buying food and making lunches or paying to eat out.

Personally, I'm having a harder time paying over $3.00 for a gallon of milk than I'm having filling my gas tank.

Reply by NY_TaxLady on 8/14/05 2:41pm
Msg #59025

I agree with Lawrence. Why are you driving those big SUVs that make you a slave to the big oil Co. The less we use the more that is available to the farmers and Mfg. people that effect every day lives. Besides checking what you are paying for gas check the milk,meat and cereal prices or anything else you perchase. Check what it was last year. We all have to do our part.

Reply by kynotary on 8/14/05 6:34pm
Msg #59047

I just had to get in on this, as if you will do a search, you will see what my stance is on notary rates. From what I gather on this board and from the notary that did my refi signing a week ago, I cannot believe how little people are willing to sell their time and services for. For me, the minimum is $100, I don't care if it is around the corner and the docs are over nighted. I turn them away regularly unless they are willing to pay this, but am training someone to take these so they can learn the business, but after you have 10 or 20 under your belt, why give away your time and vehicle. It isn't just the gas price, but the wear and tear on your vehicle that adds up, whether a kia or a suv. Just do the math and you will see what you are really paying to use that vehicle per closing. Have you actually done the math.

Kinda like this: You paid $20,000 for the vehicle, well the average year is a 12,000 mile year, but how many miles do you actually put on the car, well if you are like me, then you could say about 25 to 30,000. Figure that at the average 12,000 miles the car will be worth approx 15 or 16,000 at the end of a year, but since you have put double the miles of a normal year, the vehicle is worth around 12,000, now figure out how much that comes to per signing and you will be supprised to discover just how much a basic vehicle cost you per year or per signing and that isn't even considering the gas you buy, or all your other costs involved in doing the signings.

Well, just my two cents worth, and if you are saying a $20,000 vehicle, well then try a $10,000 vehicle and use the same basic percentages and figure from there.

Enjoy your signings, as that is all you will be getting from it at doing them for $50 or $75 per signing!!!

Reply by CaliNotary on 8/14/05 7:40pm
Msg #59051

"Enjoy your signings, as that is all you will be getting from it at doing them for $50 or $75 per signing!!!"

I don't know if I would go that far. Most of my signings are in the $65-$85 range and that's been more then enough to support myself without having to work a "regular" job. Am I getting rich from doing this? No, but it beats the hell out of sitting in a cubicle in an office somewhere for 8 hours a day and less money.

We all have different goals from this job. Mine isn't to make a career out of being a signing agent, it's to be able to support myself while I figure out what I want to make a career out of.

Reply by LawrenceOK on 8/15/05 11:37am
Msg #59131

You forgot to add the depreciation of that big SUV the minute it leaves the lot KY. You should also add the price per gallon x tank capacity. To make it simple, it cost a hell of a lot more to drive an suv then it does to drive a kia.