Posted by KathyB on 1/18/05 7:59pm
Msg #17257

Fees

I am just starting out as a notary, I have been in the Title and Closing business for 10 years. I decided to start doing things for myself. I am not sure what to charge for a closing, also I am willing to travel. I live in eastern Pennsylvania. I do not want to overcharge and recieve no business. Does anyone have set fees they use for closings, faxes, travel time and so on. Any advise would be appreciated.

Reply by Lee/AR on 1/18/05 10:15pm
Msg #17273

Kathy, I know the feeling...but, honest, you really have to do this for yourself because you ARE the only one who knows your area, road conditions, travel time, what you want to make, etc. There are sites that can help with 'how far is it from here to there' (Yahoo Maps) or 'what zips are in 'my area' (Melissa Data). This is the base; but you gotta do the work & figuring. As to generalities... read this whole board from top to bottom and you'll get a 'feel' for amounts that are considered high, reasonable, cheap. I really don't think I can help. PA is not AR...

Reply by Dorothy/MI on 1/19/05 12:29am
Msg #17287

Kathy, this is how I arrived at my fee schedule (signing services). First I decided what was the minimum amount I wanted to make per hour. Then I took out the phone book, ours has a list of surrounding cities and the zip codes. Made a list of all the cities, then took out a map and checked for towns close enough that I was willing to travel to (zip codes were obtained from the Post Office site). Then I went to Yahoo maps, entered my address and one by one entered the other zip codes. Yahoo will take you to the geographic center of the zip code and I wrote down the miles and the time (in our area time is a bigger factor than miles). Then I started figuring out my fees, i.e. travel time X 2, 1 hour for the signing (a lot don't take that long, but it covers any faxing, printing out the hud, packaging for Fed Ex or UPS, dropping the package) and a small fudge factor times the amount per hour that I wanted to work. Added in the mileage times the IRS rate and rounded off to the next $5. Now if your signing is in the furthest corner of the zip code, you might lose a little, however, if it is in the nearest corner, you make a little more. Generally, they even out. I also take local knowledge into account. Yahoo may say it takes 20 minutes, but you know that part of the way is an extremely busy highway, but the rest of the way is two lane narrow dirt roads (read unplowed in the winter) that twists and turns, goes around lakes and has a high crown and you know from experience that it will take at least 30 minutes so that gets figured in. Even though there is a formula, it is more art than science. Then when you have your chart all done, see how your fees compare with some of the others that you see posted. Just remember, if a signing service or title company calls, you can always go down, but you can rarely go up. You don't want to price yourself out of the market, but you also down want to sell yourself too cheaply.

Reply by KathyB on 1/19/05 8:07am
Msg #17301

Thanks for the input...I will be doing a lot of work this weekend!!!

Reply by Laes Lairaton on 1/19/05 10:11am
Msg #17315

I have done closings for a title co. in Allentown, PA. (I service Central PA) Paid $150 per close
within 25 miles.

Reply by Carolanne_PA on 1/19/05 11:46am
Msg #17327

I'm here in Central PA, too.

Reply by Laes Lairaton on 1/19/05 3:46pm
Msg #17362

anywhere near 16823?