Posted by Magic Lady CA on 7/28/05 5:35pm
Msg #55422

$50 Signings

I am not a newbie, but, I do live in a rural part of northern California. I avergae 10 to 15 signings per month and do this full time (I am a retired banker). I have talked to other notaries in my county, most of them are part time, and they will do $50 signings. After reading some of the boards about keeping prices up, I have turned down two of the $50 signings within the last two weeks and feel I am making a mistake. Both times, same company, they said they would call back later if they could approve $75, and never did. I know they got someone else for $50.

I do get signings for $75, $100 and $125 from other companies, mostly when I travel to the coast. But, these $50 signings are getting more prolific and I feel that by turning them down, I might be shooting myself in the foot......

Any thoughts?

Reply by Charles_CA on 7/28/05 6:05pm
Msg #55428

I also live in a very rural area of Northern California for the most part and I won't do a $50 signing. I set a minimum price for signings and go up from there. Each person has to determine what to charge and that is the beauty of the free market system. The minimum charge should be based on what you believe your time is worth, the price of paper, the price of gasoline, the cost of your vehicle per mile, the cost of paper, the cost of toner, the cost of phone calls, the cost of the internet service, the cost of your professional clothing, (I like uniforms: they are deductible) the cost of your computer, printer, licensing, bonds, insurances desk, office space, paper clips etc etc. Once you calculate all of your costs per signing then you can determine the amount of profit you should make for being in business and accepting the risk,because everthing else is just break-even and there you have your price for each signing. In my opinion if you can do it for $50 thats just great for you. In a free market economy the person who can provide a product for the least cost can corner the market. The downside is that if you don't make your cost you won't be in the business too long. There are many people in this business who have no idea of their costs and they will actually lose substantial money just to be able to get signings. That is false economy because they won't be in business long. You can only buy business so long before it consumes you. There are also quality issues with being the low bidder but I haven't the time to go into those. I spent many years working overseas in the Pacific Rim and the Chinese have a saying that "the bitter tase of poor quality remains long after the sweet taste of low price is gone."

Reply by Tina / ID & OR on 7/28/05 6:16pm
Msg #55433

Magic Lady, I personally hate to take $50 signings, but we do. I try to negotiate higher and sometimes it just doesn't work. I always ask what can they go up to without getting it authorized. BUT I will only do this IF we have no other jobs for that time period and I feel that we won't. They also have to be right in our back yard with overnight docs. And it is also when I send out someone from our notary team that doesn't have as much experience as the others. I also WILL NOT accept these assignments during the EOM, I reserve the day(s) for title companies that we work with directly. The longer we are in business, and the business grows, the less of these signings we accept. This month we met a milestone for the business. Full time income with less than part time work.

Reply by JPS_CA on 7/28/05 6:21pm
Msg #55434

I try to get more than 50 the other day and I wasnt succesful, so since it was just here in my own street, I took it, plus 25 e docs. When I printed the HUD1 they were charging the client 250.00. OMG, and I try very hard to
get ten more dollars and when I saw that they were going to call someone else, I just took it.

I do that only when there is nothing in my agenda. But goshh, I know that sometimes they dont get what ever is in the hud, but they sure charge the borrower that!

Reply by Lily on 7/28/05 6:38pm
Msg #55438

I don't do $50. signings. For overnight docs or edocs. I always manage to get my fee with those companies who I don't work with as much. As for the regulars? They know my fees and never try to talk me down. However, my sister also does some business in her state with one of my regulars and they make her beg for her fee each time. I think it has to do with location, location, location.

Reply by Kat Ca. on 7/28/05 6:52pm
Msg #55443

I've worked and still do with what you call "$50" SS. They never send me far and usually offer me a little more especially EOM. I received a much as $95 from one $50 company just because they can depend on me. However, there are some $50 companies I wouldn't work for at all. It just depends on how far they want to send you.

Reply by peterole_MN on 7/28/05 7:32pm
Msg #55451

Just remember that AAA and Motor Trend tell us that it costs us about .55 cents per mile to operate a midsized car. Then keep track of the time to print and or organize docs. Then add in your drive time and signing time and mail back time. What's left out of the $50? Let somebody else take the jobs and let them go into the financial hole. Back in high school I thought the 50 cents an hour was a big deal, not anymore.

Reply by Melody on 7/28/05 7:55pm
Msg #55453

The answer for rural areas

Read message number 54609.

This guy really has a handle on how to solve this problem in rural areas.

I am trying to follow his advice in my area. I have started a group.

Good luck to both of us!