Posted by closingpro on 11/11/05 11:54am
Msg #75903

Slow but I Could be busy if.....

I would take closings for less for $75.00. I have had many request this month but a majority of them have been for less then my minimum fee of$75.00, so turned them down. Sometime I wonder if I shouldn't take some of them but I feel like my time and effort are worth more. Anyone else finding themselves in this situation? Somebody is taking these closings and I guess they are getting at least their gas bill paid for for the week.

Reply by Anon1 on 11/11/05 12:19pm
Msg #75913

For the closings under $75, do you have to print docs or p/u at tc? Are they far from you or close?

Reply by JM_NY on 11/11/05 12:23pm
Msg #75915

I think I am giving up on this business. I am getting the calls but I have trouble working for $45.00 and $100.00 for a 1st and 2nd edoc. I don't remember if their were any fax backs. Well it is $145.00 I don't have to worry about getting paid for. Also I don't have to stress out about receiving the docs either. Nice to have time off also.

Reply by Rick_NY on 11/11/05 12:43pm
Msg #75918

What part of NY are you in? NYC metro here.

Reply by JM_NY on 11/11/05 3:37pm
Msg #75953

Rick_NY

Up am a little north of you in Rockland County

Reply by CA_Violet on 11/11/05 1:06pm
Msg #75923

A minimum of $75 isn't that still too low?

Reply by closingpro on 11/11/05 1:24pm
Msg #75931

I don't think it's too high or too low but others in my area must be doing signings for less because they don't call me back. I beginning to wonder!

Reply by CA_Violet on 11/11/05 1:35pm
Msg #75933

What state are you in?

Reply by CalGal on 11/11/05 6:35pm
Msg #76024

I do an average of 16 signings a week (part-time job for me) for less than $75 per signing...how many are doing?

Reply by Mike_AZ on 11/11/05 10:16pm
Msg #76059

Stand your ground on fees

Many SSs have been trying to maintain their high-profit volume of last year by getting us NSAs to accept lower fees.

Heck with 'em!

I need to make $20 per hour on my hourly work or it is more profitable for me to do babysitting.

How I determine profitability:

eDoc fee is $25. No less. This covers my hardware and software purchases plus toner, paper, cable connection, etc.

Distance fee
$1.50 per one-way mile.
Another smart NSA posted a link to an American Automobile Association article on how it costs at least 50c a mile to own and operate a car. This article was published at the very beginning of 2005 - way before gas prices skyrocketed.
A better figure would be $1.50 per one-way mile.

So if a signing is 10 miles from you, figure $15 on car expenses alone.

Think about how many hours it takes you to do a signing. Take call, confirm with borrowers, drive to signing, signing, drive home, faxbacks, create invoice, drive to drop off.

Example:
I did a job for a TC today for $160.
55 miles one way. eDocs.
Mileage $55
eDocs $25
$160 is now reduced to $80.
Time: accept job + 7 calls to borrowers to confirm, 1.25 drive time each way, 45 minute signing time, 15 minute fax back time, 15 minute invoice creation and phone report, 15 drive to FedEx drop off = 4.25 hours.

$80 divided by 4.25 = $19 an hour.

This does not include money and time spent on marketing, directory advertising, etc.

Babysitters make $10 an hour and they get paid on the spot, tax free.

If you don't charge $100 base for your town, overnight docs, you are being a chump.