Posted by Anonymous on 10/18/05 8:47pm
Msg #71104

START UP COSTS

Just found this awesome sight yesterday. Someone did an email about all the start up costs and thereby justifying her fee. Can someone send me her email as I am anxious to see that myself........I know that I spent a ton of money - here in MD for the Title Producers License,fax machine, $100K bond, E&O, memberships, etc.
I was going to do the $50 signings just to get experience, but I see that that is a total waste of my time. I have only done 3 signings so far. good to see that Oct is slow for most everyone out there.
So what are you guys charging? I think the person who sent the message yesterday may have been under the heading of Insured Closings. BTW - do they pay? They were my first.
I will be back here tomorrow - TY all for any help you can share

Reply by TitleGalCA on 10/18/05 9:35pm
Msg #71109

Anon, I think you might be referring to thread 70800 - click on the search feature and you'll find it. I don't know if his/her profile is linked to the thread for email purposes. I'd suggest reading the entire thread.

As to the $50 signings, a lot of new NSA's do that for the experience. My opinion is that it drags down our industry (NSA's) as a whole and we shouldn't accept those 'bargain basement' signings. You're time is worth far more than that - but, you're in business for yourself so you're free to do whatever you want. There's always someone out there to accept those insulting fees.

Most of all, I would suggest you do two things:

First: pay for a premier membership here on Notary Rotary. 75% of my calls come from this site.

Second: read thread 33325 IN ITS ENTIRETY. The information there is priceless. Do what it says.

Also, I've also found good information by reading other NSA's websites. Many times they post fees and that would give you some idea what the industry bears.

Good luck to you.

Reply by IndianaJones on 10/18/05 10:29pm
Msg #71122

Great response, TitleGalCA-I agree with your advice. Premier Membership here at NotRot has paid off for me, too. I would attribute 90% of my business to it.

Reply by BLE/MD on 10/19/05 6:08am
Msg #71143

Yep, I agree, too. The difference in the number of calls I received once I changed to a Premier membership was almost instantaneous! Most of the business I've developed over the last 2 years has been due to this sight. I also agree with the no $50 signing policy. But I've done a couple for very special "customers." I wouldn't do that for just any TC or SS.

Reply by Art_MD on 10/19/05 7:20am
Msg #71148

Re: START UP COSTS in MD

It is hard to e-mail you without an address.

Do not do $50 signings.

Besides your notary commission, which every SA has to have, you can look at these numbers.

Costs associated with office setup:

Computer no extra to start since everyone has a computer
Printer $200 to get a PCL6 compatable consider a consumable with 1 yr life
Internet no extra since everyone has it.
DSL,cable $600/yr
Extra cell minutes $250/yr
office supplies 0 since no costs unless you are working.

Maryland overhead yearly

Bond $750/yr
Continuing education classes $500/yr
loss of income during classes $500/yr
Total $1750/yr

This has to be amortized over you signings during the year.
If you do 150/yr you would have a MD overhead of ~$12 per signing.

In my opinion, the biggest additiional cost is the additional time we must take with each signing due to the fact that we have a $100,000 bond. If we screw up, the bond company would pay and come after us.

If you want further numbers, info etc send me an e-mail via my link.

Art

Reply by JD_inMD on 10/19/05 8:53am
Msg #71155

Re: START UP COSTS in MD

Geez using the $1750 in overhead costs means i only have to do 35 $50 signings to break even. No sweat LOL