Posted by Anonymous on 4/20/06 10:25pm
Msg #114996

Rates... Where should I start?

I am a new notary (and cert signer).
I now that I should not charge to low. (40-50 has been bantered arounf as low fees not acceptable)

Here is what I current have been charging SS's

Signing fee = $65
Edoc fee = $25. Includes lenders and borrowers copies.
Copy fee = $25
Double Signing: Full fee on 1st, half fee of second.
Trip Fee: 30 miles each direction included (60 mile round trip), .25 cent per mile thereafter,Half fee on borrower no-shows for travel appts only.
Borrower Refusal: Half fee.
Borrower Rescind: Full Fee.
Cancellation: if 6 hour notice is provided-No fee, otherwise one half fee
Cancellation with edocs: If docs have been download an edoc fee applies.

and TC's
Signing fee = $95
Edoc fee = $25. Includes lenders and borrowers copies.
Copy fee = $25
Double Signing: Full fee on 1st, half fee of second.
Trip Fee: 30 miles each direction included (60 mile round trip), .25 cent per mile thereafter, Half fee on borrower no-shows for travel appts only.
Borrower Refusal: Half fee.
Borrower Rescind: Full Fee.
Cancellation: if 6 hour notice is provided-No fee, otherwise one half fee
Cancellation with edocs: If docs have been download an edoc fee applies.

Looking though this tread, it seems lie these are out of line.... I have had 3 signings-very newbie

Should I raise my rates now? Or at what point should I raise them, or are my rates in line with what I should be at...

Thanks,
Newbie

Reply by TitleGalCA on 4/20/06 10:40pm
Msg #115001

Newbie, you made me think (and I hate to think).

First, as to your fees, I'm impressed that they are in spelled out, at least in your mind and business plan. (I wing it...but then again, I'm doing after hour signings for my own TC).

Second..at first reaction I think they are low. Here's the rub: are you doing these low fees to encourage business and get experience? If so, I'd say you're on track. But, don't let it go on too long. Stop after 20 signings and re-evaluate. You can get more and SHOULD get more.

I'm of the belief that we are all part of a community and if you accept the terribly low signings you are only bringing the position down of NSA, and ultimately yourself.

Go ahead and keep your fees low if you want to stay stuck.......or if you know you have a gift in doing this business, raise your fees to meet your standards, which only you can decide.

Sorry to not give you a yes or no. So be it, the dilemma of being self-employed.......see it's all about YOU.

For once, isn't that nice?

Reply by Ndwa on 4/20/06 11:22pm
Msg #115011

Well done for taking the time to research & analyze. Unfortunately, your fee structure sure show you are somewhat fresh off the mill. This business is about negotiation so having a fee structure like that would really put a limit on potential growth of your business.

A good SS now a day pay atleast $75 base-$100 for edoc. I'd recommend not having a fee structure but to name your price then negotiate with the scheduler. I turned down a $135 combo edocs earlier b/c my minimum is $175. I'm making my way into the SS world and don't even pay that low fee.

Reply by TitleGalCA on 4/20/06 11:23pm
Msg #115012

I miss Batman n/m

Reply by Ndwa on 4/20/06 11:28pm
Msg #115013

Re: I miss Batman

He's been busy chasing the Joker....lol

Reply by notarypa on 4/21/06 12:10am
Msg #115019

Certainly with gas prices on the rise and the other expenses/obligations, you may want to reconsider. You are only going to get what you ask for, I always negotiate with those who call with low fees and I have only been turned down once.....which was fine because the fee was not worth it anyway. How much is your time worth? What if there is a problem and you are at one closing for more than 90 minutes....would a $65 fee be worth your time. I provided a superior service and want to work with those who want their closing to be performed by a detail oriented, customer service directed, experienced, premier signing agent......that's me! I would find it harder to bump up the fees later as some signing companies put the fee they last paid you in their database. I average $110 per signing with edocs......some more and some slightly less but that is the average. I hope this info helps!

Good Luck!

Reply by ReneeK_MI on 4/21/06 3:23am
Msg #115029

My own little but maybe not so humble opinion is that the whole idea of having two fee structures is at the root of the problem. This can't be compared to wholesale/retail pricing, and I don't see this kind of 'fee structure accomodation' in any other service business. The separation of fee structures (one for SS, one for T/C) is, if I can go back to the 90's, "enabling behavior".

If those entities are enabled to pay you less (so they can have more), then you've given away your value as well as your right to complain about the problem. I say "you" but I don't mean this as any kind of personal affront - as the other posters noted, you're putting thought and effort into your business decisions and you definitely need to tailor those to YOUR own needs. But do consider the effect it has on YOU, mentally, to enable others to lower YOUR income.

As said by notarypa: "You're only going to get what you ask for."