Posted by Alan/IA on 8/19/06 3:12pm
Msg #139558

Newbie looking for advice on fees?

I am a brand new notary, and am curious on what others are charging for fees.
I live 10 miles from the biggest Metro area of the state.
I only plan to do signings part-time, as I have another full-time job.
But want to do a couple signings a week.
Any suggestions on a starting range?

Reply by John Taylor on 8/19/06 3:52pm
Msg #139563

Maybe $100 for within your coverage area, more for further? $25 extra for edocs? $50 extra for doubles? (Negotiable).

Reply by Roger_OH on 8/19/06 3:58pm
Msg #139564

Use the "find a notary" feature here to get an idea how much competition is in the zip codes you want to cover. Being new and inexperienced, you will need to sign up with dozens of signing services to get even an occasional call. At this point, you are not going to be able to command $100 from an ss, and you are not ready to take on title companies, where there is little tolerance for errors. You will likely start out at a $50-$60 dollar level from signing companies until you get some decent experience under your belt. Just don't take anything under $40.

Read post 33325 and ensure you know your notary law COLD!!

Reply by Roger_OH on 8/19/06 4:03pm
Msg #139565

Oops...

I meant to say never take anything under $50!!

Reply by Jahari Davis on 8/19/06 4:22pm
Msg #139567

Re: Oops...

Actually Roger, the bar should be $75 and nothing below that.

Reply by VERONICA DESCHANEAU on 8/19/06 6:07pm
Msg #139578

Now correct me if Im wrong...

If we all banned together and mandated that no loans closed under $75.00, -I know that would be impossible-but lets just suppose that it happened...Would that be illegal? Would that be a per se violation of price fixing?

By the way, by bar is set at 75 and nothing less.

Reply by Roger_OH on 8/19/06 6:24pm
Msg #139584

Illegal AND impossible...

As independent contractors, we cannot mandate anything to companies except what OUR fees are, which may vary widely due to regional factors, local competition, experience factors, etc. No matter what your fees are, there will always be someone willing to undercut you to get that job.

Reply by BrendaTx on 8/19/06 6:50pm
Msg #139585

Re: Illegal AND impossible...

Roger is correct. Minimum fees have very little to do with reality. Your business plan does.

Reply by TitleGalCA on 8/20/06 1:03am
Msg #139602

Not really Roger, there is that thing of:supply/demand/Value

and that is an automatic mandating of ANYTHING the market demands. Illegal? No - if the value to the end user is of value....not Illegal - for an independent contractor.

Impossible? Nope. Capitalism has this lovely and extraordinary way of showing those needing our service the very best value for their dollar. If an independent contractor can show that? Bingo.

There is not one thing in offering notary services that can't be translated to marketing. And Marketing and Capitalism is what makes this ole world go round.

Reply by TitleGalCA on 8/20/06 12:54am
Msg #139601

Veronica what you describe is the bottom of the bar

And I started to give you some good advice right up to the part that I realized I had formed a really good business plan and just didn't want to share it.

So, good luck to you, friend.

Reply by BrendaTx on 8/19/06 6:19pm
Msg #139582

Re: Oops...I agree, Jahari. Here's the thing...

There are some packages so small that they want you to take them for $50. Well, if you have three you can do in two hours, then that's worth it. If you can piggy back it into your day - it's worth it. However, if it is one loan standing out there all by itself - $75 is the bottom line...and for some that might be too low.

What I don't get is why new people are expected to start with a low fee. New people: I do not expect you to make less than I do per job. Make as much as you CAN make.

They do it to get the biz and the experience...didn't we all...but it is NOT a requirement. Two of my mentor projects have gotten $200+ on their FIRST signings b/c I coached them to get a higher fee.

I think new people should feel comfortable requiring just as high of a fee as an experienced notary. If you are going to make an error, you'll make an error whether you get paid $50 or $1XX.

You gotta push your fee up to what the market will bear. Test the waters, over and over and over again. Don't gouge people, but do not take what is offered if that's not what you have to take.

When you are one of the few games in town, there's a reason why you are busy...supply and demand.

Don't ever give away milk when you are the only cow. Supply and demand fluctuates. Put away for the day supply / demand fluctuates against you.

That's what REAL businesses do.

Reply by Gary_CA on 8/19/06 11:31pm
Msg #139596

OT Cows and free milk

Brenda brought it up, I didn't... Even as a recovering male chauvinist I could appreciate something I saw over a broker friend's desk the other day...

For years men have been saying
"Why buy the cow if the milk is free."
In recent times as women have entered the business world
we have learned that it doesn't make financial sense to
invest in a whole pig if all you need is a little sausage.

Reply by Jahari Davis on 8/20/06 12:13am
Msg #139599

Re: Oops...I agree, Jahari. Here's the thing...

We are in agreement Brenda. Dont gouge but dont take it on the chin while they grin to get experience either. When I take a signing I ask if its a single or double, how big the packet is and edocs or were they shipped to the borrower and location of the borrower. Those are factors that determine my fees. I will not, I repeat, NOT accept a signing for $50 from a TC or SS. It is not worth my time, trouble, nor the gas.

Reply by Alan/IA on 8/19/06 4:52pm
Msg #139570

I think I can take on the Title companies. I am new to being a notary, but work with mortgages already, DOT's, notes, etc. I am told I may get work from my own company( a very large national bank), but I don't want to only do signings for them, in case for some reason we part company.

Thank you all for your advise.

Reply by Roger_OH on 8/19/06 6:20pm
Msg #139583

The fee bar...

Don't disagree about the $75 bar, Jahari; that would be nice if it were so. However, the reality that Alan will encounter, having no mobile signing experience behind him and some stiff NSA competition given his closeness to a metro area, is that he will be lucky to be called at all in the beginning, and not likely for $75 or more with his limited experience.

There's nothing wrong with taking $50-$60 signings to gain experience as long as they are within a reasonable distance.