Posted by Anonymous on 1/23/06 9:15am
Msg #90236

Can someone give me ideas on pricing?

I have a company that wants to book me for the whole day. They would like to pay a flat fee. What do you think a fair fee for this would be? All the closings would be mobile, not sure of the distance yet. No edocs. TIA

Reply by CarolynCO on 1/23/06 9:25am
Msg #90237

Before you can quote an all day fee, you need to know all the particulars ahead of time. How to you do this?--you ask the company. The questions you need answered are no different than the questions you ask for a single signing -- what type of signings are you going to encounter?--singles, piggy-backs, refis, purchase/seller, HELOCs, RMs, etc. Knowing how far you are going to have to travel throughout the day is going to be a big factor in quoting a price. What exactly constitutes a day?--i.e., how many hours -- 8:00a.m. - 5:00p.m. or 7:00 a.m. until midnight ??? Exactly how many signings are they talking about.

None of us on the board can give you pricing answers to *your* general and basic question.

Reply by Anonymous on 1/23/06 9:32am
Msg #90241

Well, at this point the particulars are unknown. They are going to have their normal closer on vacation, so they wanted to set this up ahead of time. That way, they know they are covered. I'm sure that the closings would all be local, otherwise, I don't see how they would get their money's worth. Are you saying that you would not agree to work only for one title company (with loan particulars unknown) on a certain day for one flat fee?

Reply by CarolynCO on 1/23/06 9:40am
Msg #90245

First of all, you are not a *closer*.

You don't say where you are located. For me, *local* can cover 75 miles (RT).

Without knowing any of the particulars I alreay addressed, I would not agree to working for any one TC on a certain day for a flat fee.

Reply by CarolynCO on 1/23/06 9:41am
Msg #90247

Re: Additionally ...

booking you for 1-day in their office is different than booking you for an entire day for *mobile* signings for a flat fee.

Reply by Anonymous on 1/23/06 9:49am
Msg #90249

I don't believe I referred to myself as a "closer". Their "closer" that is employed with their company will be on vacation. Thanks for your imput.

Reply by Dee_Fla on 1/23/06 9:52am
Msg #90250

Are they providing you the printed documents or do you have to print the documents from your home?

Do you know the distances you may have to drive?

Ask these questions and then base your flat rate on that. Otherwise, you may be cheating yourself out of funds for expenses.

don't forget to consider time management....if you are having to print documents, consider time managerment for printing and traveling for each closing.

d

Reply by O/Cnotary on 1/23/06 9:54am
Msg #90251

Dee, reread the original post stating no e-docs involved!

Reply by Dee_Fla on 1/23/06 9:59am
Msg #90253

Re: Dee, reread the original post stating no e-docs involved!

well that is good...I'm sure I read it but missed it when replying. thanks for bringing that to my attention. Still she would need to consider time manament....unless they are going to have all docs ready for her and she can just go to one house to the next. But i cant recall if she mentioned doing it at their office..but she did say as a mobile notary. So she would be traveling...so she would need to consider traveling cost in her fee.

I'm just curious to what their flat fee is (not her's)

D

Reply by Anonymous on 1/23/06 10:13am
Msg #90259

Re: Dee, reread the original post stating no e-docs involved!

They offered $500. However, at this point the loans that I would be signing has not been set. I'm sure they will all be mobile...but I don't know the distance. However, I do know they will all be in the local area..approximately 70-80 mi round trip at most. I doubt all the docs would be ready at the start of the day, we all know how that goes.

Reply by CarolynCO on 1/23/06 10:17am
Msg #90262

Re: Dee, reread the original post stating no e-docs involved!

$500 for how many loans? 3, 5, 8 more?? Additionally, if you are 40 miles away from a signing, are you expected to be at the next signing at a set time? For me, depending on the location and the time of day, that 40 miles could take me 2 to 2-1/2 hours to drive. To just be told "local" means nothing to me.

Reply by SoCal_Money on 1/23/06 10:27am
Msg #90265

I would ask how many loans per day the signer on vacation generally handles during this time of the month. I would also ask if there is a certain mileage area that he/she covers. This should give you a better idea.

I would use something like this to determine my flat fee: if he/she normally handles 5 per day during this time of the month, I would then use the furthest distance I would be expected to cover (lets say 30 miles r/t.) I would charge my fee times 5 (including my mileage to the furthest point for each one) On top of that I would add in an additional 25-30% just in case you end up with something unusual or if there are piggy-backs you're getting something for it. Of course you could still end up working for less than you deserve.

Reply by Anonymous on 1/23/06 10:30am
Msg #90267

Thanks so much for your formula. That is a great help. I know that I could potentially end up making less money than normal. However, this company sends me a lot of business, so I don't mind helping them out.