Posted by bklyny on 10/11/06 1:27am
Msg #151640

Fees in New York City

I'm a newbie. I've only done 22 signings, Refi's and HELOCs. Did 19 in fact in the last three weeks. Two SCs have used me 6x each and have paid consistently, but low $50 each for overnights or $75 for Edocs. Ive taken them to get the experience. I've gotten excellent feed back from both that my work is perfect. When I've asked for more, I'm told very frankly that there are hundreds of notaries in the NYC area and if I don't want the assignment, then they'll find someone else. I really need NYC advice here. Thanks in advance.

Reply by Ndwa on 10/11/06 1:39am
Msg #151643

I'm not a New Yorker, but I can certainly say; if you start low you will stay low in this business. You've gotten your feet in the door, just a matter of which way you want to go b/c no one can tell you what to charge.

Reply by Jack Greenberg, Notary Public - AAA Mobile Notary Services on 10/11/06 2:33am
Msg #151651

While I am not a New York Notary either, I'm in California. But if you continually accept $50 signings, not only do you downgrade yourself and your service, but you hurt ALL notaries nationwide. As hard as it was, I have turned down jobs less than my set price. Look at the escrow papers and see what the notary fees are. They are consistently between
$200-$300. Now if you're only getting $50, where do you think the other $200 is going. To the greedy signing company. Not all signing company's are greedy or like this. I have been very fortunate and have found signing companies that treat me very fairly, but on my end, I consistently provide flawless signings. That's what we expect of each other. And it has worked out well for me. My prices may vary, but I refuse to do a complete signing for less than a base fee of $100. And that does not include printing the document fees I charge. Just have faith in yourself, stick to your guns, and as hard as it may be to have to say no to some offers, you might need to. But if you consistently take $50 signings, then the entire lending industry will begin to value our services less and less as time goes by, until it gets to a point where we as Notary Signing Agents will never receive fair fees for the service we provide. Of course that's just my opinion, but if I feel I provide a first class service operation and go above and beyond what most notaries would do. But, in the end, I have gained much respect and loyalty from the companies I regularly work with. It's up to you. But if you don't value yourself, don't expect anyone else to.

Reply by Howie35CT on 10/11/06 6:13am
Msg #151663

Again, no NYC experience, but I can tell you that these companies obviously found you and gave you a shot. Other companies will utilize your services as you increase your fees just like the lowballers did. Give it a shot, you'll actually find that some of those people who claim they can find another $50 notary are not willing to risk the chance they'll have to take, and would rather stick with you because you have already proven yourself to be reliable. GO FOR IT!!!

Reply by bklyny on 10/11/06 1:19pm
Msg #151743

Again thanks to all for the feedback. I'm going to rachet it up a few bucks (min. $100) and stick to my guns. Just last night had a signing. Nearly 45 mins to print, another 15 mins to sort and organize docs for presentation. 45 mins to get to borrower, 150 pages and 2hrs later we're done, another 45 mins back home, another 15 mins to review one more time - all for $75. I told the SC this is not fair or reasonable. I said it already, and I'll say it again: I'm going to rachet it up a few bucks (min. $100). Thx

Reply by Michelle/AL on 10/12/06 12:21am
Msg #151890

Just read your post. I took your same approach and offered lower fees to "get in the door". I am already working on a letter to one signing company, in particular, who has used me numerous times. It's a rate increase letter. It will give the signing company a minimum of 30 days notice of my new fees. It'll be short and sweet: 1) new fees and 2) i look forward to continuing our business relationship.

Reply by bklyny on 10/13/06 7:31pm
Msg #152437

Michelle,
That's a very reasonable approach. Short and simple. I had already decided that I would ask SCs on the 10th signing with them about a raise, though I hadn't thought to send a letter. Seems to me what we need is a fee and payment survey for the industry. Thx for your idea and comments.