Posted by SD/CA on 3/30/07 2:41pm
Msg #182957

Newbees & $50.00 Signings

If your a newbee and take $50.00 signings, as I did, PLEASE read further.
I log ALL costs related to my notary business and after 3 years I figured it was time to find out where I was at financially. I also include all auto expenses (mileage) in the cost.
I took all income and all costs and found that 2/3 of my income was expenses. That means that for a $50.00 signing my profit was $16.67. Not good.
Now if you figure the minimum time it takes to do a simple signing, here's what you get.
Pre-sign time: 1/2 hour minimum.
Travel to site: 1/2 hour minimum
Signing time: 1 hour minimum
Travel home: 1/2 hour minimum
Invoice/ship: 1/2 hour minimum
Minimum Total: 3 hours
Your making less than $6.00 per hour. Go to McDonald's, they pay more and there's less stress.

Reply by Calnotary on 3/30/07 2:43pm
Msg #182958

Forget the stress, but LIABILITY.

Reply by cara on 3/30/07 2:49pm
Msg #182962

Well put. N/M n/m

Reply by marlindog on 3/30/07 3:43pm
Msg #182975

Say no to CRACK & $50.00 Signings.. n/m

Reply by Elizabeth Soliday on 3/30/07 4:02pm
Msg #182986

You are absolutely right. I started out with my dad's (free) dial-up internet service, my home phone line and it still wasn't a smart business decision to charge so little. You should look at what you need to charge per signing to be able to put that $50.00 in your pocket after expenses.

Reply by Lee/AR on 3/30/07 5:18pm
Msg #183013

Should be added to 33325 n/m

Reply by thnotary_NY on 3/30/07 6:03pm
Msg #183023

Re: Should be added to 33325

Just had one call w/dbl. signing, docs to bwr.. Wanted to pay $85!!!!!!!. Not to mention this was 11 mi. over my base/mi. My fee got that, "If I don't find anyone else, I'll get back...." LOL, STILL WAITING.

Reply by thnotary_NY on 3/30/07 6:06pm
Msg #183025

Re: Should be added to 33325

Oh yes, forgot to mention, for those who might care. I finally got paid from Rock Settlement for a 11/06 cls. Another flag added to my file.

Reply by BrendaTx on 3/30/07 7:09pm
Msg #183043

Re: Should be added to 33325 - well, Lee...

Go for it!

I agree...it's a keeper.

Reply by Lee/AR on 3/30/07 10:14pm
Msg #183076

Well, Brenda, if I knew how, I'd do it! It's a keeper. n/m

Reply by BrendaTx on 3/30/07 11:11pm
Msg #183095

Re: Well, Brenda, if I knew how, I'd do it! It's a keeper.

Awww...you do...You just select the text on the post and copy it. Then you do a search on 33325, click on the thread to do a response, paste it and hit post.

Reply by CaliNotary on 3/30/07 10:17pm
Msg #183079

I don't think it's a keeper

Why would we assume a half hour travel time MINIMUM each way on every signing? Some of my signings require that, but a large percentage of them are 10-20 minutes travel time.

And I don't spend 30 minutes preparing for a signing. I answer the call to accept the signing, call to confirm the appointment, and print directions from mapquest. Total time maybe 5 minutes. (edocs are obviously another story, but that's an extra charge so not relevant to this thread's example).

And I rarely have a signing last an hour, let alone over an hour. 45 minutes is pretty average, some I get done in 20-30 minutes.

While we obviously have to account for our expenses, the numbers in this post are just too arbitrary to have any real value.

Reply by Lee/AR on 3/30/07 10:33pm
Msg #183083

Re: I don't think it's a keeper

This is the newbie thread we're talking about, Cali. There's nothing wrong with a reality check or raising the bar.

Reply by CaliNotary on 3/30/07 10:37pm
Msg #183085

Re: I don't think it's a keeper

I understand that. The general principle is a good one which I agree with. However I think the example included is quite unrealistic, therefore not a good contribution to the 33325 thread.

Reply by BrendaTx on 3/30/07 11:23pm
Msg #183097

Re: I don't think it's a keeper

The illustration that this is not 100% pure profit seems to have merit even if the time/expense estimates are off. IMHO.

Reply by Ernest__CT on 3/31/07 11:03am
Msg #183156

I DO think it's a keeper

Each of us tends to lose track of how much time we spend on familiar tasks. Pre-singing work includes receiving the confirmation (duh!), scanning it for correctness, calling the borrower, speaking with the borrower (often not in the first call), getting the docs from the front door, scanning the docs (you DO go over 'em BEFORE going to the signing, don't you?r), putting the borrower's copy in an envelope with your card (or whatever system you use), getting directions, and so on. Maybe 30 minutes is not accurate for every signing, but it is certainly closer to reality than 5 minutes. Remember, we're not all in urban areas, nor are all of our signings in familiar areas.

If the Post just gets people to keep track of the real time spent doing the mundane tasks for a few signings, then the people who accept $50 signings will see the error of their ways.

Reply by CaliNotary on 3/31/07 12:46pm
Msg #183172

That's really stretching it Ernest

Listing calling the borrower and speaking with the borrower as 2 different things? Getting the docs from the front door? Give me a break, that's just listing minutiae to make it seem like we have to do more than we actually do prior to a signing.

And no, I don't review the docs before I go to a signing. I open the envelope and peek at the name to make sure they're for the right person, and that's it. I'm trying to think if I've ever encountered a situation where something went wrong at the signing and it could have been prevented had I reviewed the docs beforehand, and I can't think of a single one. And my system for the borrowers copy is to pull it out of the Fed Ex envelope at the signing and hand it to them.

I've said it before and I'll say it again, efficiency is key to success in this business. It costs you FAR less time and money to just deal with problems when they occur than it does to try to prevent every "what if" on every signing.

Reply by CaliNotary on 3/31/07 1:06pm
Msg #183177

And one more thing

One important factor that nobody has mentioned in the cost of doing each signing is the decisions we make on how to run our business. If your average total time for each signing is 3 hours, making sure you charge enough to cover the cost of 3 hours work is not the only option. Figuring out a way to reduce the time spent on each signing is another option.

I'd say that my average time on a normal refi is about 2 hours total. So if I'm using 1/3 less time, I can charge 1/3 less fee and still be as profitable as the person who is spending 3 hours on a signing. And guess which one of us is going to get called first for the next signing? My efficiency allows me to keep my rates competitive, and in a market with thousands of notaries within 30 miles of me, that is EXTREMELY important.

Reply by SD/CA on 3/31/07 6:56pm
Msg #183193

Re: And one more thing

I'm glad that I posted this "Newbee's & $50.00" in forum because it has made several people think about what they charge. In my area 30 minutes to the borrower is a normal time.
But lets say that you can do all of that in half the time, your still making less that $12.00 per hour. I that what you want?

Reply by CaliNotary on 3/31/07 7:52pm
Msg #183194

Re: And one more thing

I never said I did signings for $50 did I? I also don't have $36 in expenses per signing. I'd be interested in seeing what your breakdown of the expenses are.

Reply by sue_pa on 4/1/07 7:41am
Msg #183217

Re: I DO think it's a keeper

.... scanning the docs (you DO go over 'em BEFORE going to the signing, don't you?r)...
No - what am to be looking for? out of the thousands and thousands of loans I've completed, I can't tell you how many times I'd have personally found an error prior to the appt. because I'm guessing perhaps it would be only one or two times - if that

... putting the borrower's copy in an envelope with your card (or whatever system you use), ...
I don't give them an envelope nor do I give them a card - they've got no reason to call me once I walk out the door - they can call their LO with questions.

Reply by CJ on 3/31/07 11:27pm
Msg #183205

I used to be a receptionist. I used to work all day and gross about $100 a day, plus an hour commute each way. Now I work a couple of hours a day, and make $200 a day. That is good enough for me. If I have more jobs, I make a lot more money. What is taking you guys so long to sign a loan? I can get through a loan in 1/2 hour. When I was employed, no one paid me for travel time or gas.

Get call: a few seconds. Confirm appointment: maybe a minute. Look at borrowers name on docs, toss it in the car: one minute. Drive: 1/2 hour or less. I don't go farther because I am busy enough. Explain figures on Note, TIL, and HUD: five minutes. Borrower is happy so they sign-sign-sign: 20 minutes. Grab stuff and get outta there. If borrower is unhappy, make a phone call and leave. $50 for 45 minutes.

I have paid off my debts, paid off my mobile home, don't own anyone a penny, and I have money to burn. I am not good at math, but I can see I am making a profit.