Posted by Gregory Andre Smith on 11/1/08 1:06pm
Msg #268826

Asking proper questions?

Is it proper to ask what is a competitive fee doing business directly with title and escrow companies and if so what are the fee ranges?

Reply by Roger_OH on 11/1/08 1:45pm
Msg #268827

You have to establish, based on YOUR business plan, what your fees need to be to ensure your profitability.

If you market to local companies, show them what you have to offer in the way of experience/expertise, availability, and quality work. Don't sell yourself short, but you should also have an idea what the going rates are in your area, and then determine if that's a negotiable range for you.

Offer quality service for a fair price. A simple formula that works; you get what you pay for.

Reply by Marian_in_CA on 11/1/08 2:08pm
Msg #268830

The first thing you need to do is establish your own minimum fees based on your situation, expenses, etc. You need to determine that absolutely minimum you can accept for work and still survive. That number is not the same for everyone. It involves a lot of research and number crunching. You should consider all of your costs and operating overhead (including vehicle, supplies, furniture, equipment, depreciation, etc.) in to those numbers. Then you need to add to that compensation for any expertise and experience you might have.

If you want to be competitive, you need to know the experience levels of some of the other notaries in your area, too. You don't need to talk to them, really, but it doesn't hurt to get to know them on a professional level. Just don't ask them for help to get your started, they might really resent that. You need to learn how to stand out from the others or at the very least make sure they you're remembered by name rather than "just another notary in the rolodex". Also, you need to know if the expense is worth competing with other notaries, too. In a saturated market, it probably won't be worth the effort.

You should also find out what the local companies are paying, too, because you may need to adjust your rates and expenses based on your findings.

Some people here can take $100 for a signing and make a nice profit. Others can take $125, $155, $195... even $250. It all depends on what you can work with and the circumstances of the signing.

Reply by Linda_H/FL on 11/1/08 5:40pm
Msg #268834

Also, click on "Find a Notary" here

and do search for your zip code - will give you an idea of how much competition you face in your area.

Reply by Curtis Hull on 11/2/08 9:44pm
Msg #268893

Re: Also, click on "Find a Notary" here

You need to know what your cost of doing business is to give you an idea if the company is evan in the ball park You can also aske "What is the most you can pay?"
This sometimes opens a surprising conversation

Reply by sue_pa on 11/3/08 7:46am
Msg #268898

Re: Also, click on "Find a Notary" here

...You can also aske "What is the most you can pay?"...

I have read this comment for years on this board and I truly think it is one of the dumbest I have ever heard. Do those of you who use this brilliant question ever read these boards? Many companies are trying to lower fees ... why do you think they will give you their top dollar amount? Part of their job is to hold costs down for their employer. I used to laugh with a scheduler at a title company ... she told me people would ask her that question ... she'd say $80 ... she really would have paid $150.