Posted by Dorothy Floyd on 4/17/09 2:32pm
Msg #285506

Fee Charges

I am still relatively new to the Mobile Signing world, and having difficulty setting the right price to charge individuals and companies. Any and all suggestions would be most appreciated.


Thank you!

Reply by LKT/CA on 4/17/09 4:28pm
Msg #285515

That would be a number you would need to set as only you would know what your time is worth and how much profit you want. Considering the overhead - gas, insurance, toner, paper, pens, etc. some other things to consider when quoting a fee:

Type of signing - single refi, 1st & 2nd mortgage, reverse mortgage, etc.

size of edoc file - 70 pages for each set (lender copy and borrower copy), 200 per set, etc.

Time of signing - 11am, 3pm, 11pm, 5am, etc.

Distance to borrower - around the corner, 40 miles one way, etc.

Fax backs - 10 pages, 30 pages, the entire package, etc.

Reply by Lee/AR on 4/17/09 5:18pm
Msg #285523

There is no such thing as 'one fee fits all'...tho' the companies that hire us would like to see that...and preferably the cheaper, the better. YOU will need to check the mileage and TIME needed to drive from your home to every zip code you intend to service. Figure out your auto expenses (not just gas) and what your time is worth to you. That's a beginning. If you just toss out some number off the top of your head or always accept what they've offered---you will fail.
That's the 'self' part of being self-employed. You do it all. How well you do it will determine your income so it's worth doing your own research because, once you've done that, you KNOW whether or not to accept or counter-offer at a price that makes you money. That's why you're doing this, right?

Reply by MW/VA on 4/17/09 5:21pm
Msg #285525

I started out setting a minimum fee of $100. I live in an area that is densely populated, so I don't calculate a travel or mileage fee. It also depends on the area you are in, and what fee the market will bear. If you start accepting low-ball fees ($40-$50) you will have a very hard time working you fee structure up from there.

Reply by Lee/AR on 4/17/09 5:44pm
Msg #285534

That $40-$50 she's talking about would assume no edocs and is still way low. With edocs--more...you've got paper, toner, & your time to calculate for those.

Reply by Charles_Ca on 4/17/09 8:42pm
Msg #285550

Re: Fee Charges - Like everyone has said and then...

you should include twice the cost of your printer in your costs. Why twice because you should have a reserve against future purchases as well as amortizing your current printer. A reserve against futureneeds assumes you will need to replace your printer at some time as well as your computer, yours oftware and any other equipment you are using.

Reply by jojo_MN on 4/18/09 7:41am
Msg #285573

DONT FORGET UNCLE SAM

When figuring your fees, in addition to normal business expenses (printing, auto, electricity, etc.), Don't forget that you will be paying your income and SE taxes also. If you bring in $40,000 in a year, your net income will probably be closer to $20,000. This is only an example, but you do need to consider all areas when setting your fees. When you are given to opportunity to do a closing for $40, you are not doing anyone a favor but the hiring entity..

Reply by ReneeK_MI on 4/18/09 3:54pm
Msg #285615

Add in: knowledge, experience, expertise ...

Those don't get handed out for free. Want an eye-opener? Call a taxi and ask for the fee to drive you 25 miles and back. Are you worth more than a taxi ride?

Once you've done this for a tax season, take your taxable income (which does NOT compensate for time or intrinsic values) and divide it by the number of signings, and have a good dose of reality. =)

Reply by GA/Atty on 4/18/09 8:03pm
Msg #285623

$125 n/m