Posted by Mikki on 3/3/10 9:51am
Msg #325067

Fees

Hi, I am pretty new at being a Certified Signing Agent and I need help. Starting out I can't charge as much as a Signing Agent with experience and I wanted to know is when a company calls you and you charge $75.00 for 25 miles for a closing and they say it's e-docs is that included in the $75.00 or less say do I charge for the e-docs separately. Also how do I determine my fees for e-docs, fingerprinting, fax backs, etc.

Reply by Yoli/CA on 3/3/10 10:10am
Msg #325075

Oh, Mikki, Mikki ...

I would strongly suggest doing research first and then asking questions. Notary Rotary has an invaluable orange-colored "Search" button ....

Reply by Linda Juenger on 3/3/10 10:14am
Msg #325080

Re: Oh, Mikki, Mikki ...

Mikki, I wrote to your first post, but deleted it because I didn't want to be rude. But, here goes. Sorry, but its the truth.

Gee, I want to open a restuarant, hair salon, etc etc etc. What supplies will I need? hmmm I think I will go ask the guy/gal down the street what they use and get some tips from them to start my business that I obviously don't know anything about.

Use the Orange Search Button BEFORE you post.

Reply by Linda_H/FL on 3/3/10 10:11am
Msg #325076

Only you can decide what you need to charge per siging to make a profit - that's the key word - "Profit"...only you know your expenses and your demographics

For example....25 miles for me would be 35-45 minute drive one way...25 miles for you may be 20 minutes....big difference...

How much is gas in your area? I'm at $2.80/gal...are you higher? lower? I get 30mpg in my car, higher on interstate - what do you get?

Only you can figure it....telling you what to charge could be considered pricefixing, which is illegal. For me, personally, I can't do a profitable signing for $75-$100 with e-docs...but that's me.

I must say I'm really upset to see your posts - I'm baffled as to how you can start a business with no idea (a) what to charge, and (b) what equipment you need. Whoever "certified" you, IMO, really old you short and kind of threw you to the wolves...

I refer you to msg 33325 for extensive information on this business.

My .02 and MHO FWIW

Reply by Linda_H/FL on 3/3/10 10:12am
Msg #325079

Sorry...s/b "sold you short" n/m

Reply by Lee/AR on 3/3/10 10:11am
Msg #325077

$75 w/edocs & 25 miles (50 RT) is way too cheap. Check Message 33325 which has everything you need to know...but you do have to hunt thru it because it's a great, free NSA course.

Reply by Sylvia_FL on 3/3/10 10:26am
Msg #325081

Mikki
if you tell them you charge $75, the company will most likely conclude that it is all inclusive.
Ask if it is e-docs and then quote them your all inclusive price.
As Linda said only you can determine your fees. Figure out what your supplies and time etc are worth and what profit you expect to make.

Reply by jba/fl on 3/3/10 10:27am
Msg #325082

"Starting out I can't charge as much as a Signing Agent with experience "

Why not? Aren't you doing the same job?

Reply by Sylvia_FL on 3/3/10 10:36am
Msg #325084

Good point Jules

Borrowers aren't going to be charged less because they are having someone with little or no experience conducting their loan signing.

Reply by Les_CO on 3/3/10 10:32am
Msg #325083

It is your business and you can charge what you want, while complying with your States notary laws. Experience has nothing to do with what you can charge. What counts is that you do the job correctly, without mistakes, follow instructions, and get the signed package back to Title in a timely way. Experience just makes the job faster and easier.
That said when going in for heart surgery, no one wants a first time surgeon, just like no one wants the cheapest surgeon, they want the BEST surgeon.
This job is not difficult, but it does require a lot of knowledge. If you accept $75 e-docs with travel, you won’t last long enough to learn what you need to know. JMO

Reply by CopperheadVA on 3/3/10 10:46am
Msg #325088

Agree with Les, I did not charge a discounted fee when I first started in this biz. And also agree with Sylvia regarding the e-docs fee quote. When a company calls, I assume it's e-docs and quote an all-inclusive price. It's rare that I get an overnight package, but it does happen, and they are sure to tell me about it up-front because they want a discounted fee since there's no printing.

Reply by mwm143 on 3/3/10 10:51am
Msg #325089

I often wonder how many of these "I'm New" posts

are real or just written to see how many will continue to respond.

Reply by Les_CO on 3/3/10 10:57am
Msg #325090

Re: I often wonder how many of these "I'm New" posts

Hard to tell if those posting don’t link to their profile !!

Reply by Linda_H/FL on 3/3/10 11:02am
Msg #325092

I often wonder that too..

but if we don't respond at all...or respond accordingly (troll)....we're called mean and rude..

Can't win for losin'..

Reply by Regal/NC on 3/3/10 11:09am
Msg #325094

Send me a blank check and I will amswer all questions n/m

Reply by desktopfull on 3/3/10 11:22am
Msg #325095

ROFL! Like your consulting fee!!! n/m

Reply by Marian_in_CA on 3/3/10 12:33pm
Msg #325098

How do you determine fess?

1. Take a basic business course,
2. Take a basic accounting course.
3. RESEARCH your costs for performing the work. YOUR costs, not anyone else's.
4. Figure out the profit margin you need in order to maintain a profitable business. That includes paying yourself as well as covering your overhead. This includes taxes on the back end.
5. Research your area. Are the fees you will need to charge going to fit the area?
6. Develop a solid business plan and have it reviewed by somebody with business experience.
7. Charge accordingly if 5 and 6 seem realistic.

Never, ever just accept a fee that you're offered just for the sake of getting the job -- especially out of fear. They want you to take the lowest fee they offer. You see, THEY are operating to make a profit, as should you. Many times, you are better off NOT taking a cheap job at all than taking one because you may end up noy only working for free, but OWING money to the IRS in the end.

Reply by JulieD/KS on 3/3/10 1:41pm
Msg #325111

And this is why fees are going down, down, down.

Reply by Luckydog on 3/3/10 5:06pm
Msg #325165

Hi Mikki,
I understand where you are coming from. Being a Signing Agent is a pretty much a "self taught" learn as you go from experience career. Some advice, you never want to say you are new. Charge the going rate for your area. Look up on here other notaries under your zip code and most of the time they have their prices listed, and go accordingly. If you under charge, you are sending a message you do not know what you are doing and are "sub standard", and later, it is difficult to raise your prices to the going rate. They'll quit using you. Another point is, we all have to stick to our prices. Low balling only hurts our proffession across the board. Take your time, really double check your work before dropping the package, and pretty soon you will feel more confident about your career.
Good luck!

Reply by jba/fl on 3/3/10 5:59pm
Msg #325182

A lot of gems here Luckydog.....Read & Heed Mikki.... n/m

Reply by Sylvia_FL on 3/3/10 6:23pm
Msg #325197

"Some advice, you never want to say you are new"

I agree, but if asked tell the truth. I have had signing agents tell me they have been a notary for XX number of years, but when I check they have recently become notaries.