Posted by GOLDGIRL/CA on 5/17/10 3:49pm
Msg #336857

I've been thinking about the $75 jobs ....

(from message #336775 yesterday) and it's starting to look pretty good to me. First of all, you can show up at Wells Fargo wearing sweat pants or a jogging suit - no more of this "Dress Professionally" stuff from your confirmation sheet. Evidently, you also can regularly cancel at the last possible minute - say if you just don't feel like going or you can't find you favorite color sweat pants. And best of all, no matter what, you'll always be #1 on the call list! Sounds like a win-win to me. Also, if for some reason you don't feel like explaining much on the docs to the borrowers, or just don't want to make that extra push to meet the FedEx dropoff deadline for next-day delivery - no sweat. You'll still be #1 go-to notary. What a deal!

Reply by Jim/AL on 5/17/10 4:14pm
Msg #336860

I am the No 1 to go in the local WFF office and I know you are joking, but it is not for lack of dress code. It does not pay well, but volume makes up for it when I do over ten a month.

If I am recieiving $50 or $500 for a closing they get the same clothes and the same closing speech.

Reply by Stoli on 5/17/10 4:17pm
Msg #336861

Lose a little on each signing but make up for it in volume.. n/m

Reply by MikeC/NY on 5/17/10 5:49pm
Msg #336875

How do you make up for it in volume?

"It does not pay well, but volume makes up for it when I do over ten a month."

I'm curious about how you figure this. 99% of your costs are fixed - the only variable cost is travel, so unless you live a mile or so from the office and do several closings in one day, your costs are not getting any lower with an increase in volume. If your fixed costs don't change, how do you make more money by taking more jobs at the lower rate?

BTW, this was a serious question and not intended as a slam... Maybe I'm missing something that's unique to your situation, but in general the "volume discount" approach simply doesn't work in this business - unless you're looking only at gross income and not figuring out your net.

Reply by Notarysigner on 5/17/10 6:07pm
Msg #336878

Re: How do you make up for it in volume?

gas price.............$3.00/gal..........but more travel
paper cost.......... $4.00/ream......but more paper because more signings
time....................1 hour...............but more
expenses........... $30.00/signing......more......
Pay.....................less
volume discount where?

I didn't do too good in business math but it looks like the only person getting the volume discount is the SS...Help me out pls?

Reply by Lee/AR on 5/17/10 6:49pm
Msg #336885

Re: How do you make up for it in volume?

Could not agree more. All I can figure is "unless you're looking only at gross income and not figuring out your net"...in which case I totally believe that you are only hurting yourself.
Mike and NotarySigner have it right.
I have done this job in 2 states and very quickly (like the 1st signing in my 'new' state) figured out that what had worked well before wasn't working here and had to completely re-calculate
my true costs. Which led to the reality that this is something that has to be done over & over--as the cost of material goes up. (It never seems to come down.)

Reply by MikeC/NY on 5/17/10 8:09pm
Msg #336891

Re: How do you make up for it in volume?

"I have done this job in 2 states and very quickly (like the 1st signing in my 'new' state) figured out that what had worked well before wasn't working here and had to completely re-calculate
my true costs. Which led to the reality that this is something that has to be done over & over--as the cost of material goes up. (It never seems to come down.)"

Good point - costs don't usually increase dramatically, but they generally do increase. If you're not keeping an eye on them, you can be doing serious damage to your bottom line.

In most cases, the only one benefiting from a "volume" deal is the SS, because it allows them to lower their cost per signing. On the SA side of the stick, pretty much all you can do is multiply how much less you're making per signing by the number of signings you accept, and that would give you your net loss for accepting the deal. The whole gross vs net thing is interesting; I think you can get lost in seeing how much money is coming in and not realize what's going out to support that.

Unless there are special circumstances (such as going to a single location and doing multiple signings on the same day, or a guarantee of XX assignments/month with payment due whether or not that number of assignments is provided), I just don't see how anyone in this business can accept less money for more work and expect to make a better profit. If someone could run the math by me to show me I'm wrong, I'd be more than willing to admit my mistake...

Reply by Linda Juenger on 5/17/10 8:43pm
Msg #336894

Re: How do you make up for it in volume?

The only way volume works is if you get them back to back within a couple miles of each other.  

Reply by Notarysigner on 5/17/10 4:23pm
Msg #336866

GoldGirl I know you're jokin but...after doing this job for 2+ years $85 - $150, just one hour ago today I signed my 2nd Local TC contract to do signings for them in the Bay Area, anywhere they want me to go. I will be getting what the SS generally gets. I say, hold out and you will get what you want, don't let them win. MHO

Reply by Alz on 5/17/10 4:43pm
Msg #336869

Congrats to you James! n/m

Reply by cadmonkey/CA on 5/17/10 8:30pm
Msg #336892

Re: Congrats to you James!

yup, congrats buddy, its tough to get on a TC's approved list!

Reply by Notarysigner on 5/17/10 9:15pm
Msg #336902

two sponsors..Broker and Senior Escrow officer n/m

Reply by Kevin/Ct on 5/18/10 5:10am
Msg #336922

Bad decision. When signing services ask for volume discounts very often they ask you to commit to a reduced unit price per closing without the their guaranty of a corresponding fixed amount of volume. Their concept of volume could be nothing more than 2 or 3 closings per month.

Reply by Accesstoledo on 5/18/10 9:05am
Msg #336929

Interesting discussion!
In 2009, I was doing them for $100 for our 2 local offices. Pretty simple, DOCS were always on time, You show up at the office, complete the signing and drop the package on the way home. NO FAX Backs. Paid in 45 of so days.
Comes the last of December, thay are going to pay $85 on this one and I agree to do it. Oh, well it is the last week of the year!
Come first of January, We can only pay $75 to do these any more. I say sorry, get some else and they did. Who lost out!!!!!

Reply by Notarysigner on 5/18/10 10:03am
Msg #336934

IMO As long as you didn't burn your bridges..no one....you accepted $85.00 then they offered $75....you said no; no one lost out. Now if you didn't agree to do X number of signings for them....you lost out.

Reply by Jim/AL on 5/18/10 10:56am
Msg #336936

I do not drop the docs, they have an office pick-up so I just leave them behind.

They did used to pay $100 or so for these and reduced fee, so I had to accept or refuse and I choose to hang in.

They try to schedule back to backs for me whenever possible and I have done 3 in a row.

The package size is only 60-70 pages and only includes about 4-5 notarizations. Travel is 30 miles each way about $7.00 in gas, $5.00 printing I think I am coming out okay.

You are all correct that volume does not increase profit, but volume does put a roof over my head when it comes to monthly total.

Reply by Sanvi on 5/18/10 3:19pm
Msg #336985

I must admire how some of you administer your business budget (Income/Expense) --truly. To me, the current tendency of some closing services to reduce the Notary's fees, or else, raises two issues:
1. Pragmatic: I compute the cost of ink/toner, paper (two sets, average 70+ pages each), time to babysit while printing, sorting and organization, calls to confirm appointment, driving (traffic where I practice at certain hours requires an average of 15 minutes/3 miles just to enter the Interstate), cost of gasoline and other additives, actual closing time, minimum of 20 notarizations/seals, return to office/home and call and fax certain number of documents (last week, I had to faxes 24 sheets), trip to FedEx to ship package. All assuming the documents are perfect; frequently they are not (names inconsistency, misspelled, ommission of forms); therefore, telephone consultations. I wonder the $ results you have computed materials and time and how much are you paid, say, per hour. The guy who mowes the very small yard around my house charges $45, <45 minutes work. By the way, until recently, closing services were shipping the packages UPS/FedEx.
2) Te second issue is a matter of principles. Has a Notary studied and passed exams to end up watching a printer's behavior? Has a surgeon been trained to make coffee for the office? Why closing services insist in cutting the Notary's professional fees? Is the Notary sacrificing the fees in order to balance the real estate lending market mess? I checked with several attorneys (and I have some in my own family) and physicians; none has reduced professional fees (whether just fees or percentage of court awards).
Is it time for all of us to raise our voice?