Posted by Buddy Young on 8/25/11 5:57pm
Msg #395007

For all you newbees

I realze thay we don't try to hold hands here but I'm going to list some questions you newbees should ask before agreeing on a signing price. I learned the hard way, one of my first signings was for 2 properties, a principle residence and a vacation home. I only got paid for 1 because i didn't know what questions to ask before agreeing to a price.

Example: suppose your base price for a signing is $90
1.) how many miles do I have to drive. EX. 50 miles round trip. I charge 50c a mile. thats an extra $25
2.) How many pages do I have to print? 125 plus coppies for the borower, That's 250 Pages. Depending how much a page you want to charge that's an extra charge. Lets say 20c a page, that's an extra $50
3.) Are there any faxbacks? Charge an extra $10
Ok now we're up to $175

That's just some of the questions to ask. If any new signing agents are taking that job for $90, you probably aren't making any money.

Hopefully this will keep new signing agents from taking all the lowball offers that seem to be getting lower all the time.

I would appreciate comments from all you experienced Notaries out there. Please add any questions I forgot to add.

Reply by nolanotary on 8/25/11 7:07pm
Msg #395012

How about, "When do I expect payment??". If more than 30 days, I would tack on a few extra bucks for financing the job.

Reply by Shelly_FL on 8/25/11 7:23pm
Msg #395016

Are there any special considerations, like POA's or AKA's? I once had a signing with a POA that they agreed to a small additional fee. Got the docs and the B was to sign "John Q Doe AKA Jon Doe, by Susan B Doe AKA SuZie Doe as his attorney in fact." It took nearly three hours! Should have asked if her Mother would be there to approve each docs as she signed too. Crazy!

Reply by Sylvia_FL on 8/25/11 7:25pm
Msg #395017

You can ask those questions, however don't expect them to know how many miles you
have to drive - many a time when I quoted my fee I was told "but it is only 8 miles" when it was much farther (unless I swam to the appointment)

A signing service may not know how many pages the package has. I had a set fee for the printing of edocs no matter how many pages the package had.

I set my fee for the different areas I covered so when called for a signing I knew the fee to quote.

If there were only a few pages to fax back they were included in my fee.

But as has been said do ask when you can expect payment.

Reply by John Schenk on 8/25/11 8:15pm
Msg #395020

1. Pretty much what I do.
2. If you can get $0.20 a page, kewl. I normally charge $0.10 per page for packages over 240 (including borrower copy).
3. $1 a page over 10 pages (First 10 are Free). Not necessarily the cost to fax them back, but the time spent to fish those docs out of the loan package. Smart ones will have you send the sig page, i.e. you have a 16 page Deed and all they want is the sig page. They already have the other pages. Silly ones should be charged the additional cost. When initials are due on every page of the deed and they want to see them in a fax, then they should pay for them. Most of my clients I've done enough work for that they know they will get the initials on every page, but sometimes they want the final 2 pages, siggy and ack.

Charge what your market will bear, but be reasonable. Scanning docs in is easier than a faxback for me, if they will accept that, and most will. They are buying my time, so they can choose to make that be as quick as it can be, or they can choose to make me spend more of my time, which they will have to pay. Personally, I'd just as soon they make it quick.

Best of luck!

JJ

Reply by Buddy Young on 8/25/11 9:19pm
Msg #395023

That was just an example, my market area won't be able to pay $175, so you do have to be reasonable.
About the mileage: Just know how many miles to the surrounding areas, it will help you with quoting a price, or negotiating a price.
In my example 20c a page is too much, 10c would be more realistic.
Maybe your base fee is $75, what ever works for you, but if you don't ask these questions, more often than not you will be working for very little.

Reply by John Schenk on 8/25/11 10:09pm
Msg #395029

So the examples you gave were BS. They exceeded what you can get in your area, your fee was more than you actually stick to, your copy fee was inflated above what you charge, your fax fee is more than you'd charge and my base fee is $125 and always has been. Whatever works for YOU. MY fees are linked, and posted, on this site, and have been for years.

You haven't been here long, to my recollection. You want to advise newbees, that's fine. Don't know anything about you. However, I know you just advised them to do things you just admitted that YOU do NOT do, so not sure what that advice is worth. I do NO closing for $75, other than a 30 page property tax loan. You can BANK on that, newbee!

JJ

Reply by Sylvia_FL on 8/25/11 10:10pm
Msg #395030

Buddy
Just as an example. When I owned my own signing service (which I had from 2002 up until last year when I closed down due to health issues) I paid my notaries what I would expect to be paid as a signing agent.
$100 if docs were overnighted (and believe it or not even up to me closing down most of the docs were overnighted to the signing agent)
$135 if they were edocs.

I think those are reasonable fees that any experienced signing agent should ask for.

Reply by John Schenk on 8/25/11 10:33pm
Msg #395034

It comes down to what YOUR market will bear.

I don't think many markets right now are bearing $135 with edocs as a general rule, in a close proximity closing, but I may be wrong. $100 with overnight docs is probably more the norm, and print fees are normally about $25 on most sets of docs, with more for the biggies.

I think what is reasonable is what the market will bear.

JJ

Reply by John Schenk on 8/25/11 10:54pm
Msg #395037

Correction

$100 with overnight docs is probably THE norm (Instead of MORE than the norm...my mistake), and print fees are normally about $25 on most sets of docs, with more for the biggies.

I wish posts could be edited on this site for at least a minute or two, but they can't.

JJ

Reply by Buddy Young on 8/25/11 11:34pm
Msg #395046

I think that is reasonable too Sylvia.
John, My examples were only that examples. Just to show new signing agents to ask questions before they accept lowball fees. My examples wern't taken from my fees.
Just trying to help the cause.

Reply by Buddy Young on 8/26/11 1:30am
Msg #395051

Re: Not my fees, just an EXAMPLE!!!!!!!!! n/m

Reply by Buddy Young on 8/26/11 1:29am
Msg #395050

Re: I think those are reasonable fees also, Sylvia n/m

Reply by Stephanie Santiago on 8/26/11 12:37pm
Msg #395129

Buddy - where are you located in CA? n/m

Reply by HouTexJoe on 8/26/11 6:57am
Msg #395055

Where are you people? I'm in Houston, TX. Whenever I get a low ball offer I, with the utmost tact and professionalism, have tried some of the strategies and fee guidlines I've read in this forum. What I mostly get is something like, "I'll see if I can get that approved and call you back." Of course, no call back ever comes. I'm sure they just continue down their list until someone accepts the low ball offer.

On occasion, I have negotiated another $10 or $20, but that is rare. As I see it, it is definitely a buyers market for the SS's.

Reply by jba/fl on 8/26/11 9:08am
Msg #395063

Agree - and it is all location, location, location related.

Reply by BrendaTx on 8/26/11 10:14am
Msg #395078

Hi Joe.

Great answer.

It is a buyer's market, however, I will be the first to say that one must learn how to figure profit/loss.

When one is Losing and not Profiting, it is time to look for another type of employment and only take jobs that allow for a reasonable profit margin.

Reply by Notarysigner on 8/26/11 9:46am
Msg #395070

Re: For all you newbees -WWPD

I looked at this for a day before deciding to respond..........He would not disclose fees to charge. He would not advise what to do. He would refer you to your handbook and the search button. He would not tell anybody how to run their business. In fact, he most likely wouldn't even respond to this post. First EOM without you, it just isn't right!

Reply by SouthernOK on 8/26/11 11:53am
Msg #395111

WWPD, we need a like, no LOVE button! n/m

Reply by Notarysigner on 8/26/11 12:25pm
Msg #395123

Meaning what? I don't understand your post? n/m

Reply by taxpro on 8/26/11 3:08pm
Msg #395180

WWPD = What would PAW do? n/m

Reply by Notarysigner on 8/26/11 4:25pm
Msg #395195

Re: WWPD = What would PAW do?

I was addressing SouthernOK's post....what did they mean? Like vs Love button.

Reply by Sylvia_FL on 8/26/11 4:29pm
Msg #395196

Re: WWPD = What would PAW do?

On Facebook you can "Like" a post - there is a "Like" button