Posted by JAM/CA on 11/13/11 12:46pm
Msg #403756

Pricing???????

Need some mathematicians to help with this scenario. This is a legitimate request. A company in Texas has bought a company in California. The company in Texas needs a notary here in California to notarize one form for each employee, plus have signed and collect a few other forms. They had set aside two days with two shifts for two notaries. The time would be 9 a.m. to noon and the second shift would be 1 p.m. to 4 p.m. They are looking for a fee structure to accomplish this.

My initial question was, "How many employees"? I just received an e-mail stating that there are 2300 employees. Logistically impossible, of course, to accomplish this in 12 hours.

Here in California, we have to list each notarization in our journals, which requires date, time and type of each official act, character of every instrument, signature, how the person was identified (ex: CA, DMV Drivers License number, expiration date). That by itself, can be five minutes. They would have to have groups lined up, one right after the other. They would be willing to put California notarial verbiage on the one document.

First, we know this cannot be accomplished in two days. California sets the fee at $10 per signature, but it could not be priced this way. I'm thinking of an hourly rate, plus I feel they would need at least 10 notaries per shift to accomplish this in a timely manner.

My question for all of you, "What would you charge per shift, how many notaries and how long do you think this would take to accomplish realistically"? Don't want to overprice and don't want to undercut. Could be some good money for the Holidays.

Reply by Notarysigner on 11/13/11 12:53pm
Msg #403757

Stephanie Santiago just did something similar (not as many) but she did figure out the how, when, where, pricing stuff, I remember talking to her about it. Perhaps she will be able to give you some ideas from her experience. IMO

Reply by JAM/CA on 11/13/11 12:59pm
Msg #403758

Thanks James n/m

Reply by HisHughness on 11/13/11 1:00pm
Msg #403759

Seems like a no-brainer to me. Set a reasonable hourly rate that you would be satisfied with, make sure that it won't exceed the state-mandated miximum, and quote that. I would offer the employer an alternative piecework quote also, to establish for him that the hourly rate is a better deal.

Reply by Jim/AL on 11/13/11 2:17pm
Msg #403761

Agree with Hugh.
Just hope it is not an I9 they are needing notarized....but ways around that also.

Reply by Notarysigner on 11/13/11 2:26pm
Msg #403763

i-9 FOR Texas Al...LOL n/m

Reply by Buddy Young on 11/13/11 6:26pm
Msg #403775

Realistically, I think you would have to allow 10 minutes for each notarization not 5.

You could do 6 per hour. I would think an hourly charge would be in order for this, thinking about $100

Reply by JAM/CA on 11/13/11 6:29pm
Msg #403776

I agree Buddy. $300.00 per 3 hour shift per notary. This is still saving them a ton.

Reply by JanetK_CA on 11/14/11 1:14am
Msg #403822

I think 10 minutes each sounds realistic, although if you're fast, you MIGHT be able to do one every 8 minutes. That would be grueling, though.

If you do the math, there is no way that 10 notaries are going to get this done over two days in six hours a day. That would provide a total of 120 man-hours. To do 2300 notarizations in that much time, you'd have to do 19+/hr, leaving a shade over 3 minutes per notarization without stopping. If the notary language is correct, you did an abbreviation in the journal for the document name, 5 minutes *might* be doable, but that would be a grueling pace and would assume that everything is perfect, that no one has any ID problems, that people are lined up one right after another, etc. But what are the chances of THAT happening?

As for fees, I don't think it makes any sense to calculate this on a per-signature basis. No one is ever going to consider that, even though state law allows it. A healthy hourly (or per diem) rate is probably the way to go. Actually, hourly may be better because with those numbers of people, statistically, the probability is that there are going to be ID issues, etc., and it'll likely end up running over. I suspect they may not go for $100/hr, but I wouldn't go below $50. (Doesn't mean they won't find people to do it for much less...) Somewhere in between would likely be more reasonable. I'd be prepared for them to try to drive a very hard bargain. (You probably also want to negotiate a break each session... and have everything in writing in advance, naturally.)

Bottom line, though, they're going to have to either hire a ton more notaries to do this or stretch it out over a much longer period of time - or some combination of both.

I'd be interested in hearing what the outcome is.

Reply by LKT/CA on 11/14/11 6:50pm
Msg #403918

<<<As for fees, I don't think it makes any sense to calculate this on a per-signature basis. No one is ever going to consider that, even though state law allows it.>>>

The Company will definitely want the charges itemized (i.e. service charge, notarizations) and each Notary HAS to record a fee amount for each notarization so there's no way around calculating a per-signature fee.

Reply by LKT/CA on 11/13/11 7:02pm
Msg #403777

One Suggestions - Charge a Flat Fee

Notarize one form per employee X 2,300 employees X $10 per notarization = $23,000
_____________________________________________________________________

10 Notaries are each paid a flat fee of $1,500 for the two shifts (6 hours).

$1,500 X 10 = $15,000

The Company SAVES $8,000, which is a little more than a third of what the per notarization charge ALONE would be.

Each Notary is getting $250 per hour X 6 hours = $1,500
Each Notary is compensated WELL for their time in getting signatures on the "other few forms" you mentioned.

The breakdown goes as such: $5 per notarization X 2,300 = $11,500

$15,000 - $11,500 = $3,500 (time in getting an collecting signatures for the other forms)
$3,500 divided by 10 = $350 per Notary divided by 6 hours = approx. $58 per hour for time

Make sure these duties are IN writing: 2,300 employees, ONE notarization per employee at $5 per signature plus $350 per Notary (ten Notaries) for 6 hours.

Each Notary gets $1,150 for the notarizations and $350 for time (6 hours) = $1,500

Any additional notarizations will be charged at $5 per employee. AGAIN, the company is SAVING

Reply by Notarysigner on 11/13/11 7:16pm
Msg #403780

Question? where's JAM's compensation for org. this? n/m

Reply by GOLDGIRL/CA on 11/13/11 7:28pm
Msg #403781

Re: Question? where's JAM's compensation for org. this?

Yes, that's just what I was thinking, too! I've already spent over an hour thinking about how to pull this off just in PMs to her. Imagine the time she has to spend coming up with a proposal and then administering it. She should get a surcharge for CEO pay!

Reply by JAM/CA on 11/13/11 7:45pm
Msg #403782

Re: Question? where's JAM's compensation for org. this?

Thank you all for the PM's and forum responses. It gave me good ideas to come up with a proposal. I've been working on this all day. I don't care about extra compensation for originating this, but like the way Goldgirl and James think. LOL

Just want to pull this off without a hitch and get the job. It really isn't that simple. Everything has to line up precisely.

Reply by JAM/CA on 11/13/11 7:46pm
Msg #403783

P.S. It is not an I-9 n/m

Reply by LKT/CA on 11/13/11 7:49pm
Msg #403784

Re: Question? where's JAM's compensation for org. this?

I figured the bulk of the pricing - LOL! James, you and Goldgirl figure out Jam's compensation ;-)

Reply by Notarysigner on 11/13/11 7:54pm
Msg #403786

Re: Question? where's JAM's compensation for org. this?

It would be 20% of the agreed fee plus expenses

Reply by LKT/CA on 11/13/11 8:14pm
Msg #403792

Re: Question? where's JAM's compensation for org. this?

I was under the impression that JAM/CA would be 1 of the 10 Notaries, not just coordinating the event. $1,500 for 6 hours = $250 per hour and is plenty enough compensation to waive a finder's fee and expenses. By the way, what are these "expenses" that you refer to?

Reply by GOLDGIRL/CA on 11/13/11 9:04pm
Msg #403812

Re: Question? where's JAM's compensation for org. this?

Well, to me, the "expenses" would be at least a couple of stiff drinks to deal with all this! Of in my case, a chocolate cream pie. Same difference, same effect.

Reply by LKT/CA on 11/14/11 6:53pm
Msg #403921

Re: Question? where's JAM's compensation for org. this?

For you Goldgirl, 3 stiff drinks and a chocolate cream pie.....DONE!!

Reply by Notarysigner on 11/14/11 12:04am
Msg #403817

Re: Question? where's JAM's compensation for org. this?

Lunch and parking for sure.

Reply by LKT/CA on 11/14/11 6:52pm
Msg #403920

Re: Question? where's JAM's compensation for org. this?

Just for you James - lunch and parking.....DONE!!

Reply by LKT/CA on 11/14/11 6:55pm
Msg #403922

For Two Days Work

Didn't realize this was for TWO days......just divide the $1,500 by 2. Each of the ten Notaries gets a $750 flat fee for each six hour day.