Posted by Jacqueline Rice on 10/25/11 10:06am
Msg #401572

Fees

I read a lot of the comments made here & there are always discussions about notaries not setting their fees properly. But yet, there is nowhere to go to see what the competitive rates are for any state. My state, NJ, says I can charge $2.50 a signing but can increase that number to cover time/costs. My question is, if we want all NSA's to be competitive with each other & we want the SC's so stop low balling then shouldn't there be some sort of guideline for establishing our fees? How is someone who is new to the industry supposed to know if they are coming in too low?

Reply by jnew on 10/25/11 10:20am
Msg #401573

Anything that has any value in this world is negotiable. That has always been my guideline.

Reply by SouthernOK on 10/25/11 10:26am
Msg #401574

Search anti-trust laws and price fixing n/m

Reply by Lee/AR on 10/25/11 10:37am
Msg #401577

You asked

So, as a GON (Grumpy Ol' Notary), I'll give you some perspective and advice.
First, the perspective: When I began 19 years ago, gas was $1.25/gal., all docs were overnighted. I was paid $75 in my little town to get 'em signed. Packages were smaller and well thought out, little to no instructions--if it was there, it was needed. (Unlike today when they just throw in everything--2 pages of instructions on how to wire transfer B funds required, when, in fact, they are getting money back.)

If they wanted you to travel some distance, they just asked what you needed. They had (at that time) around $300 to play with and were not opposed to paying that much if the travel was extreme. Now, they look at that money as a 'profit pocket'--the less they pay you means more for them.

When edocs started (around '97-'98 for me), they simply doubled your fee and were happy that you could do it. Still small packages. Then came the boom years...roughly 2000-2006.
But, edoc fees went down to $50; then $35, now mostly $25-- while paper/toner increased. (2000 case price/letter - $10; legal - $12.50) If they could afford it then, they surely can now as their fees have increased, too, but they want that profit pocket now.

Advice: If 'being competitive in your area' means accepting $75 w/edocs fees (or less), YOU need to figure out ALL your expenses...not just what it costs to print/drive, but all the other things YOU need to do this job that are spread over years (printer, computer, cell, auto ins./repair, taxes, etc.) Then your wages--however you figure them. Then add PROFIT. (Does GM sell you a car for 'the cost of material, labor'? NO, they also add in the cost of retired worker's pensions--who knows what else--and then add PROFIT.) Nobody but you can do this. And it needs to be done frequently. One size does NOT fit all.

If it works out, fine. If not, you have a problem: Keep doing this at a loss; stick to your fees and let some other fool go broke; find something more profitable to do. It's really that simple.
And I truly believe that many (most?) don't bother doing their homework and they have contributed vastly to the state of affairs we find prevalent in this field today.

Reply by Calnotary on 10/25/11 10:43am
Msg #401581

Love it"stick to your fees and let some other fool go broke" n/m

Reply by SouthernOK on 10/25/11 10:44am
Msg #401582

added note

Your competition might not have the same overhead, they could be using the office equipment at their day job.

Always make sure you know your true cost of operating and everything about your competition you can gather.

Reply by Stephanie Santiago on 10/25/11 10:54am
Msg #401586

Also

Not all Notaries Public have the same disposition and customer service skills.
I believe that should be considered.
While you may want to be competitive with other Notaries, it would benefit you to set your own fees based on cost of supplies and equipment, distance to be traveled and sneak in an additional fee for being cordial to the signers, being friendly, yet professional and just - regardless of the fee - always be kind and offer good customer services.
***Word will get around and you will receive calls for assignments.
Set your own fee to your worth.

Stephanie

Reply by Notarysigner on 10/25/11 10:58am
Msg #401589

I would suggest same thing, what is it worth for you? n/m

Reply by ikando on 10/25/11 11:06am
Msg #401590

Re: I would suggest same thing, what is it worth for you?

I recently had an opportunity to attend a seminar on setting fees presented by an economics teacher. She went through the basics of determining your costs, what you wanted for profit, and all the other things mentioned above. Two things were also brought out: You will only get what the market will bear, and you have to determine if you offer a value other than price to differentiate yourself.

So, "what's it worth" should be a viable question to include in your determination of fees.

Reply by BossLadyMD on 10/25/11 1:36pm
Msg #401624

I just love your post Lee! You covered EVERYTHING :) n/m

Reply by desktopfull on 10/25/11 9:39pm
Msg #401695

5 STAR POST!!!!! n/m

Reply by FGX/NJ on 10/25/11 10:54am
Msg #401584

Sad to say, Natl. Loan Closers and Flex Notary send mass e/ms to NJ Notaries offering
$70 e docs and fax backs. The jobs are generally taken within 15 minutes.

Reply by Lee/AR on 10/25/11 10:58am
Msg #401588

You can't fix stupid. n/m

Reply by Jillian Hinrichs on 10/25/11 11:14am
Msg #401591

I am a new notary and haven't had an assignment yet, but I have 19 years in RE including as a loan processor, and took the NNA certification course (which I highly recommend for newbies). I tried reaching out to local notaries to determine pricing and none would even reply except for a retired guy who only charges $60 and has had no training! So I searched forums and will try to get at least $100 for edocs, but as I sign up with companies with a good rating on this site I am getting discouraged. Notary Direct, for example, was mentioned to me by many as a company to start with as they will take a new NSA, but their sign up package says they pay $40 normally and to list what you will charge per zip if higher! The retired guy gets $60 from them, so I listed that for zips within 7 miles of me and then went up from there, but only because I really need to get some signings under my belt in order to sign up with the better companies that require 50 or more signings.

Reply by bagger on 10/25/11 11:26am
Msg #401592

The retired guy gets $60 from them, so I listed that for zips within 7 miles of me and then went up from there, but only because I really need to get some signings under my belt in order to sign up with the better companies that require 50 or more signings.

It will be near impossible to raise your fees to the signing companies you are currently working for.

Reply by Lee/AR on 10/25/11 11:31am
Msg #401593

Re: Fees -- Sigh~~

She isn't working with anyone right now. So I refer you/all to the last paragraph in my original reply to this thread: Msg #401577

Reply by Notarysigner on 10/25/11 12:38pm
Msg #401607

Agree and you'll eliminate a lot of stress also n/m

Reply by JanetK_CA on 10/25/11 12:45pm
Msg #401610

Yes! and the entire post was EXCELLENT! n/m

Reply by NJDiva on 10/25/11 1:19pm
Msg #401619

Yes! Awesome Lee...as usual!!! :)

Some other fees to consider (forgive me if I duplicate)

Taxes 25-30%-in NJ (you have to pay employers & employees portion as it was explained to me)
Marketing (I spend approx $1,000 a year)
Internet Service
Cell phone (blackberry or smart phone is your best bet in today's world)
Data Plan for Cell
Office essentials (stapler, tape, calculator, paper clips, post it notes, folders, scissors)
Rolling briefcase (Number one must have, at least for me!!)
Business cards
Computer
Printer (at LEAST one on the side, I have four and one that I can carry mobile if necessary)
Toner
Paper
Envelopes (large and letter size)
Binder clips (or rubber bands, whatever you use to bind the documents)
Pens (A must! Blue & Black BALL POINT-it's my understanding that gel & felt tip run if they get wet, so I never allow them...I supply my own and try to remember to get them back)
Notary supplies (log, stamp, certificates, etc.)
Insurance-E&O and bond if it's a law in your state
A dependable vehicle and MECHANIC-Gas, Oil, Tires, Tune Up (at the very least)
*PATIENCE-(I HATE driving behind people-tee hee)
*SANITY-hmmmmph!!
*COMMON SENSE-lol...yeah, okay
*A SENSE OF HUMOR
*COURAGE-(You never know what kind of home you may enter or WHO you may be dealing with)
*ACCEPTANCE-(UUUgh-late doc's, rude people, change in time, reschedule, cancellations...boy could I go on and on for THIS one.
*INTEGRITY

Then of course your precious time and self worth-traveling, with bo's, corresponding back & forth with hiring company & bo's.

I KNOW I'm missing something(s)...anyone got additions?

Reply by NJDiva on 10/25/11 1:28pm
Msg #401621

I FORGOT the MAG LIGHT! For walking to the door

in dark driveways (I've almost tripped numerous times, or slipped on ice) but most importantly to see the numbers (if it's an option) of the houses.

Reply by Scott/NJ on 10/25/11 4:16pm
Msg #401662

Jillian,

I found an experienced signer and asked to go to signings with her, for nothing. I went to about six, then she let me do the signing, but she double checked my work upon completion. For this she gave me half of whatever fee we were getting (and the total fee was ALWAYS more than $60...usually $100 or more). Then I took signings on my own, but took the completed packages to her house for her to check them. For this, she got $20 out of my fee.

After about 20 signings or so, I was good to go. But boy was I surprised at how many mistakes I made when I was out on my own. She would find them and sometimes I even had to drive back to the borrowers for the correction before I would ship the docs out. Good lessons all. Cost me a bunch, I'm sure, but I'm a better signer now for sure.

Once I was confident in my abilities, I raised my fees on all my web listings. Some SS dumped me, some TCs tried to negotiate lower fees- unsuccessfully- and dumped me.

However, I am happy with the companies that chose to meet my fees as they have indicated that my closings were done correct and they like my demeanor, attitude, customer relations and general work performance. I also get the most money from those companies. They are also reputable companies that don't try to cheapskate out on the Notaries that do work for them.

Hope that helps.

Reply by NJDiva on 10/25/11 4:40pm
Msg #401669

Hi Scott!!! Hi Mike!!!

You guys busy down there? I think it's cyclical. I know you had mentioned you were busy last week or so, Mike, and I wasn't up here.

Reply by ME/NJ on 10/25/11 7:17pm
Msg #401682

Re: Hi Scott!!! Hi Mike!!!

Very busy this week, Monday was my only slow day this week. All the work is from my TC clients not one call from a SS. One thing I love about my clients the work is scheduled a week ahead of time with a rare last minute deal. Already have 5 lined up for next Monday and Tuesday.

Reply by JanetK_CA on 10/26/11 12:15am
Msg #401720

Wow, Scott! I hope you appreciate how fortunate you were to find someone willing to do that for you. And then she even shared her fee with you?? That's incredible! I hope you've since given her some kind of very, very nice thank-you gift!

Out in the real world of business, people pay hundreds of dollars an hour for consulting to get the kind of hands-on training you received! (Or was she a friend or family member?) You really lucked out, man!!