Posted by Esther Bettum on 10/3/11 12:35pm
Msg #399460
Setting Fees - Starting Point
I am new to the Notary Signing and would like to know if there is any guidance to setting fees?
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Reply by ME/NJ on 10/3/11 12:50pm
Msg #399462
Start at 1 million and work your way down n/m
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Reply by Les_CO on 10/3/11 1:13pm
Msg #399465
Ester if you don't know what your State statutory fees are, or how to find out... maybe you should try some other line of work?
As for fees for a NSA….Or…..A remote real estate loan closer you must consider all your costs to do this job, plus the statutory fee allowed.
http://www.notariesequipment.com/052805.htm
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Reply by Stephanie Santiago on 10/3/11 1:26pm
Msg #399467
Very thoughtful, Les. n/m
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Reply by NJDiva on 10/5/11 3:01pm
Msg #399696
Les is always 5 star...I don't care what anyone says...lmao n/m
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Reply by Notarysigner on 10/3/11 1:59pm
Msg #399471
Agree Steph five star response! n/m
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Reply by Linda_H/FL on 10/3/11 3:36pm
Msg #399484
I think she was being sarcastic.... n/m
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Reply by Stephanie Santiago on 10/3/11 3:47pm
Msg #399486
Re: I think she was being sarcastic..No, I felt it was
a nice gesture on the part of Les - no sarcasm here.
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Reply by Esther Bettum on 10/3/11 4:06pm
Msg #399489
Re: I think she was being sarcastic..No, I felt it was
it's ok I can take it. I have the state allowed fees down so thank you.
my concern was under charging for the signing service or if there were set fees.
seeing we are all in the business of being professionals and I am some what new to the signings I just wanted to start off on the right side.
thnak you for all your help have a wonderful evening and best regards,
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Reply by Notarysigner on 10/3/11 4:07pm
Msg #399490
Re: I think she was being sarcastic....
Linda, you got this one wrong,..Steph is genuine!
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Reply by Linda_H/FL on 10/3/11 5:11pm
Msg #399517
Yep...my apologies..to her..:) n/m
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Reply by KSMONotary on 10/3/11 4:08pm
Msg #399492
I personally think your response makes you seem bitter and paranoid. Not to mention you don’t answer her question. For all you know she did check the State statutory fees, she may have also estimated her costs paper, ink, gas, time etc. Which means her fees should fall somewhere in between the two. What she is trying to determine is what fee makes her competitive and profitable. As you know, $10 could be the difference between being competitive or being passed over. Not to mention $10 to your bottom line per closing is substantial.
So what if she is another notary that is just adding to a flooded market. My thought is if you are a good notary, and have established relationships with producers in your area and nationally, you don’t have to worry about people jumping in this business to make a quick buck.
I struggle with the way newbie’s are treated on this site. Why can no one just answer their questions to the best of your ability and move on? So what if it has been covered before, maybe the answer has changed? Maybe you would respond differently now to the same question you answered 2 years ago?
I have been coming to this site for years, but only recently did I start responding to posts. Your type of response will typically initiate a response from me, as I feel like that is not what the intention of this site is.
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Reply by RickG/CA on 10/3/11 4:29pm
Msg #399504
Re: "you seem bitter and paranoid"...here?!?! n/m
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Reply by Les_CO on 10/3/11 4:58pm
Msg #399513
Please understand I do not know her business situation. I don’t know what kind of vehicle she intends to use/ A New Mercedes, or a 1985 Ford Pinto, What kind of equipment (computer/printer/fax/scanner) she plans to use. Where her office is and what it costs, or her direct costs in other overhead, like utilities, phone. Internet, printer ink, etc.
How can I possibly having absolutely NO idea of what her costs are advise her or anyone on what to charge?
How can any sentient being ask others this kind of question with the given information?
No! I was NOT being sarcastic!
It took me less than a minute find the statutory charge requirements in her State.
This is a business, and as such if someone want's the help of others in this business I suggest they frame their questions accordingly.
Why don't YOU answer her question?
I'm waiting with baited breathe
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Reply by Stephanie Santiago on 10/3/11 5:05pm
Msg #399514
Re: Setting Fees - At least Les responded to her question
with a mindful response.
Les was beinmg kind and to the point.
As he stated, he cannot dictate what anyone can/should charge; he was merely posting her state's regulated fee list.
What she does, is up to her.
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Reply by Stephanie Santiago on 10/3/11 5:06pm
Msg #399516
Re: Setting Fees - At least Les responded...sorry for typos n/m
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Reply by Stephanie Santiago on 10/3/11 5:06pm
Msg #399515
KSMO: chill..... n/m
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Reply by Notarysigner on 10/3/11 5:26pm
Msg #399521
Must have forgot about this post Msg #387221 n/m
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Reply by Buddy Young on 10/3/11 7:40pm
Msg #399548
Ester,
When I started, I had no Idea of what to charge, so at first I just accepted what they offered. I got stung a few times but I learned real fast.
I did know however to charge 50c a mile for mileage.
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Reply by NJDiva on 10/5/11 12:37pm
Msg #399680
Someone mentioned a low-ball fee of $50-60...
I personally believe that a fee of $75-80 for edocs is a low-ball fee. IMO I don't think people take into consideration the amount of time that is invested in a completed closing.
Some things to take into consideration (just like a diet, every morsel of food you put into your mouth counts towards your calorie count. When you keep track, it's AMAZING how many calories are actually consumed):
Confirming appt with bo
Time corresponding with TC/SS's. This includes responding on status of confirmation with b/o, inquiring about status of doc's, closing out completed signing, etc. etc.
Printing doc's (G*d forbid there be any ISSUES printing or with printers)
Driving to closing (what kind of traffic, the amount of time round trip. Rush hour?)
Time at closing (could be upwards of an hour or more, depending on the needs of the bo-I'm not a sign here and run closer. I like to make sure the borrower is comfortable and informed. Of course I encourage them to take advantage of the RTC but if they are adamant about understanding every doc, we have no choice.)
Time it takes to drop package at shipping location.
I don't know about anyone else, but as an Executive Assistant, I am use to making a LOT more than minimum wage. If I wanted to work for minimum wage, I certainly wouldn't take on the uncertainty this business ensues. I suppose everyone has their own opinions of what they are worth, so that's a consideration you want to take into account.
The above is just regarding time. It doesn't take in the many other variables of this business, that's for sure.
So take what you need and leave the rest. It's all relative, that's a fact (for me.)
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Reply by MW/VA on 10/3/11 8:15pm
Msg #399553
We don't think kindly of notaries who accept low-ball
offers--like $50 or $60 a signing. That's hurts the entire industry, but there is no price-fixing.
When I started out I had to get a feel for what the going rate was in my area. I quickly established a minimum & stick to that for the most part (for loan signings).
For general notary work, our state fee is $5, and I charge a minimum of $25 w/travel. I also have the privilege of adjusting that if I chose, and won't take advantage of those who are ill, etc. There is always room for some pro-bono work, or charging only the state allowed fee.
Good luck & happy signings! :-)
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Reply by JanetK_CA on 10/4/11 2:08pm
Msg #399610
Hi Esther. I think a lot of people got up on the wrong side of the bed yesterday.  You clearly stated that you were asking about fees for notary "Signing"...
Anyway, yes, there is an abundance of information here on this site that can be used for guidance. It can be accessed via the orange "search" button at the top of this forum's home page. That will be your best friend. I would do lots of searches there on any possible variation of fees that you can think of. In the past, there have been good discussions about some of the issues, costs, intangibles, etc. that should be taken into consideration when setting your fees, as well as some of the regional variables. You'll see that there are many different approaches used to set fees. It's also recommended that you read all of message 33325, even though some of it is outdated. The above recommendation is true for any other questions you may have about starting your signing business.
We've probably all been guilty at some point in time of responding with a knee-jerk response to newbies who post questions here because nearly every question has been asked and answered multiple times over the years. Many folks who have come here and asked a question after doing their own homework and trying to research on their own, have received lots of thoughtful, kind responses. Others have come with an attitude of "tell me everything you know so I don't have to look it up or figure it out myself", and have gotten blasted, which is probably what they deserved. (Those are the two extremes, of course.)
The best advice I can offer is that everyone wants to be an expert, whether they know what they're talking about or not. Be discerning about what advice you follow, because not everything you read will be smart or even true. The more you read this forum, the better you'll have an idea of who to listen to. And no one is right all the time!  Ultimately, we all have to make our own decisions.
Best of luck!
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Reply by RickG/CA on 10/5/11 1:13pm
Msg #399687
Starting Point
If you're interested here's an article I read some time ago. Keep in mind that the article was writting a few years ago, however the thought process should still be valid.
Good luck.
http://ezinearticles.com/?expert=Hazzaa_Kassis
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