Posted by BrendaTx on 9/22/11 7:55am
Msg #398226
Calculate the net income on this assignment
Assignment pays $50 and it is 10 city miles away.
The assignment is to go to the signer, notarize six documents (2 signers), and drop them off at a courier station (i.e. FedEx or UPS). No printing.
Assume that there is no other assignment nearby and there is no reason that you would be in that area.
I am curious what others think that this assignment would yield in net profit.
|
Reply by Linda Juenger on 9/22/11 8:05am
Msg #398227
I try and calculate how much TIME is involved from start to finish. If I could do this particular assignment in 1 hr or less from start to finish, then it's worth it. If I make between $40 and $50 an hour, I can make a profit. Also on these kinds of assignments, I try and get them up to at least $60-$65, then I know I'm ok. JMO
|
Reply by Linda_H/FL on 9/22/11 8:37am
Msg #398230
Notarizations alone, in Florida, would be $60 n/m
|
Reply by 101livescan on 9/22/11 8:41am
Msg #398232
I do $50 work for one document, one or two signers, but not six...that would be for me in my area $60 for notarizations and $40 to travel.
I wouldn't be able to accommodate this work due to cost of travel ($4/gal for regular gas), time and materials, business supplies, licensing, yada yada.
They can always take themselves to WE THE PEOPLE and get it done for $60, without travel fee, but it would not be at their convenience when I arrive at the time they specify and at their location.
You've got 12 signatures, $10 per, that's $120, without travel.
|
Reply by Notarysigner on 9/22/11 9:32am
Msg #398241
Yesterday I turned down a similar assignment for $60.00...In San Francisco,...7 miles. Five trust deeds one or two signatures (she said, really didn't know). Signing was for 3:30 p.m. My expenses
Gas Round trip in commute traffic....$10.00
Bridge toll.....$6.00
Parking.... $12.00
Brenda, for your scenario, I would guess you'd make $21.00 after taxes.
|
Reply by BrendaTx on 9/22/11 9:37am
Msg #398243
This is an assignment recently offered to me.
It has already been charged to the borrowers. I received this offer and I am not available and obviously would not take an assignment under these terms.
I know we gripe about companies not paying enough, but why is this not enough? That's what I'm getting at. There are a lot of new folks that are not aware that they could work retail and make a similar or better salary with benefits.
Specifically, this is a loan package with six documents to notarize...that's all the notary does is notarize six documents; the lender goes through the rest of the package before the notary gets there. He or she then drops off the package at FedEx or UPS.
Ideally, the borrower would go straight to the notary, but this is not the case.
|
Reply by Notarysigner on 9/22/11 9:41am
Msg #398245
It is NOT enough because we are not being
properly compensated for our time.
|
Reply by Linda_H/FL on 9/22/11 9:47am
Msg #398246
In this scenario - providing I'm in, notarize and out with
all being explained by LO - $75
|
Reply by Linda_H/FL on 9/22/11 9:48am
Msg #398247
Sorry...all explained before I get there...
I have absolutely NO down time/wait time - not one minute.
JMO
|
Reply by MW/VA on 9/22/11 8:56am
Msg #398233
If I go by the math, I'm figuring 20 mi. x .55/mi. = $19.45 and 12 ntz @ $5. (VA) = $60, for a total of $79.45 before taxes & not figuring in an hourly rate.
However, I know I'd take it if time allowed. I'm an individual business owner that doesn't have a lot of overhead. Cashflow is the key to my business.
|
Reply by BrendaTx on 9/22/11 9:28am
Msg #398237
I was curious what others think thought it would yield.
this assignment as stated would yield in net profit.
We've seen so many new people on the board lately, it's always good to have a mini class on the bottom line net income of a $50 appointment. My numbers will be different than the numbers of others. For instance, I drive a Ford Explorer.
========================
$50 gross.
Vehicle
20 miles rt x $1.05 per mile = $21.00
$50.00 - $21.00 = $29.00 before taxes
Less $5 general CODB expenses (Notary commission, insurance, office expenses, supplies. Notaries should definitely be putting back $5 per assignment just to reinvest in supplies, etc.)
$24.00 * .28 tax = $6.72
$24.00 - $6.72 taxes = $17.30 from this assignment for an owner's draw (what you can put in your pocket out of the $50).
$17.30 profit. Hourly rate:
1.5 hours = $11.53
2.0 hours = $8.65
|
Reply by Linda_H/FL on 9/22/11 9:31am
Msg #398240
Did you forget social security/medicare/state income taxes?
Or did I miss it..
|
Reply by BrendaTx on 9/22/11 9:38am
Msg #398244
$24.00 * .28 tax = $6.72 - I figured 28%. n/m
|
Reply by Roger_OH on 9/22/11 10:50am
Msg #398253
For me in Ohio...
this is just a general notary assignment, to execute signatures, not a loan signing. If the signers had called me directly for the six signatures, I could only charge them a maximum of $2 each; for a 10 mile trip, travel fee would be another $25. So in that scenario, I'd charge $37.
If the company offers me $50 for just six quick signatures, I have less than an hour invested and that works for me.
|
Reply by Linda Juenger on 9/22/11 10:59am
Msg #398254
Re: For me in Ohio...
I agree Roger. If I have NO MORE, not 1 minute more than an hour into the ENTIRE thing, I would do it. I need to make $50 an hour.
|
Reply by BrendaTx on 9/22/11 11:13am
Msg #398257
Re: For me in Ohio...
Except that it is not a general notary assignment. It would be great if it was.
|
Reply by jba/fl on 9/22/11 3:23pm
Msg #398308
Re: Did you forget social security/medicare/state income taxes?
TX is like FL - no state income taxes.
|
Reply by Susan Fischer on 9/22/11 11:07am
Msg #398255
At $10/stamp, $50 pays the Notary fee. I go 9.14 miles
per dollar, so travel would cost me about $2.
Take estimated taxes out, (assuming no SE on $50), and I'm not seeing even breaking even, let alone realizing a profit.
|
Reply by BrendaTx on 9/22/11 11:44am
Msg #398261
I guess I'm not asking the right question. I was trying to
get an idea of what others think that the assignment I shared would yield out of that $50.
Profit always concerns me. Actual profit in a business function is pretty important.
|
Reply by Teresa/FL on 9/22/11 12:01pm
Msg #398265
It's the overhead costs and taxes that many notaries are not
accounting for.
You need to know what your annual overhead costs are and break those down to an average per assignment cost.
For me it would look like this:
$50 - $11 (20 x $0.55 ) = $39
$39 - $10 (overhead) = $29
$29 - $8.12 (28% taxes) = $20.88
I might accept an assignment like this, but it would depend on the time of day and I would make it clear that I was there to notarize only and expected to be in and out within 15 minutes.
The mileage to drop off at FedEx not a factor for me as there is a depot just over a mile from me.
|
Reply by Lee/AR on 9/22/11 1:07pm
Msg #398278
No profit... min. wage for time n/m
|
Reply by Philip Johnson on 9/22/11 1:54pm
Msg #398285
Sitting at home watching Maury yields zero.
Leaving your notary stamp in your briefcase yields the same. I see this yielding for me $25.00 in takeaway, for about 30 minutes or so in travel and stamping.
|
Reply by ME/NJ on 9/22/11 2:12pm
Msg #398289
Re: Sitting at home watching Maury yields zero.
Lol... but my fee is 1 million dollars. If you can't put 25-30 dollars in your pocket for an hour of your time and had nothing else scheduled and it was not rush hour hope tv was good.plus you can make more out the whole 50 if you truely wa.ted to.
|
Reply by Teresa/FL on 9/22/11 6:55pm
Msg #398365
$20/hr is not min. wage, as long as it takes only 1 hr total n/m
|
Reply by ME/NJ on 9/22/11 2:14pm
Msg #398290
can take the 50 turn it into all profit all depends? n/m
|
Reply by SheilaSJCA on 9/22/11 2:37pm
Msg #398296
Re: I guess I'm not asking the right question. I was trying to
Going market rates are such a personalised, local thing, that is is hard to answer your question being in a different market. Based on what you said, the LO would already go over the docs with signers. So actually the notary is doing notary work only and dropping off the package. Why wouldn't you treat it as general notary work? $50 would NOT suffice for me. I cannot even see any profit in that fee for the amount of work involved.
I would charge my standard fees of $10 per signature, 12 signatures=$120, plus travel fee of $30 and courier fee of $10 =$40 for total of $160.00.
Even if I was willing to accept less (let's say $100 total) based on, number of notarizations, relationship with the client, time and location, I would be discounting my service rates based on what I typically charge for my services here in CA.
The question I ask is why should I give my services away at a discount rate to anyone who asks? Sure they can find some one else who will do it for less, but if they want me, they will meet my fees. It works out in my favor 95% of the time. I am fortunate to live in a large metro area, where the work is pretty plentiful.
|
Reply by BrendaTx on 9/22/11 3:31pm
Msg #398314
Sheila, I was curious about all areas. Thanks!
|
Reply by MW/VA on 9/22/11 3:50pm
Msg #398324
I think that if every wage-earner figured out how much
they really see of their paycheck they'd get so discouraged they'd stay home. LOL
|
