Posted by MicheleS/FL on 6/25/12 1:32pm
Msg #424602

$75.00 for refi?

Is that an acceptable fee It's e-docs.....

Reply by dutchcloser on 6/25/12 1:35pm
Msg #424604

HECK NO!!!!! n/m

Reply by Marian_in_CA on 6/25/12 1:36pm
Msg #424605

Not in my part of the world, not even close. BUT... you have to take in to account your own expenses and profit margin plus the circumstances of the appointment. In some limited circumstances, $75 might cover it. For me, that would cover a signing booked at least a day in advance, docs overnighted to me and for one of my next-door neighbors where I would walk over.

Otherwise? Forget it.

Reply by Deborah Breedlove on 6/25/12 1:36pm
Msg #424606

Is this a joke? n/m

Reply by MicheleS/FL on 6/25/12 1:54pm
Msg #424610

Re: Is this a joke?

Not a joke. Seriously rec'd this email. Not sure what to do since I am new to the biz. Can't seem to get anything with a higher fee, so I am at a loss....

Reply by MonicaFL on 6/25/12 1:36pm
Msg #424607

Ask yourself these questions and I believe you will get your answwer.
1. How far do I have to travel?
2. How big is the package?
3. Are there any faxbacks?
4. How much paper and toner am I going to use?
5. How much is the cost of gasoline for me to make this trip?
6. Am I going to make a profit?
7. AND I THINK IS THE MOST IMPORTANT - How much is my time worth as well as how much as I worth?

Reply by bfnotary on 6/25/12 9:03pm
Msg #424647

have to add.... How much are self employment taxes?

Reply by MW/VA on 6/25/12 1:39pm
Msg #424608

Absolutely not! If you accept these low fees you

are hurting yourself & everyone else in the industry.

Reply by NJDiva on 6/25/12 1:44pm
Msg #424609

Don't let them sucker you into thinking it IS acceptable...

These companies really take advantage of those that don't know better. Especially the newbies. They know the inexperienced and take every penny of your pay that they can.

They NEED us to stay in business. You set the fee and you will get it. Maybe not from lowballing, irreputable (is that a word? lol) companies, but we really don't want to keep them in business anyway! Just know that!

Reply by MicheleS/FL on 6/25/12 1:55pm
Msg #424612

Re: Don't let them sucker you into thinking it IS acceptable...

Do you think I should email them back and tell them what I think is a fair amount? Or, will they just move on to the next person anyway?

Reply by Deborah Breedlove on 6/25/12 1:59pm
Msg #424613

Re: Don't let them sucker you into thinking it IS acceptable...

First, check their rating in Signing Central, and reply only if their payment history is clean. Then reply with the fee and terms you would accept, and aim high. They may or may not respond, depending on other replies.

Reply by PegiT_MN on 6/25/12 2:00pm
Msg #424615

The have probably already moved on to the next person. . n/m

Reply by dutchcloser on 6/25/12 2:01pm
Msg #424616

Re: Don't let them sucker you into thinking it IS acceptable...

They have probably moved on to another newbie who is willing to accept these low fees. I have learned early on that you set the standard and if you accept these fees in the beginning that is how it will be and you will miss out on the great companies still out there that respect your service and will pay for it. JMHO

Reply by Northern Virginia Loan Signing NVLS on 6/25/12 2:36pm
Msg #424621

Re: Low Fees

Hi - I am a "newbie" and have unfortunately had to accept such ridiculous offers one time or another. One basic reason is so I can list the no. of closings honestly (some signing companies ask this and they DON'T care how much you charged); and along with that, signing agent insur requires a specific no. of signings before you can get a policy.

Reply by CopperheadVA on 6/25/12 3:01pm
Msg #424623

Re: Low Fees

In Northern VA you can easily get $100 - $150 per closing, depending on the company and what standards they have. I have many clients that regularly pay $125 - $150. The ones that pay more demand a higher quality notary.

Reply by MW/VA on 6/25/12 2:27pm
Msg #424620

If you're going to be able to make a go of this biz you're

going to need to learn to negotiate. I don't know what your financial situation is, but it's usually better to say "no thanks" to the low offers. If you start taking those it will be difficult to command a higher fee.

Reply by Buddy Young on 6/25/12 2:00pm
Msg #424614

Michelle,

I'm with Marion on this, I will take $75 if its overnight docs and I don't have to drive more than 4 or 5 miles.

Obviously you are new. The lowballs and the no payers are going to find you first.
Hang in there and keep signing up with companies, you will get a fair wage soon.

I'll take $100 on edocs if it's next door.

Reply by MicheleS/FL on 6/25/12 2:08pm
Msg #424617

Thanks for all the advice everyone. I have only been getting emails/calls with low fees. Not sure when I will get the ones that are more enticing. When do I say yes, I guess is the question. I've signed up with a LOT of signing companies.

Reply by Marian_in_CA on 6/25/12 2:16pm
Msg #424618

Stick to your guns... You don't want to deal with the low ballers anyway. They just waste their time and yours. The goal is to just have them not call you at all.

Market yourself to local title companies and make sure you have a clear idea of your expenses and profit margin. Stick to it. The companies that are honest and know the worth of a good NSA will respect you and keep you on their list. Those are the lists you WANT to be on!

It will take longer to establish those kinds of relationships, but the time is worth it. Don't get a reputation for taking on the low ballers. You won't make any money and you'll burn out fast.

These companies prey on new and uneducated notaries, primarily those who don't understand the basic concepts of running a business.

Reply by MicheleS/FL on 6/25/12 2:16pm
Msg #424619

Thanks Marian! Some very helpful information....

Reply by Luckydog on 6/25/12 2:42pm
Msg #424622

I am in Florida as well, and have been doing this for 7 years, and have been getting low balled myself lately. Not sure if companies have been finding notary's actually accepting this price, because I am not as busy as I used to be, and just cannot figure it out. In Boca Raton area. It's really a shame. Been holding on to the same price since 2005, and scared to even increase by $5.00 for fear of losing what I have to the newbies accepting these unacceptable offers.

Reply by Jack/AL on 6/25/12 3:36pm
Msg #424624

Yes, Michelle, do respond with an email indicating what you will accept. This is end of the month, so most Notaries Public are busy. The signing service may have no choice but to accept your offer. There are a couple of companies who play the same game with me. I sometimes reply with my availability and fee. Usually don't hear back from them on most signings. I did hear back recently, for apparently they could not get anyone else to do it at this time of month for the fee of $65. I'm on the way out the door now, and it is a smaller than normal package (80 pages, as opposed to 100 to 120), and they're paying me $110. Good luck.

Reply by Buddy Young on 6/25/12 6:15pm
Msg #424632

Re: Newbee's, see message 422437 n/m

Reply by Mysti_FL on 6/26/12 7:55am
Msg #424665

Haven't been around a while but just wanted to make a comment.

In many areas of Florida, $75 is kind of low. I usually won't take less than $100. If the closing is within a mile or two, I will take $75, specially if the company pays in under 30 days.

You really have to decide what works for you. If I have four closings today at $75 per closing, and all within a 2 mile distance, it sure is better than waiting four days for someone who will pay me $150 for a closing. And, I'd rather have those four companies calling me back throughout the month, than that one company paying me $150 that may only call me two or three or even four times a year!

Now, I hear what everyone is saying but the fee you charge depends on your area, the distances you drive, the size of the package, your expertise, etc. If you ask for $150 in my area, they will definitely move on to the next. Many signing agencies only get $125 to $150 so they are will try to give you $100 or less. You need to get some experience, and even some negotiating experience, under your belt to command higher prices! While I don't think you should ever go lower than $75, even for training/experience, it also depends on what you are "closing". A settlement agreement is all of 30 pages and you are out in 20 minutes maximum and they usually are close by. I will take $75-80 for that. An application may be 22 pages and I may even then, take $50 if it is within a 2-mile distance.

So, when any company calls you can say "I charge $125"; you might be told, "well, we can only pay $100", unless it is a title company (and you'll eventually learn the difference for the most part, based on the name of the company). At that point, you can say "well, this is relatively close; what is your payment turnaround time?". They will mostly say 30-days. Some will actually then pay in 30 days and some won't...you just have to 'learn' that with time. The point is, if they agree to the $100, then I would take it because if you don't they will definitely, in Florida, find someone who will.

The best advise I can give someone new, is make yourself a form that has all the questions you need to ask so that when that call comes in, you are ready and can ask: Name of company (so you know if it is a title company, who you can ask for $150 up front, or a signing agency who will pay you less), the name of the person calling and their phone number, their fee, borrower's address or zip code (so you will know how far from you the closing is, which will help determine your fee) etc. If you write all this down, you are then less nervous and can be calculating in your head what fee you need to get.

JMHO!

Reply by Northern Virginia Loan Signing NVLS on 6/26/12 11:18am
Msg #424688

I think the "screening questions" a good idea; so is flexibility in any enterprise.

I recall my 1st signing: I got a call from a local Title company, and after negotiating a fee of $175 (it was a last minute signing more than 25 miles away), I was finally "in business!" Needless to say, I was elated. For the most part, all went well. While preparing my audit sheet, I realized I missed a document; so I returned promptly to the borrowers' and then hand delivered the closing papers to the Title office in my area. My turn-around time was great - despite the extra mileage and I was proud for "sticking to my guns" and commanding the fee of experienced NSAs.
Noteworthy, however, is I have not heard from the title co. since! Now that I'm established, and hence, more experienced, could it be that the title co. is calling the NSAs willing to accept the $75-$100.00 fees?

Reply by Terri W. Dickerson on 6/26/12 11:55am
Msg #424695

Hello all. I've been a notary for over 20 years and used to work for the title companies. I'm curious as to what a reasonable rate is considered to be. I'm a newbie at the Notary Rotary, so I'm asking because while I don't want to charge too little, I also don't want to shoot myself in the foot!!! Thanks everyone.

Reply by Mysti_FL on 6/26/12 6:06pm
Msg #424736

Well, and another thought to consider is that, while you could get those fees and more "back in the day", and even with gas prices as high as they've gotten, somehow, everybody's fees have gone down. Go figure.....harder to get those $150 fees any more....at least where I moved. Back in Miami, where there are so many people and so many little towns squished together, much easier to make money! I guess cause it is a city.