Posted by Cheryl Yeko on 4/5/13 7:51pm
Msg #464659

Pricing

Okay, I've been conducting closings for over ten years. I use to get $125 a closing...today, my standard is $100. But I've noticed recently that I'm losing out on tons of closings ... companies offering me $60. And when I tell them my price, they say they'll call if they get it approved...which they never do. I'm assuming someone ends taking it for a higher price, but lower than my $100.

Notaries would be crazy to take it at $60. That barely covers costs.

Any thoughts. How far down have the companies driven the fees for notary work?

Reply by closergrl on 4/5/13 8:00pm
Msg #464662

Hi Cheryl, so sorry that you are losing business to lower priced notaries. Stick to your fees, it's not worth it to lose money just to stay busy.

What part of WI are you in? I live in Duluth, MN; but am also commissioned in WI and cover the very North.

Reply by Yoli/CA on 4/5/13 8:08pm
Msg #464663

To answer your question ...

"How far down have the companies driven the fees for notary work?"

As far down as we, the notaries, allow.

Sadly, the further we bend backwards to keep a relationship by lowering our standards, the more we are taken advantage of. Eventually, something snaps! We wake up and realize we cannot continue taking that abuse and change our fees to a more conducive range or we give up and go out of business. Better to not start down that toxic path of low fees.

JMO

Reply by SheilaSJCA on 4/5/13 8:53pm
Msg #464671

well said Yoli! n/m

Reply by leeinla on 4/5/13 10:05pm
Msg #464688

Re: well said Yoli! _Agree and showing support! n/m

Reply by CH2inCA on 4/5/13 11:27pm
Msg #464692

Stick to your fees might help everyone

My sister and I are a team. We accept the work and one of us will do the job. I had a Signing service call yesterday and offer $XX I said we wouldn't do it for anything less than $XXX. "I'll see if I can get that approved." SSspeak for still shopping.
I text my sis and tell her "SS just called they have a job for XX, I countered with XXX."

Keep in mind that the SS probably doesn't know that we work together (yet). She gets a call as I'm texting, and they offer her the amount that I countered with! Right out the gate. HA!

Maybe this happens often? If you settled for the 50 on the first call, it's a sure thing they're not going to call someone else and offer any more.

Reply by 101livescan on 4/6/13 7:34am
Msg #464702

Re: Stick to your fees might help everyone

Haha...love this story. I often wonder about this and think I should have a backup sometimes.

Here's a routine/strategy I follow (just having my first cup of java before starting laundry and heading into town for fundraising walk for Brain Injured Awareness):

If someone calls with a job under $125, I accept it, then I get a call for $125 and more, I'm going to be mad at myself for bogging myself down for work that pays less. So I don't take it. That's my comfort level. I do clean up work for $50 and $75, sometimes $100, like subordination agreements, grant deeds, deeds of trust, trust certificates, etc., in and out stuff, if I can fit it in. Always check the zip code to make sure it's in my path. Beats the hell out of $100 for a total refi, huh?

Is it that they've already offered the $xx and they can't bring themselves to agree to a higher fee with you, but would rather give it to the next notary? What is that? What if we came back with how about I save you a lot of dialing time by agreeing to $xxx right now? What's this let me see if I can get that approved crap?

Month end stuff. If I don't have docs within two hours of getting to the appt. I have to turn it back, then I'm open to other jobs, because chances are, it will run late and make the rest of the day/night late. I had one client yesterday tell me she was running 15 minutes late. I said I would have to take another client and move the three of them to another time slot. Everyone has to be present with ID and be on time. Hey, it works. A little rambling here, but jeez, this work gets very complicated on the 13th hour trying to stay on task with docs, last minute twists, and we're supposed to work for $XX. NO WAY! And then wait for 45 to 60 to 90 days for payment.

I'm just not that forgiving any more. I need to get paid way faster than that for all this turning, twisting, accommodating, driving, maneuvering, especially during spring break last two weeks when tourism traffic has been over the top.

Reply by 101livescan on 4/5/13 11:46pm
Msg #464695

Stick to your fees. I had orders coming out my ears today. Two at $150, three at $100, all in one place, three at $125 where I printed and ran around. It was a bonus day. Negotiate, stand by your guns.

Don't cave. I even turned down a few. Finally quit answering my phone. Not enuf hours, or steam in my engine. Just got home. Hitting the down.