Reply by Scriba/NM on 8/1/13 4:13pm
Msg #478905
Well, Let's See................
This is something that we ALL have to do ourselves. No one provides a magic formula, although there is a program that I have seen that attempts to do the calculations for you, but you STILL have to insert important figures, i.e., YOUR COSTS. These are figures that YOU have to come up with.
YOU have to determine what you pay for pens, paper, toner, gasoline, Insurance, Bonds, equipment wear & tear, vehicle wear and tear, and then determine what YOUR TIME is actually worth. If you do your job right, that's one thing, if you blunder through signings, make a mess of the loan package, etc., then it's not worth very much.
If you take a signing 5 miles from your house, your travel costs are low. If you go 45 miles from your house and don't charge enough, then you are losing money. It also takes longer to travel 45 miles than 5 miles. It uses more gas. It uses more time. Your time. What is your time worth?
This question comes up all the time on this board. YOU are the determining factor here - not us (collectively on NR). We have some people who charge peanuts (hopefully they will disappear soon enough) and then those who charge a fee that takes into consideration all of the time that goes into a loan signing from getting the confirmation off of the computer to arriving back to the office after dropping the package at FedEx /UPS or Pony Express.
Doing this right takes some thinking on your part. We can't do that for you. You are in business for yourself (we're not your partners). You have to invest your time and money into setting up a signing agent business. Trying to buy junk computers, monitors printers, use silly programs like page separator because you're too cheap to buy a proper dual tray printer, have a crappy cell phone, have no fax machine or fax line......is all a waste of time. It's like trying to run a top notch restaurant with a bunch of cast-off equipment from a fast-food burger joint.
It's not cheap, but then many notaries don't even have a clue about running a real business, profit & loss, etc. I determined what I needed and actually invested money, into two computers, two large screen monitors, two HP4200 dual tray printers, two APC UPS power supplies, two phone lines, laser fax, High Speed Internet, accounts at FedEx, UPS, Office Depot, Staples and Office Max. I also have a website, and advertise on 5 different websites, and subscribe to three different sites that have information on payments by TC's, SS's, etc. Depending upon one website (and occasional stupid entries by people who don't even know how to bill (and thusly don't get paid)) have to be discounted. If you want your business to run right, you invest time and money, and you must keep infallible records. Do research......not ask questions on a forum (although you should lurk for a while until you can separate the dummies from the professionals.). Good Luck.
|
Reply by NVLSlady/VA on 8/1/13 4:29pm
Msg #478916
Pricing
Think of yourself as a consultant. As such, you can charge at least $100/hr. As a notary closing agent, you will spend a typical 3/4 of an hour for the signing. Then you will have travel (incl. shipper), printing, and misc. operating and admin costs.
Remember to form a business plan. From your OP, you're already thinking HOURS and TIME; that's a good start (but also do a search for "Pricing" and "Fees")
|
