Posted by Joe/FL on 6/26/13 10:28am
Msg #474764

Low balling

I read a lot of complaints on here about low balling. I can understand how this practice would upset people. I'm a new, inexperienced notary signing agent. How do I know what is a fair fee to charge and what are some of the things that I should be charging for? I tried doing some research on here, but I seem to keep finding threads where everybody is complaining instead of giving useful information. It's possible that some people are low balling because they don't know any better. Thanks in advance for any information you can give a newbie.

Reply by Linda_H/FL on 6/26/13 10:32am
Msg #474766

Do a search for "business plan" rather than

"low balling" - that's what you need first. You need to know what your expenses are to do any work and what profit you need to sustain yourself - develop your business plan (which only you can do) and you'll have an idea of what your bottom line is for accepting assignments (your "I won't leave my house for less than $xx" factor).

Inexperienced? Get some good training in loan docs and closings. Until you get that, I would not suggest hanging out your shingle as a signing agent. You can search here, too, for good resources for training.

Good Luck.

Reply by Shoshana/AZ on 6/26/13 10:49am
Msg #474769

Need help with a business plan?

Contact SCORE. their site is www.score.org . The help is FREE!

Reply by sueharke on 6/26/13 1:38pm
Msg #474788

Re: Need help with a business plan?

Shoshana, you said what I would have said I like when two minds think the same way.

Reply by Shoshana/AZ on 6/26/13 5:15pm
Msg #474819

Re: Need help with a business plan?

Sue, I do too. The problem is that this board is just getting more and more negative. I am going to be spending less and less time here. It's counter productive for me to be exposed to all this negativity.

Reply by Luckydog on 6/26/13 11:05am
Msg #474772

Hi Joe,
From FL as well, and I know what you are saying starting out. What I did was look up other's profiles in your area on here, and other sights, and many have their rates posted. That is your "ball park figure" and gives you a good starting place. If you have more expenses, you charge more. No one likes to throw numbers out, but I feel typically in FL loan packages are at $100.00, cash closings at $75.00, that is e-docs and printing 2 sets. If you have excessive fax backs you charge accordingly, as well as big packages. Basically that is your starting point, and don't go down much from there, only up depending on your costs. Lots of competition over here, so don't price yourself out of business either. Just because you are "new" you never price yourself in that market...if you do, you will never get what you are worth, and just hurt all of us. Good luck.

Reply by jba/fl on 6/26/13 11:52am
Msg #474778

These are not necessarily typical fees - we differ on this.

It is difficult to determine what to charge, and you must look at all expenses.

What part of Florida are you?

Reply by ca/fl on 6/27/13 10:51am
Msg #474873

From Fl also. I always get 100.00-150.00 for signings. I DO NOT accept low ballers as they usually do not pay.

Reply by TamaraCA on 6/26/13 11:14am
Msg #474773

This is just an example of analizing if being Low Balled...

I live in the Sierra Foothills of Northern California. I just got a call to do a re-fi loan signing for $75 to print (2) sets of documents which usually average around 100-150 pages per set and to travel 45 miles one way to the signing location. Gas cost $4.00 + per gallon where I live. And the roads are all hills and back roads with makes your gas mileage the worst it can be. I have to consider the cost of replacing my toner cartridges, buying paper at $6-$12 a ream.. just to name a few. I also have to consider how much time it is going to take me to print out the documents and study them for any questions I have before leaving for the signing so I am prepared as possible. You always run the risk of a no show at the siging as well and if this company is only willing to pay me $75 than best case scenario they are only going to reimburse me 1/2 of the $75 fee if my client does not show.

Then you have to pay Uncle Sam at the end of the year out of the $75... And whatever is left over is your profit to pay your household bills.

It is simple cost vs. income analysis. In this scenario would you take the $75 or would you require more money for the signing? I asked for more and they are trying to call around to find someone else to take the job. The sad thing is that someone will take the job and that keeps happening all over the US... That is why we fight so hard on this forum against low ball offers. You are not doing yourself or anyone else in this business a favor by accepting these low fees.

Reply by 101livescan on 6/26/13 11:41am
Msg #474775

The most costly line items in my operational expense category are auto expenses, paper and toner. All my equipment, for now is current and up to date. If I could only ride a camel to my assignments (drinks very little water) and have the borrower print their own documents, I wouldn't mind $75 so much, but still, analyze this:

Add up all the costs involved in becoming and maintaining your notary commission to be an approved vendor, operational costs, subscription costs, insurance and bonding, supplies and equipment is a sizable investment, I think SS's have a lot of nerve offering fees under $100 to perform their signings.

Title doesn't give on fees, escrow doesn't either, all the other "range of fees" on the Affiliated Business Disclosure are pretty much given up front, so why should notaries work for nothing.

Then wait 60-90-120 days for payment! Not in my business model. Read this forum front to back and be prepared for the low fee companies when they call you for signing acceptance. Know your limits.

Good luck!

Reply by SharonMN on 6/26/13 2:33pm
Msg #474802

If I could only ride a camel...

If you rode a camel, your gas expense would be down but your time invested would be up (camels are slower than cars). I service a rural area but have on occasion gotten assignments close enough to drive my horse and cart. Never done so, though. Probably if I did, the signing services would have to include that in the notary instructions next time: "DO NOT tie a horse where it can poop in the borrower's yard, eat the borrower's grass/trees/flowers, etc. If you do so, $25 will be deducted from your fee."


101livescan wrote: If I could only ride a camel to my assignments (drinks very little water)...

Reply by sueharke on 6/26/13 8:37pm
Msg #474841

Re: If I could only ride a camel...

If I were the client, I would probably ask what kind of treat the horse might like (I'm an animal lover). As far as the poop, I have poop bags and trashcans for my animals, why not some from yours. BTW, I live in California, so your not close to me.

Reply by sp/MI on 7/1/13 2:23pm
Msg #475299

Re: If I could only ride a camel...

Almost fell out of my chair!!! LOL!

Reply by Belinda/CA on 6/26/13 11:52am
Msg #474779

Try thread 461950 and those around it. Enter Fee and Fees

using Search button.