Posted by HSH/WA on 3/13/13 6:55pm
Msg #461053

I'm beginning to wonder if the market has changed since 2012

Last year I was doing fine charging a reasonable fee of $1XX depending on package size, fax backs etc. So far this month I've actually turned away more business than I've gotten based on refusal to meet my fee. My wife thinks I ought to "adjust" meaning take lower fees. Any thoughts?

Reply by Robert522TX on 3/13/13 7:06pm
Msg #461056

Have had the same thoughts.
There must be lots of "throat cutting" notaries working for low fees.
When you quote a normal fee of $___ the conversation is over.

Reply by Linda_H/FL on 3/13/13 7:07pm
Msg #461057

My husband and I discussed the same thing when I

first said I was going to revive my business. He suggested lowering my fees "a bit" ... the economy and all (and believe me, when he says a bit, he means only a bit)..

If I decide to do that, I'll lower them $15-$25 max - but I'll also be shrinking my service area and charging for other things that are now included in my base price. So far it's been a non-issue..thankfully.

JMO

Reply by Susan DeMarco on 3/13/13 8:30pm
Msg #461076

Re: My husband and I discussed the same thing when I

Why would you consider lowering your fee ??? You posted earlier today - you don't have to accept lower fees - you are out there marketing and getting work from good SS who pay you promptly. Then 4 hours later - you post - that you may lower your fees.

Reply by Linda_H/FL on 3/13/13 8:37pm
Msg #461077

That's not what I said...read my post again...I said

my husband and I discussed the possibility when I was talking about reviving my business.

I left this field and got a 9-5 18 months ago because my phone stopped ringing. When I decided to leave the job and revive my business we discussed me possibly having to lower my fees a bit ... A BIT ... because of the economy.

And read my post further - I said lowering my fees was a non-issue.

Reply by JanetK_CA on 3/13/13 7:31pm
Msg #461063

Check out thread below by Bob_Chicago n/m

Reply by Gilda Murray on 3/13/13 7:58pm
Msg #461067

Re: Check out thread below by Bob_Chicago

Good plan Janet I cut my fee back $25.00 with a Title Company however, I also cut back on some of the cities where I use to travel that was up to 50 miles one way. No Can Do! 25 miles one way now no exceptions. The quality of my work will always remain the same but they can call someone else for those extra miles. Been working out ok. I'm still in the xxx.00 amount but I also notice i get less calls which is fine with me Mostly get calls during the EOM.

Reply by JanetK_CA on 3/13/13 9:19pm
Msg #461079

Re: Check out thread below by Bob_Chicago

Right! Work smarter, not harder. But just to ensure that the message doesn't get misinterpreted, for the record, my average fees have gone up, not down, and I wasn't accepting anything under $1XX before that. I've made changes in other ways. And thankfully, I've been staying very busy.

Reply by PE on 3/13/13 7:56pm
Msg #461066

14 new "signingagent" in my area claiming they are the first choice professional since January 2013. Hard to compete. this explains the fee being offered

Reply by Belinda/CA on 3/13/13 8:12pm
Msg #461070

Cutting back sounds good but in reality you are cutting

back at least double if you do that.

Cutting back the $15-$25 you are giving up PLUS gas is going up, thereby affecting the cost of printer paper, toner, drums, pens, journals, etc, that are delivered to the stores in your area, and so forth. Companies are wanting you to travel further now for their smaller fees.

You get bit twice. Just be very careful and think things through. Maybe this is not the industry for you? Maybe you will not have to replace your tires or brakes, ever. My auto insurance just went up. A blessing of living in CA they told me. You notary liability is huge. What is it worth to you? Actually it is much more than a fee cut.

Take less now and end up paying more for everything else. Double whammy not a single one.

Reply by JanetK_CA on 3/13/13 9:21pm
Msg #461080

Great point, Belinda! n/m

Reply by Lee/AR on 3/13/13 10:15pm
Msg #461085

Decrease fees now? Then will you do it again next month?

Tis a slippery slope to the bottom.

Reply by 101livescan on 3/14/13 9:01am
Msg #461107

I believe you should hold to your fees. Just because we have a wave of new people on the horizon who have been instructed that they should take lower fees just to get their feet wet doesn't mean we should take less. Those of us who've been in the business for 10 or so years know what it takes to do this business well. We earn every cent of our fee. And, everything we invest in keeps rising in cost.

Soon, the folks coming on board will see they can't keep working for cheap, gas is not going to get cheaper, it will cost more. Also, the lenders are going to tire of having to send the pros out after the amateurs screw everything up to make quick fixes, delaying closings and incurring more costs.

JMHO.

Reply by ikando on 3/14/13 9:49am
Msg #461113

As Cheryl says, the wave(s) of new people come in, take less, can't make it and fall away. Several of us have weathered the tide because we know this is business, and not a hobby for pocket change.

One thing I know since I started my business, is that the signing services have proliferated. True, they are providing a service to lenders/title/escrow companies that are preparing the documents, in that those document companies aren't spending time trying to find a notary to close the package. However, my best guess is that the majority of the SS are using searches of either the most popular sites, or simply a search engine to find the people contacted. And more recently, they don't even make phone calls. They offer their services at ridiculously low prices to get the jobs, and then haven't enough to pay the NSA.

It reminds me of the complaints people make about grocery store high prices. The farmer produces, sells often to several levels of middlemen, and finally it's in the grocery store. The farmer make some, but maybe not as much as one would think; and the store owner makes some for presenting it to the public. But the middlemen always make money because they "facilitate". Yes, that makes things flow, but do they really need to make as much as 40-50% of the profit?

Reply by FeliseSoCal on 3/14/13 11:52pm
Msg #461297

I say stick to your fees and keep your coverage area reasonable so fuel costs are low.

New notaries will work cheaper, they will also cause redraws. It's important to send the message..."you get what you pay for".

I can't tell you how many redraws I get sent out to fix because an inexperienced person messed up the file. It always happens. Just did one the other night...

Reply by Belinda/CA on 3/14/13 9:52am
Msg #461114

Plus, if you are setting around waiting on the SSs to call

and not marketing yourself to better places, you are going to get what you asked for. This is a 'marketing' business. You are self employed. You can't sign up with some SS and set there and get your pay cut. What would an entrepreneur do in these circumstances?!?!?! That is what you are! He'd get on the ball promoting himself or recognize he was in a bad gamble that wasn't paying off and get on to the next venture. He wouldn't take pay cuts until he was out of business. Why would you let someone do that TO you? Get busy! Why would a person volunteer for furlough days? Twenty-five dollars is 1/5 of your pay for that job. That is giving up a day of pay (a day being 1/5 of the week) if you were working a regular job. Think this through.

I have never in my life let someone determine my fate. If things are not going well do something about it. Talk to others, investigate, imagine, and DO. I always figured if it can be done by someone else I can do it just as well if not better. Tile the bathroom, grind the heads on my '57 Grand Prix, write two cookbooks, and be an NSA to mention only a few.
Get busy! Stop whining and get out there and make this a profitable business. You can you know.

Reply by 101livescan on 3/14/13 9:58am
Msg #461118

Re: Plus, if you are setting around waiting on the SSs to call

In a nutshell, selling yourself $hort will cost you in the long run. Take the risk of marketing to the top tier companies. The SSs are also notaries, they do signings themselves, they take the cream and leave the crumbs for newbies at lowball fees.

Reply by Anita Edwards on 3/14/13 5:46pm
Msg #461234

Gas is high. It's not going down. Closing costs have not gone down so this is no savings to the borrowers. I know there are notaries everywhere that are lowballing us more experienced notaries. The sad part is that they are getting so much business that thier experience is also improving. I don't have an answer but I'm not lowering my fees. I guess I'll just keep on keepin on with the business I have that's reliable and dependable.