Posted by 101livescan on 3/7/13 9:05am
Msg #459755

Negotiating Fees, Example

Got a call last night for a single refi, Citibank. 120pp. Two borrowers, five miles from my office. Docs available. Okay, yes, I'm available if you're able to meet my fee. We pay $90. I say, therein lies the issue, my base fee is $125. Oh, well, we can pay that. This is a rush job. Borrowers want to sign at 6:30pm. Okay, send the docs. I have a 5:30, need to be on time, and can't get back here after that so need to print, copy and QA review before I leave for 5:30p (same general direction). I even have time to drop docs back to title from 5:30p signing since I slept in this morning.

Easy peasy, for those of you who are stumpified about how you get from $75 or $95 to $125+. Try it, you'll like it.

Now, the other notary who called to say she couldn't get there until 7:30p at the last minute, was driving from 35 miles away for $90. Shame on her, and I'm sorry she has such low value of her services, but I'm grateful she got cancelled and rounded out my day for the good.

And, it was on my way to dinner, where I celebrated with a glass of pinot, sautéed calamari wrapped in bacon stuffed with mozzarella cheese and tomatoes, and arugula salad. YUMMY! Nice easy day. I feel mid month coming on.

It doesn't matter what your instructor told you about working for peanuts to get experience under your belt. DO NOT ACCEPT CHUMP CHANGE IN THIS BUSINESS. You will earn a reputation for being a chump and never get past it~ask for market value fees. Most title companies pay $250. You can earn any part of that, depending on who calls you for the assignment.

Get behind the wheel and drive your own business, don't let others drive it for you, you'll get nowhere.

Reply by Notarysigner on 3/7/13 10:28am
Msg #459778

Don't allow them to be a Dumbster Diver n/m

Reply by Kat2857/CA on 3/7/13 10:36am
Msg #459779

Thank you 101livescan............

Love reading your advice and encouragement for those of us that are new. I too had an instructor say to take cheap to start out. I thought to my self no way. I am also a massage therapist and know the value of my time and training. I justy really wanted to call her out on that in class.

Reply by 101livescan on 3/7/13 10:39am
Msg #459780

Re: Thank you 101livescan............

I was a massage therapist too, in Ojai, CA. I completely burned myself out...but love that I know the technique. Get em all the time. Due for one now..

You should have called your instructor on it. That's horrible advice. Like, you're paying to hear you're supposed to start at the bottom. Really?

Reply by GOLDGIRL/CA on 3/7/13 1:26pm
Msg #459817

In the beginning ....

My very first call for my very first signing (March 24, 2004) was for $100. They sent me out two days later with an additional doc for $50. I was paid $150 on April 12, 2004.

The lessons contained in the above sentences speak for themselves. Compare that to now, and we get a bumpy 8-year history of loan signing.

Reply by Notarysigner on 3/7/13 1:56pm
Msg #459827

Re: In the beginning ....

Funny.....Affinity called me yesterday for an assignment and asked me if I remembered them. I told them yes, they told me I was too expensive at $125.00 but would pay it because they couldn't find anyone else. They also told me they could give me a lot of work if I would accept $100.00. I told them no, Just call me when you cannot find anyone.

The new NOW is, call me when you can't find anyone else!

Reply by Linda/IL on 3/7/13 3:01pm
Msg #459854

I got a call yesterday to do a signing on Sunday. I say okay although I'm not excited to do it on a Sunday. She says, I'll send it over, we pay $70. Oh no I need $125. I say. then she says can we meet in the middle at 90? Duh, my 8 year old grandson heard conversation and couldn't understand how 90 was in the middle

Reply by ikando on 3/7/13 3:36pm
Msg #459868

Linda, what a smart grandson.

I, too, remember the days of overnight docs and $125 or more fees. I do GNW, and generally make $40-75 to just show up with my seal within a 10 mile area. There is no rationale to add the expenses of printing docs and driving 30 or more miles for $90.