Posted by Dan Holt on 3/6/13 9:16pm
Msg #459682

Not sure what to charge for signings

pretty new to the industry. I am looking for some guidance on fees. In my mind if I have a signing 5 minutes away and they pay $75 that is a great hourly rate. Most people on this board would say I am undercharging. Is there an hourly rate people shoot for after gas, printing, car depreciation etc? In the example above my costs are small.

I agreed to a signing on Friday. 140 miles roundtrip. Company is paying me $150. My thought process was irs 50c per mile(i know its a little more) so $70 in gas and car depreciation. $10 printing. SO for simplicity I am making $70 for 3 hours of work before taxes. What would most notaries on the board charge. Is there a simple formula you use. I appreciate some insight on pricing. thank you.

Reply by Linda_H/FL on 3/6/13 9:25pm
Msg #459688

Well, first off, I believe the IRS allowable "exemption" rate for mileage is $.55/mile - that's NOT the amount you can charge.

3 hours - you're figuring 2 hours travel, one hour at the table? How about pre-closing work (printing, setup, phone calls, etc etc); post closing work (quality control, package drop etc etc).

Are you really MAKING $70 for 3 hours? Think about it...deduct all your expenses - phone, printer, toner, TIME, and 25-30% for taxes....are you REALLY making enough to adequately compensate you for this job AND make a profit?

This job - 140 miles rt (and not yet knowing how big the package is and how much of a PIA factor is involved) starts at $225 for ME - and I'm really rural and live in the cheap seats.

Only you can decide for yourself if you're adequately paid AND making a profit.

JMHO

Reply by Linda_H/FL on 3/6/13 9:27pm
Msg #459689

And by the way, let us not forget

let's say this job is, at the outside, 4 hours - that's 4 hours of your day that can be devoted to nothing else but this ONE assignment.

Your call.

Reply by Dan Holt on 3/6/13 9:40pm
Msg #459695

Re: And by the way, let us not forget

Linda,

I appreciate your time on this. Thats why i am asking. I also live very rural. Most of my jobs involve lots of travel time. I am finding most companies will not pay over $150 for a job. I do not get many calls directly from title companies that may pay more. I have been working for JMT, Title Source and Nations Direct. My sister lives in a metro area and works mainly for title companies and receives higher pay.

Living in my rural area I believe the title comanies use signing companies to fill the jobs. Thus my fees are lower. Not sure if that true or not. I have asked for $175 - $200 for some jobs and they just move on.

Reply by Linda_H/FL on 3/6/13 9:41pm
Msg #459696

Then for me they can just move on

I won't work at a loss for anyone. I'm in business.

Reply by Lee/AR on 3/6/13 9:48pm
Msg #459701

I'm rural and agree with Linda...and get the $175-$225. My fees consider BOTH travel time AND mileage--in addition to what the job entails. All are factors to consider. Don't sell yourself short.

Reply by Stoli on 3/6/13 9:49pm
Msg #459704

Re: Not sure what to charge for signings. n/m

Reply by Susan Fischer on 3/6/13 10:42pm
Msg #459713

The SBA has excellent resources for setting up a small

business. You'll learn about *actual* costs and how to budget; time management; accounting; and formulae galore.

My point is, you need a Business Plan. As you develop yours, you'll come to see we don't operate on an 'hourly wage' basis, rather, on Monthly, Quarterly, and Annual bases.

Best of luck, Dan.

Reply by pdl/cali on 3/6/13 11:55pm
Msg #459722

Re: The SBA has excellent resources for setting up a small

I would re-group, and start with a base fee starting at $$$.$$. Never sell yourself short. Loan signing is time consuming, gas, miles, stress, and fax backs, especially from Nations. Good Luck

Reply by Bear900/CA on 3/7/13 12:51am
Msg #459727

Re: The SBA has excellent resources for setting up a small

I turned down 4 signings today, all lowballers. One offered my standard fee but wanted me to drive 150 miles round trip. I spent the day doing other charitable work, and deposited checks received for my full fees.

You can really wear out your car, gas, equipment, toner, paper and time working for wages. Or you can protect your investment(s) and make a profit.

Let me add that I had a call Monday for a signing this morning for $60. Adios! But somebody took it. The SS called again this morning in a panic and said the other notary was in a car accident in the rain and asked again if I would go. As usual, according to them my fee was priced out of what they were collecting so no go.

It's a shame that someone who took that signing for $60 wrecked their car and incurred a HUGE expense. I didn't feel too sorry for them, and that's feeling generous.

Reply by Beverly Kinlaw on 3/7/13 7:52am
Msg #459746

Re: The SBA has excellent resources for setting up a small

I am sorry that the person got in a wreck - no matter how little fee they were charging.
Think about this! We are not in everyone elses shoes. If this is only source of income and you have already bought paper, filled your car with gas, paid car insurance premiums, etc etc there are times that the thought of getting a $75.00 check soon is comforting.
We all have to grow into a place of feeling confident about asking for "higher" fees.
I just relocated from a rural area which I traveled all over the place to a "metro" city.
I do not want to travel more than 15 to 20 miles to a signing now but because I am not established YET in this city I am having to take signings during the slow times to areas I do not want to travel to--because I still have bills to pay. HOWEVER I am starting to ask alot more for some of these travel signings which are being turned down by the SS -- and spending that time in marketing myself more locally.
Yes I have to swallow a bit of "fear" about money to pay bills but I am trusting that the time invested in the marketing will pay off.

Reply by jba/fl on 3/7/13 8:48am
Msg #459753

I remember when getting started, my area for X amount

was so much larger than it is now. Now I charge so much more for many parts of the older 'route'. Getting established is a job in itself.

I feel for anyone who is attempting to make a go of it being hit with unfortunate events. Rather callus of the one commenter.

Reply by 101livescan on 3/7/13 9:13am
Msg #459758

Re: The SBA has excellent resources for setting up a small

That $60 someone probably needed the $$ pretty badly, but sadly incurred more expenses than that just trying to get there and will be off the radar screen for a while.

Sorry for that person. Very expensive to have an auto mishap, missed time, expensive, lost wages/earnings, healing time if hurt. A complete waste of human energy, all out of greed and need.

Reply by janCA on 3/7/13 9:19am
Msg #459760

And this is life in a nutshell.

Most people do not prepare for the unexpected, moneywise. That's why accepting $60 for a full refi is losing money, no matter how you look at it. I hope this notary is doing well, and has a speedy recovery.

Reply by Chakwaina on 3/7/13 8:51pm
Msg #459960

My policy is that I don't get out of bed for less than $xxx, not even to walk next door.

Never would I drive 140 miles round trip for $150.

These are my rules for me. I am actually leaving work after half a day tomorrow to do 2 signings--no problem with my employer and I'll make more on the 2 closings. Not everyone could do that.

You are going to have more than 3 hours work in this. 30 minutes to print and check docs, 2.33+ hours driving, 20-120 minutes with the BOs.

Math is not simple for me. Thankfully my Mother is really great at bookkeeping, and my husband had a great biz head and I got started when working for an attorney that gave me advice on charges (he was really good and charged half what most attorneies around here do). I actually put hours into my charges and go over it and refine it every 3 months or so.

Re-evaluate your costs and show yourself some respect in what you charge for your time.