Posted by Mike Goodey on 9/27/13 12:31am
Msg #486196

Settlement

Got a call from a service that wanted me to do a settlement tomorrow...24 pages, 1 set...must fax back. Offered me $45.00...said no thanks...bo is less than 5 miles away... she says $50.00, still no. She wants to know how much? I said $75.00. She says she'll try to get it ok'd and call me back...I'm thinking, yeah I'll never hear from her again. Then I start thinking...am I asking too much? Do I think too much of myself to ask for that much money on an easy job that would probably take 30 minutes total time?
Obvoiusly I never heard from her again and if I had really thought about it, I should have said yes to the $50.00. That's worth $100.00 per hour, where would I get that kind of money and really not have to work hard. I'm going to have to really look hard at myself for trying to reach for the moon and end up with cheese on my face.

Reply by Doris_CO on 9/27/13 1:02am
Msg #486197

I think $75.00 is reasonable.

Reply by JanetK_CA on 9/27/13 2:25am
Msg #486199

Perhaps way more than reasonable. My guess is that it was a seller's package. Most of the ones I've seen have numerous notarizations, in spite of the small size and unless it's a short sale, REO, etc., the sellers generally want to scrutinize every line. Many companies will pay $100 for a seller's pkg.

Just a heads up to anyone who doesn't already know better... when a scheduler starts putting a heavy emphasis on "it's only XX pages" (in the ballpark of what the OP was talking about), it's time to start asking lots more questions. The number of pages doesn't tell the whole story.

This reminds me of an old story my dad used to tell. (It's clearly a very old story and I think I've posted it here before, but it's been a long while. )

*****
A man calls a TV repairman to his home. The repairman shows up, opens the back of the TV, twiddles around for a minute or so, then says "I found your problem. It's a broken wire." He takes another couple of minutes to fix the wire, then tells the homeowner "that will be $100.00" The homeowner has a fit, saying he was only there for five minutes and the wire couldn't have cost much. The repairman replied, "That's $.50 for the wire, and $99.50 for knowing where to find it..." [I've updated the numbers a bit... ]
*****

Mike, don't sell yourself short - or second guess yourself. To get your commission in CA, you had to pass a background check and a written exam, and meet several other requirements. You have some expertise (assuming you applied yourself beyond a one-day class and you know your business), and that should be worth something. Plus, $100/hr to a self-employed person who pays his own SE taxes, buys his own equipment, supplies, insurance, etc., etc., isn't the same as being paid $100/hr in wages or a salary. Not by a long shot.

It may be more difficult to not fall into that trap during the tough times, but it's not impossible.

Reply by HisHughness on 9/27/13 5:48am
Msg #486203

I charge $50 for medical affidavits in my county: Two notarizations, no dropoff (the doctor's office does the mailing).

Reply by ananotary on 9/27/13 10:10am
Msg #486230

Hishughness- I do these all the time also. I charge

$50 for travel, $10 per sig (CA) and $10 to mail it back. I've never had any trouble with my billing. Maybe you could bill a tad bit more.

These companies I work for are all based in TX.

Reply by Lee/AR on 9/27/13 5:55am
Msg #486205

By settlement, did you mean structured settlement...like 'it's my money and I want it now'? If so, you did right. Altho' not many pages, there's a lot of info they have to complete and the table time is nearly as long as a refi.

Reply by Christine/OK on 9/27/13 6:29am
Msg #486210

Janet is absolutely 'Spot On!' Overhead expenses are . . .

hard costs that we must bear to do this work coupled with all the training, BGCs, etc ad nauseum! Only you know how much it takes for you to make a profit and thus make it worth your while to be in business. Crunch the numbers and go from there.

Janet is also absolutely correct when she refers to the scheduler comments about "It's only XX pages." The Seller package small in comparison to a refi; however, it takes the SAME amount of time to execute that package.

You may want to consider reading a book that has been very helpful/supportive to me by Laura Vestanen titled "Marketing Your Non-Loan Notary Services." I am on my second read at this time and gain new jewels each time!

Blessings and best wishes, Mike!

Reply by ananotary on 9/27/13 10:11am
Msg #486231

Agree; Gem of a book! Keep it on my desk at all times. :) n/m

Reply by 101livescan on 9/27/13 9:06am
Msg #486220

Janet makes a good illustration of why you need to stand your ground on fees.

Call from Signingstream this week, we have a partial package from LSI, paying $80, about two miles from you.

Yeah, right. Then when I get my check in two or three months, it will end up being $55 because you pigs will figure out a way to "ding" me for whatever reason you have on your little deduction list.

Tell-tale signs you're going to be offered a low fee:

Only 26 pages
In your neighborhood
Can you help us out with this very small package

Then after you have completed the signing, you are asked to fax back the package, which was never mentioned in the first place, when your fee should have reflected the extra trip back to your office and the time it takes to fax back, then run to FEDEX/UPS.

My reply: Would you do this service for this measly fee, well then, don't ask me to do it either.

Onward and forward.

Reply by Mike Goodey on 9/27/13 9:41am
Msg #486225

Thanks all, especially Janet...good story. I guess I will always second guess myself when it comes to this type of work. Did I do the right thing? Never that I'm honest or have integrity...nothing like that. I still question myself on these so called small jobs. Guess I will still have cheese on my face...or egg...or that might be...

Reply by Darlin_AL on 9/27/13 9:48am
Msg #486227

Settlement call yesterday, offerred $75

I know the procedure for the structured settlement, but since other companies have paid me a minimum of $90 for very nearby--I asked if they could bump it to $80. She'd check & call me back. Then in checked SC and sure enough, complaints that this person's company is starting not to pay on time the low $75 fee they offer for a refi! If they call me back, which I doubt, I won't work for them. Don't need the headache. Mike, however you figure the "$50 is $100 per hour" you are so wrong! This is not a put-down, but you need to take the time & effort to setup your "make profit" numbers. It would take much more than 30 minutes of your time, trust me on that as I have done several. Legitimate companies do pay $xxx for a professional. You may think it's "not have to work hard" compared to....digging post holes, loading trucks? (no offense to all physical laborers as I did physical labor when I was younger, and the family men keep our farm really spiffy w/their physical labor--it is an honorable & valued thing) So, if you posted to get opinions.....

Reply by ananotary on 9/27/13 10:13am
Msg #486234

No cheese- your price points are fine. n/m

Reply by MW/VA on 9/27/13 12:08pm
Msg #486248

Assuming you're talking about a Structured Settlement,

there's usually 8 or more notarizations in those pkgs. The going rate in my area if $75-$100.
Those cos. are making lots of money on these & should be able to pay a decent fee.