Here's why: some of those companies might have been very willing to pay more than you asked for. (I'm mostly talking title/escrow companies here.) But if done right, and if we know our numbers, asking what they usually pay or what they've put on the CD is an opening for negotiation. On a rare occasion, I've quoted a number I thought was pretty good (e.g. $150), and have them reply that they've built in $200 for the signing. Usually, though, that's not the case.
But if you respond to their number with something like "I was thinking more along the lines of $XXX...", stating something higher than your bottom line. Then you have some wiggle room and can negotiate. If you must quote a number, give them a range. [Learned this from one of our smart colleagues on this forum. ] And don't be afraid for that range to go high (and even start high). You might be surprised with what you'll have accepted.
From comments on this forum, it sounds like lots of our peers are leaving a lot of money on the table, which contributes to fees dropping. In this market, there's going to be downward pressure on fees anyway, and I'm not saying this is going to work every time - or even most of the time. But this market also makes it more important than ever for us to learn to negotiate and maximize profit where we can. And of course, we also have to factor in our relationship with the client. I'm assuming, though, that if fees are being discussed, that it's with a client where there's no existing relationship and they may not have lots of work in that service area. Cutting a great deal with a company that may have something in your area a few times a year doesn't make lots of sense for the notary, but works out great for them!
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Messages in this Thread |
| someone is still accepting $90 for a full closing - PA_NOTARY on 4/25/17 2:46pm |
| Re: someone is still accepting $90 for a full closing - Luckydog on 4/25/17 2:51pm |
| Re: someone is still accepting $90 for a full closing - Cari on 4/26/17 1:26pm |
| Re: someone is still accepting $90 for a full closing - Louisiana33 on 4/25/17 3:27pm |
| You Don't Even Know That . . . - PegiT_MN on 4/25/17 3:29pm |
| Re: You Don - Calnotary on 4/25/17 3:57pm |
| Totally Different Topic But . . . - PegiT_MN on 4/25/17 4:20pm |
| I opt to pay the SE(Social Security Tax) - Louisiana33 on 4/25/17 4:27pm |
| Re: Totally Different Topic But . . . - Calnotary on 4/25/17 7:21pm |
| Re: Totally Different Topic But . . . - PegiT_MN on 4/25/17 8:21pm |
| That's not exactly the case. There are notaries who are - MW/VA on 4/25/17 4:35pm |
| agree MW/VA - Luckydog on 4/25/17 7:03pm |
| An offered low-ball fee is not a countered one. - John/CT on 4/25/17 5:58pm |
| Clarification: An offered low-ball fee is not the end ... - John/CT on 4/25/17 6:34pm |
| Re: Clarification: An offered low-ball fee is not the end ... - JanetK_CA on 4/25/17 7:46pm |
| Re: You Don - Robert522TX on 4/25/17 7:50pm |
| Please Don't Go - PegiT_MN on 4/25/17 8:25pm |
| Re: Please Don - LKT/CA on 4/25/17 10:51pm |
| Re: Please Don - Robert522TX on 4/26/17 4:51am |
| HUH?!?!? - LKT/CA on 4/26/17 8:16am |
| We are INDEPENDENT contractors - Louisiana33 on 4/26/17 9:32am |
| Re: We are INDEPENDENT contractors - PegiT_MN on 4/26/17 10:41am |
| Negotiating - LKT/CA on 4/26/17 5:27pm |
| Negotiating:"utterly ridiculous"-Agree completely, Lisa.TYVM n/m - Christine/OK on 4/27/17 8:33am |
| Negotiating depends upon what competition will accept. - Lee/AR on 4/27/17 1:04pm |
| Re: Negotiating depends upon what competition will accept. - LKT/CA on 4/27/17 3:05pm |
| "in a state where the NNA is churning out notaries on every - Christine/OK on 4/27/17 8:34am |
| Exactly! It is nobody's busiiness - KCR/OR on 4/25/17 10:21pm |
| KCR/OR, it's everybody's business - LKT/CA on 4/26/17 7:27pm |
| Agree with Luckydog and Marilynn. - Christine/OK on 4/26/17 7:09am |
| Re: You Don - PA_NOTARY on 5/1/17 3:47pm |
| Re: someone is still accepting $90 for a full closing - Donna LaBelle on 4/25/17 9:59pm |
| Good response, Donna. If we all did that, maybe they'd call - Lee/AR on 4/26/17 7:03am |
| Yes, stratagem that I have utilized as well, Donna. - Christine/OK on 4/26/17 7:11am |
| Re: Yes, stratagem that I have utilized as well, Donna. - SteveS/CA on 4/26/17 8:56am |
| Steve... just for clarity... - Lee/AR on 4/26/17 9:25am |
| Correct, Lee. :) n/m - Christine/OK on 4/26/17 10:06am |
| Re: Steve... just for clarity... - SteveS/CA on 4/26/17 10:40am |
| 'zactly right, Steve... discretion and caution. n/m - Lee/AR on 4/26/17 11:42am |
| How does that work - Luckydog on 4/26/17 5:11pm |
| Haven't done it, but they play games a lot, too. - Lee/AR on 4/26/17 5:36pm |
| Re: Haven't done it, but they play games a lot, too. - SteveS/CA on 4/27/17 9:09am |
| Yes, Steve, alteration in parameters becomes subject 2 reneg - Christine/OK on 4/27/17 9:17am |
| Re: Yes, Steve, alteration in parameters becomes subject 2 reneg - SteveS/CA on 4/27/17 10:33am |
| 2 companies told me to accept at lower amount and they would - sigtogo/OR on 4/26/17 11:57pm |
| My process mirrors Donna Locke's in Msg #574313 - Christine/OK on 4/27/17 8:38am |
| I had the opposite happen . . . - ladyinred29 on 4/27/17 11:11am |
| Yes! Why do people wait for someone to quote THEIR - NVLSlady/VA on 4/27/17 11:39am |
| Same Here. n/m - PegiT_MN on 4/27/17 12:14pm |
| Re: Yes! Why do people wait for someone to quote THEIR - JanetK_CA on 4/27/17 5:38pm |
| Re: Yes! Why do people wait for someone to quote THEIR - NVLSlady/VA on 4/27/17 10:26pm |