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  Pricing and Fees by NorCalDar on 10/7/05
Posted by  BrendaTX on 10/7/05 1:47pm

Re: "I don't walk out my door for less than 100.00."
Posted by NorCalDar on 10/7/05 1:24pm
Msg #69365 from logged in user

When pricing your fees, do you take into consideration the average number of notarizations you perform, the average mileage you have to travel, a printing fee, your time with the borrower, and a reasonable profit margin? Taking the profit margin out of the equation, it is rather easy to rack up a “reasonable charge of about $100.00. Here is an example,

Say you have travel 10 miles (one way) for a closing. If you only charge $0.50 per mile, that’s $8.00. The signing is for a standard refinance and there are 100 pages that need to be printed for the title company and 100 for the borrower. This includes escrow, HUD, 1003, borrowers personal info and the main doc package. 200 pages time $0.06 per page = $12.00. Lets assume you are good at multitasking and can do other things while the docs are printing and you are not comfortable charging for the time you are printing. Let’s assume that you take only 10 minutes to review the printed documents to assure that you have everything you need for the closing. If your time is only worth $10.00 per hour, add another $1.66 for you time to review the document package. You get to the closing and spend 45 minutes getting everything signed except for the documents that require notarization. Add another $7.50 for your time. Now you notarize 5 documents (one borrower). The State of CA allows no more than $10.00 per notarization. Add another $50.00. You take another 5 minutes to review the documents before you leave the borrowers home. Add $0.83. Then you get back to you office and fax the docs that the SS requests you to fax before sending the docs out. Assume that the fax back number is toll free. Add another $0.83 for the five minutes to fax the docs. Assume you have to pick the kids up from school and there is a FedEx box across the street from the school and you are not comfortable charging for a trip you were going to make anyway. Total it up:

20 miles * .50 per mile = 8.00
200 pages * $0.06 per page = 12.00
10 minutes review time before the closing = $1.66
45 minutes to show the borrower where to sign his name = $7.50
5 notarizations = $50.00
5 minutes post closing review of documents = $0.83
5 minutes to fax back documents = $0.83

Total = $80.82. Remember this is before profit and considers that your time is only worth $10.00 per hour. It also assume you are very generous with your fees and only travel an average of 10 miles one way. Also remember that the phone you took the order on costs you money. You have not considered any “issues” with document procurement, time trying to track down the borrower, self-employment taxes, State and federal income tax, and general overhead. If you think those who charge no less than $100.00 are being “unreasonable” I have two questions for you.
1) Do you have a business sound plan?
2) Are you interested in your business being reasonably successful?
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