Re: What is a good rate to set and keep? Posted by Marian_in_CA of CA on 11/25/09 5:47am Msg #312166
There really is no perfect rate for everyone. It all depends on multiple factors:
1. Your Experience and Knowledge 2. Your Business/Personal Expenses 3. The amount of competition in your area 4. The availability of work in your area 5. Your coverage area 6. Going through signing services or getting direct work 7. Individual circumstances of each signing assignment 8. Your office setup/technological capabilities 9. You marketing efforts 10. Your reputation.
What most of us CAN tell you, though, that $50-75 is generally way too low for anyone, on average, to conceivably accept in order to make a profit. That doesn't mean we can't occasionally accept it. But to make that a "standard rate" may make it difficult to be successful as a business person.
Now, personally... I don't really care if someone charges $65 because that's what they were told they'd be paid. That's their own business decision. I don't really understand how one could make a profit and run their business at that amount... but I won't chastise anyone for doing it. I also will not accept a signing service that tells me, "We pay $65 for this job and that's it." Well, my answer is usually the same, "I appreciate your thinking of me, but I won't be available to take that appointment."
I've taken lower paying loan signing jobs before (though never under $75), especially for ones that were super convenient or easy, but they are the rare exception rather than the rule. It meant my expenses for the job were much lower, and I could accept a lower fee and still maintain the profit margin I need to remain in business. I could not do that all the time, though. If I did, I'd be losing money and this would just be a really expensive hobby.
They key to all of it is to do a LOT of research and planning. You need to have a solid grasp of your expenses and the cost of a loan signing. Then you have to incorporate your profit margin and price yourself accordingly in order to remain competitive in your market. And that includes doing research on the other notaries in your area who offer this service.
One NSA might be able to easily charge and receive $150 a job, whereas another might find that $100 is difficult, if not impossible to get. Still others can't seem to get more than $85-$90, especially those who live in urban areas that are saturated with notaries. The good part about that, often enough, is that jobs will also be really close by, so expenses are often lower.
This was true when I live in the San Fernando Valley of Los Angeles. Most of my appointments were within 5 miles of my home, often much less. I had to charge less because there would be another notary, literally, right around the corner that would also do it. But, in that instance, it worked okay because my expenses were lower.
Now that I live in a more "rural" area of sorts, the jobs I get calls for are much more widespread, often 10-30 miles away or more. That's time, mileage and all of the associated expenses that increase what I have to charge. What I could have charged $95 for last year now often needs to be quoted $110-$150 or more simply because I'm now in an area where it's necessary. And, I'm in the SAME county... just 90 miles north. But those 90 miles have a significant impact on my expenses. Signing services, especially, have trouble grasping this idea for some reason.
Even notaries in the same area will have different expenses. One notary may need to pay for childcare in order to make appointments at certain times, when another doesn't have that expense. Another notary might feel the need to charge $1 a page for fax backs because they stand at a manual fax machine... where another notary has a nice quick sheet fed scanner that scans the docs within moments and sends the fax via email to a email fax service.
Also, notaries must take in to account the simple cost of being a notary. Notaries in California, for example, will have a higher average cost on this than many other states. It costs us a TON of money just to maintain our commissions. That money has to come from somewhere. So, notaries in California would logically be charging more than others. And yet...many of them don't.
I've always said... and I will continue to do so:
If you don't have a business plan and you can't recite off the top of your head the general average cost of a loan signing in a given area as well as the profit margin you need... you aren't ready to be taking work.
Example: Today I was asked to do a signing in California City, which is an hour's drive away. Now, on a map, it looks closer but what most people don't realize is that I have Edwards Air Force Base in the way, and the only way to get to California City is by driving around the base. And, for those of you familiar with the Mojave Desert... that's kind of a big area.
So, I'm looking at two hours in my car. plus signing time. Signing services get really upset when I tell them my minimum price for going out to Cal City is $175. They just don't get it. Now, I know there are other notaries in the area that would charge less to go out there. I don't mind if somebody else take the job $80... go right ahead. But... after you factor in mileage, gas, time, printing, and everything else... where's the profit? What's the point of taking the job? |
Messages in this Thread |
| Almost everything you need to know to become successful - Dorothy/MI on 4/22/05 11:00am |
| Good job, Dorothy-MI! n/m - Brenda Stone on 4/22/05 11:07am |
| Thank you again, Dorothy and Brenda, et al!! - Mary Mantz on 4/22/05 4:42pm |
| further evidence of a slow down - anon on 4/22/05 11:48am |
| Loan Signer Training - Anya/LA (CA) on 4/22/05 1:04pm |
| Re: Loan Signer Training - MaggieMae_CA on 4/22/05 3:23pm |
| Re: Loan Signer Training - Mary Mantz on 4/22/05 4:45pm |
| Added to thread #33325-Counter-point View- NSA training - BrendaTX on 7/13/05 9:06am |
| Re: Loan Signer Training - Carlos/CA on 12/10/10 12:10pm |
| Re: further evidence of a slow down - Stephen_VA on 4/22/05 2:51pm |
| Re: Almost everything you need to know to become successful - chelleCA on 4/22/05 2:11pm |
| Re: Almost everything you need to know to become successful - Knotaree DC on 4/22/05 3:49pm |
| Re: ALMOST everything you need to know to become successful - JanetK/CA on 7/18/05 12:33am |
| Details and Accuracy are Important - adding to #33325 - BrendaTX on 7/14/05 11:00am |
| Re: Almost everything you need to know to become successful - Laura_NH on 4/22/05 10:50pm |
| Re: Almost everything you need to know to become successful - Sansan7 on 5/18/05 9:11pm |
| Re: Almost everything you need to know to become successful - David Woodul on 5/30/05 5:30pm |
| CA-Almost everything you need to know to become successful - Elda Garibay on 6/1/05 2:17pm |
| Re: Almost everything you need to know to become successful - sweetpea, al on 6/1/05 5:50pm |
| Re: Almost everything you need to know to become successful - nkroyall on 6/7/05 4:17pm |
| Additional information - Not an entitlement - Dorothy/MI on 6/13/05 8:57am |
| Bookmark 'em - BrendaTX on 6/13/05 9:32am |
| Re: Additional information - Not an entitlement - Judith_VA on 6/13/05 3:00pm |
| Re: Additional information - spell check - SamIam_CA on 6/13/05 3:27pm |
| Recommended Reading: As a new NSA..here is my perspective - BrendaTx on 6/13/05 9:32pm |
| Re: Recommended Reading: Added Nicole to #33325 thread n/m - BrendaTx on 6/13/05 9:33pm |
| Re: Additional information - Not an entitlement - NJDiva on 9/29/10 10:00pm |
| Adding to "Success" thread #33325 - Here's eDoc practice. - BrendaTx on 6/13/05 9:36pm |
| HP Printers/Printer Command Language (PCL) by PAW_Fl - BrendaTX on 6/17/05 8:51am |
| Re: Adding to "Success" thread #33325 - Here's eDoc practice. - katsr_CA on 8/31/05 2:40pm |
| Re: Adding to "Success" thread #33325 - Here's eDoc practice. - DTNotaries on 3/16/06 6:59pm |
| Re: 2nd link doesn't work any longer - Jodith/WA on 1/2/10 6:25pm |
| Jodith, this is a very old thread (4 years) - BrendaTx on 1/2/10 6:31pm |
| Re: Jodith, this is a very old thread (4 years) - Jodith Allen on 1/2/10 6:39pm |
| Re: More advice from Brenda/TX - Dorothy/MI on 6/16/05 9:55pm |
| Beginner's FAQs (Compliments of AngelinaAZ) - BrendaTX on 6/17/05 5:13am |
| Making the Confirmation Call...by Iris-WA - BrendaTX on 7/12/05 2:56pm |
| What Ernest CT says about the Confirmation Call - BrendaTX on 7/12/05 2:58pm |
| Why people are reluctant to post TC info from Nd_WA - BrendaTX on 7/21/05 8:10am |
| Re: Why people are reluctant to post TC info from Nd_WA - tfarmertx on 7/23/05 8:02pm |
| Acronyms regarding loans by Brian/CA - BrendaTX on 7/21/05 9:07pm |
| Re: Acronyms regarding loans by Brian/CA - linda/ca on 7/23/05 9:51pm |
| Re: Acronyms regarding loans by Brian/CA - linda/ca on 7/24/05 3:19am |
| End of Month - Bonnie/FL Explains - BrendaTX on 7/24/05 12:48pm |
| Accepting an Assignment / Quoting Fee / EOM (+ to #33325) - Brenda Stone on 7/26/05 4:13am |
| Small claims court for #33325 by Nicole & by Melody - BrendaTX on 7/26/05 5:05am |
| Quoting your fee to SS's...ASK like THIS - TCMN on 7/26/05 5:19pm |
| Birth, Labor & Delivery of a mortgage loan - by Renee Kovacs - BrendaTX on 9/19/05 1:07pm |
| Clues to spotting a Signing Services to void by Charles_CA - Iris Grayson on 9/19/05 4:11pm |
| Pricing and Fees by NorCalDar on 10/7/05 - BrendaTX on 10/7/05 1:47pm |
| Re: Pricing and Fees by NorCalDar on 10/7/05 - Nathan Ellsworth on 10/19/05 11:19pm |
| I disagree - the $10 @ is justified - ALL SONOMA MOBILE NOTARY - Judith Neeley on 2/19/08 9:13pm |
| Required Reading - NSA 101-Orientation by Roger OH - BrendaTx on 11/14/05 3:56pm |
| Required Reading - NSA 101 - UPDATE to #33325- by Roger OH - BrendaTx on 5/17/06 5:24pm |
| Adding #76283 to the thread of Message #33325 - BrendaTx on 1/27/06 12:21pm |
| Jersey Boy's 2 cents... Adding to #33325 - BrendaTx on 2/3/06 10:21am |
| Re: Almost everything you need to know to become successful - Brenda Stone on 2/5/06 3:50pm |
| For Income Tax starting place, see Msg #94550 - BrendaTx on 2/5/06 3:52pm |
| A Lesson on Attitude for New SAs... - BrendaTx on 2/9/06 3:00pm |
| A Lesson on Attitude for new SA's .... by JanetK_CA - TitleGalCA on 2/9/06 8:27pm |
| above post by JanetK_CA, not TitleGal N~M - TitleGalCA on 2/9/06 8:28pm |
| Posted from msg 95364 - Brenda_TX - Newbie Msg for Today - Dorothy_MI on 2/10/06 2:37pm |
| Re: Posted from msg 95364 - Brenda_TX - Newbie Msg for Today - lulu on 2/10/06 3:11pm |
| Msg List - Going Mobile - adding to #33325 (From BeccaFL) - BrendaTx on 2/13/06 10:20am |
| Mobile Office - adding to #33325 (From BeccaFL) w/ Keywords - BrendaTx on 2/13/06 10:25am |
| From CharlesCA - Adding to 33325 - True Professional Society - BrendaTx on 2/13/06 3:07pm |
| Tina of MA re: Fees - When to renegotiate a fee - BrendaTx on 3/28/06 4:06pm |
| The Other Side of the Coin (back by popular demand) - BrendaTx on 3/28/06 5:04pm |
| Discussing the title company solicitation....added to #33325 - BrendaTx on 3/31/06 2:55pm |
| No HUD with the package from PAW-FL //added to #33325 - BrendaTx on 4/2/06 12:59pm |
| Signing errors through the lenders eyes by Renee Kovacs - TitleGalCA on 4/5/06 11:31pm |
| Re: Almost everything you need to know to become successful - Anonymous from 71.66.111.249 on 4/30/06 6:24pm |
| Deed of Trust/Mortgage by Atty - Kevin/CT added to #33325 - BrendaTx on 5/2/06 12:28pm |
| Re: Deed of Trust/Mortgage - PAW - Added to #33325 - BrendaTx on 5/2/06 12:30pm |
| Notary Certifying Copy - See Thread beginning w/Msg #117135 n/m - BrendaTx on 5/2/06 12:32pm |
| Additional Info -- especially if you live alone - Dorothy_MI on 5/5/06 1:28pm |
| Manufactured Homes / Finding Info by Lawrence OK - BrendaTx on 5/7/06 7:55pm |
| Adding to #33325 - My First Signing & Marketing by eboughey - BrendaTx on 5/11/06 7:43am |
| Adding to 33325 - StamperWI - Standard Fees Calculation - BrendaTx on 5/12/06 9:18am |
| Msg to New Signing Agents from Sylvia_FL added to #33325 - BrendaTx on 5/17/06 11:44am |
| Demand for payment letter - adding to 33325 by droman_IL - BrendaTx on 5/18/06 7:22am |
| New Signing Agents-Read This First! Adding to #33325 Marlene - BrendaTx on 5/19/06 9:24am |
| Signing prior to printed date ReneeK - added to 33325 - BrendaTx on 5/19/06 9:32am |
| Re: Signing prior to printed date BarbaraL-CA added to 33325 - BrendaTx on 5/19/06 9:37am |
| How to get help on this forum - CaliNotary added to 33325 - BrendaTx on 5/19/06 4:48pm |
| About Backdating... by ReneeK adding to 33325 - BrendaTx on 5/22/06 1:59pm |
| Professionalism and Responsibility - BrendaTx on 5/27/06 2:22pm |
| Apostille (or apostilles) Adding to #33325 [by Gerry VT] - BrendaTx on 5/31/06 5:55pm |
| Addition to 33325 - First & Second by ND-WA and CMS-NY - BrendaTx on 6/1/06 10:39am |
| By BrendaTX 5/26/06: *...for those who understand business* - Ndwa on 6/2/06 4:20pm |
| Id on the Amish - Stamper/WI - adding to 33325 - BrendaTx on 6/6/06 7:04pm |
| Newbies - a lesson on attitude by Janet K - adding to 33325 - BrendaTx on 6/8/06 10:54am |
| Date Clarification - Roger OH - adding to 33325 - BrendaTx on 6/23/06 2:52pm |
| Considerations for getting started/Dorothy MI /add to #33325 - BrendaTx on 7/9/06 1:15pm |
| For the Newbies.. Things to carry with you/ADDING TO 33325 - Brenda Stone on 7/17/06 1:24pm |
| More Things to carry with you/ADDING TO 33325 - BrendaTx on 7/17/06 1:41pm |
| Re: More Things to carry with you/ADDING TO 33325 - BrendaTx on 7/17/06 1:55pm |
| Re: More Things to carry with you/ADDING TO 33325 - Brad/AZ on 4/3/07 2:30pm |
| Slow down in Business - Surfers or Signers - add to #33325 - BrendaTx on 7/19/06 2:11pm |
| Adding to 33325 - From One Newbie to Another - Great advice - BrendaTx on 8/12/06 12:05pm |
| Re: Adding to 33325 -Check list of compter needs for working - hcampersFL on 10/30/06 7:10am |
| From one Newbie to another…Sharon Nunley - BrendaTx on 2/9/07 6:43am |
| Re: From one Newbie to another…Sharon Nunley - BrendaTx on 2/9/07 6:44am |
| History of the loan industry and how it affects NSAs today - Laura Vestanen on 3/18/07 6:36pm |
| If you're a newbee and take $50 signings, PLEASE read - Laura Vestanen on 4/2/07 7:54pm |
| Update to Famous Message 33325 - Tim_Mphs/TN on 4/28/07 3:02am |
| Re: Almost everything you need to know to become successful - Stella Gonzales on 5/3/07 7:23pm |
| Dressing Professionally - by kcg/IN - adding to #33325 - BrendaTx on 5/4/07 12:12pm |
| All of the VA Crespa questions - by Shannon Va- +'d to33325 - BrendaTx on 5/28/07 9:18am |
| First, learn the basics of signing. Added to #33325 - BrendaTx on 9/4/07 6:41am |
| Important for NSAs in Illinois, Maryland, So Carolina, Mass - Laura Vestanen on 11/11/07 5:35am |
| Before you think about starting - by CJ in CA - add to 33325 - BrendaTx on 11/15/07 2:47pm |
| NSA Professional Standards - MistarellaFL on 8/16/08 11:36am |
| The Client/Vendor Relationship -- a MUST see video!! - Marian_in_CA on 5/31/09 4:28pm |
| True skinny: Notary advocate / presentment / honor-dishonor - Laura_V on 10/1/09 5:54pm |
| Re: True skinny: Notarial protest / certificate of dishonor - Robert/FL on 11/12/09 11:51am |
| Believe in yourself! - John_NorCal on 10/24/09 10:22am |
| Forgot to add..... - John_NorCal on 10/24/09 12:52pm |
| Our fees + their relevancy to state of industry - Laura_V on 10/29/09 11:25am |
| Re: What is a good rate to set and keep? - Laura_V on 11/25/09 11:57am |
| A perspective on our business Posted by JanetK_CA 1/5/10 - Laura_V on 1/5/10 6:34pm |
| Post by Les CO re the current state and probable future of.. - Laura_V on 1/12/10 10:05am |
| Better is not always cheaper & Cheaper is not always better - Moneyman/TX on 12/4/10 1:11am |
| You are an Independent Contractor...not an employee... - Lee/AR on 4/12/10 8:16am |
| Buddy's Lessons - For New Notaries 101 - BrendaTx on 6/2/12 9:03am |
| SS&TC Research Our Industry-We are Certified for God's Sake - bygrace/PA on 6/21/12 6:33pm |
| Decide if you are a Checker, Poker or Chess Player - bygrace/PA on 6/21/12 6:37pm |
| Tipsabout using signing central and NR forum from NJDIVA - SheilaSJCA on 8/23/12 11:07am |
| Please send information to... - Olivia Mosley on 1/13/15 11:56am |
| Olivia Mosley - you are in old files - jba/fl on 1/13/15 8:05pm |
| Sequence of events - Lender to NSA by Deborah Breedlove - BrendaTx on 9/27/12 10:15pm |
| Re: Almost everything you need to know to become successful - Janice Stephens on 10/19/12 12:36pm |
| Don't work for Low Ball, No Pay Companies - BrendaTx on 10/20/12 1:46pm |
| Sample Loan Document Package - BrendaTx on 11/25/12 3:58pm |
| Re: Sample Loan Document Package - HisHughness on 11/25/12 4:23pm |
| LOL~! n/m - BrendaTx on 11/25/12 7:45pm |
| Key Tools for Maximizing NSA Success (adding to 33325) - BrendaTx on 2/4/13 6:32am |