I did a closing for a man a couple of weeks ago. Wells Fargo sent the documents to him and instructed him to find a notary -- someone who knew loan documents. He was somehow able to find me and he called me. I was on the way to do a closing when I took the call, so I wasn't able to take down directions to his home. I had no idea what his net worth was. It didn't matter. I told him what my fee was for something like that and that I would call him when I was done with the closing. I would get his address, look up the directions, and come out to his house.
It turned out that it wasn't a house. It was a mansion. You had to pass through a security checkpoint just to get inside the complex.
I had him sign the papers and I notarized the ones that required notarization. There were only around 50 pages. When I was done he wrote out a check for my fee. He walked me to the door and gave me a generous tip. What I think is important about that tip is that he realized I could have charged him a much higher fee. He was obviously a multi-millionaire and could have afforded to pay 10 times more. But I was fair. And I would like to think the tip was a reward for being fair. I believe it was, because 3 days later he called me to notarize some other papers. He paid my fee with a check. And again, he gave me a generous tip in cash. And I would like to think that he will tell his friends and neighbors to call me if they need something notarized, rather than having to drive into the city.
People like this didn't become wealthy by throwing money away. They do their homework. They know value. They know what something is worth. If you try to take advantage of them because of their networth, it will backfire on you.
I've only been at this a few months, but what I've learned is that you can make a profit in this business. A nice profit. And you don't have to charge exorbitant fees in order to do so. Build a clientele, provide them a good service at a fair (not necessarily low) price, and they will be loyal customers for many years to come.
(And no, I am not a signing service. I received my commission in December of last year. Not quite ready to start my own signing service. And doubt that I ever would.)
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