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cw2usarmyret
Virginia
122 Posts |
 Posted - 02/27/2013 : 02:48:02 AM
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| Even if they say must have 2 years exp, min signings etc, still sign up with everyone you can. I found that even though they may say that one company called me right after I signed up and it turned into "are you available at 530 PM tommorow?". Once you get around 75, the good ones will start calling you. The bottom feeders are good ones to start because they will let you learn on their dime. Hang in there, once you get a track record the good ones will talk to you. I only take closings now that do not ask for FAX backs unless same day/next day funding. For the rest of mine, I just go right to drop off. At most two calls. "will you take it" and me calling "It is done". My first 6 months was 22. The next 6 months was 100. The next 6 months was 155. |
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jrstrickland50@comcast.ne
Arkansas
1 Posts |
Posted - 02/24/2013 : 5:01:18 PM
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| I am a newbie, after having to retire on disability. I am a full time notary. There are companies out there who will not use new notaries until they have 500 closings, some a 100, but some will. I have a company that uses me, the rates they pay are cut throat, the fax backs are extreme,the phone calls are border line harassment, but I am looking at it as on the job training. You never start a job at full pay. The best way for new notaries to view this is to use them like they are using you, let them pay you while you learn and become a sufficient notary and then pick the best companies to work for. |
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jgdean
North Carolina
21 Posts |
Posted - 12/08/2012 : 06:06:11 AM
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quote:
Originally posted by jbelmont
This topic got buried for a long time. Gas is more expensive, the industry has changed, the total amount of signing agents out there has shrunk. Are there new opinions on notary pricing formulas, or is this a dead topic?
Here it is Dec 2012 and I came across this post.
Since I usually average $100 for mortgage signings, I rarely do anything else since in NC we can only charge $10, I think.
Occasionally, I get a call for a car titel or POA, etc and I tell people: The State of NC allows me to charge $10, but tips are always appreciated". wink wink... I usually get $20-$30 a pop...
Not bad...
Prompt, secure professional signings.
The first to call in North Central North Carolina!
http://www.NCSigningAgent.com |
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apaloosa
54 Posts |
Posted - 08/21/2011 : 1:41:41 PM
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Finally Arizona has an unlimited travel fee for mobile notaries. They never made that clear before.
It is still $2 a signature which I think was probably set when all notaries worked in an office. That's good, but now knowing we can charge more that the state pays employees for mileage is a great help.
Apaloosa |
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LindaH
Florida
1754 Posts |
Posted - 08/08/2011 : 06:05:57 AM
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quote:
Originally posted by Conniek
I would like to add a comment to the Notary whose state is $2 per signature. I called my state office and requested our fees be changed to $10 and was accepted by our State Notary office. If you never ask, you never get! Go gal make the call to change the fee!
ConnieK's Oregon Mobile Notary
Oregon must be really laid back! In FL and many other states, it takes more than a phone call to get notary fees raised....normally a change to the statutes, which has to go through the legislature.
Wish it was that easy to change things. The last update to our handbook was in 2001 and I can't even get them to take an official stand on webcam notarizations - the most I've gotten is they refer me back to the manual and state that the law as to the presence requirement still stands. They've not made any public statement about this process.
Linda
http://www.notary.net/websites/LindaHubbell
http://www.columbiacountynotary.webs.com |
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Conniek
Oregon
78 Posts |
Posted - 08/07/2011 : 11:09:59 PM
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I would like to add a comment to the Notary whose state is $2 per signature. I called my state office and requested our fees be changed to $10 and was accepted by our State Notary office. If you never ask, you never get! Go gal make the call to change the fee!
ConnieK's Oregon Mobile Notary |
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lkassis
Iowa
60 Posts |
Posted - 07/27/2011 : 1:25:03 PM
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quote:
Originally posted by wmkryger
quote:
Originally posted by paulr
Rule of thumb: The lower the offer, the bigger th PITA it will be. It never fails....when you agree to a lower fee, docs will be late, the closing will go awry somehow, you will have a ton of fax-backs and need permission to ship...AND...you'll wait at least 60 days to get paid the low ball fee. HONEST !!
LOL! I am not laughing at you and this certainly is not a laughing matter. WM you are so right!
Linda Kassis
United Notary Association (UNAA)
www.unitednotaries.org
www.halitek.com
If you are not riding the wave of change, you may find yourself under it. Ride the wave with the UNAA. |
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wmkryger
New York
29 Posts |
Posted - 05/11/2011 : 07:59:27 AM
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quote:
Originally posted by paulr
Rule of thumb: The lower the offer, the bigger th PITA it will be. It never fails....when you agree to a lower fee, docs will be late, the closing will go awry somehow, you will have a ton of fax-backs and need permission to ship...AND...you'll wait at least 60 days to get paid the low ball fee. HONEST !!
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DianaNotary
California
171 Posts |
Posted - 01/11/2011 : 11:09:50 AM
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Just as I am getting ready for the tax season, I cam up with this formula of Calculating Notary Costs of running a notary/signing agent business. I am sure there are other expenses I haven’t accounted for….
Here it is:
OPERATION & MAINTENANCE EXPENSES (printer, tonner/ink, office/home office rent, utilities such as telephone, etc, maintenance and repairs, supplies, travel and vehicle expenses)
+
ADMINISTRATIVE & GENERAL EXPENSES (accounting expenses, license fees, advertising, other general office expenses)
+
DEPRECIATION EXPENSE (vehicles, computers, printers, etc)
+
OTHER TAXES, FEES & INSURANCE
+
INCOME TAXES
=
TOTAL COST-OF- NOTARY SERVICES
http://www.DianaNotary.com |
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mgadler
California
10 Posts |
Posted - 12/28/2010 : 10:05:33 PM
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All of these are great posts. Too many to mention without leaving out many great posts. Yes, the entire industry suffers when fees are whittled to barely above costs. I can see it being really easy to low-ball a notary and if refused, just call until you get one that is desperate. I bet they don't even know they are hurting the industry and often not helping the client. It has become more common for Escrow to charge the home-buyer full document signing fees, while we are paid just over half of what was charged.
San Diego Mobile Notary |
Edited by - mgadler on 12/28/2010 10:53:08 PM |
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PWinFL
Florida
469 Posts |
Posted - 12/24/2010 : 05:22:33 AM
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The formula must be generated by each individual signing agent, since the cost of doing business varies from location to location.
However, having said that, it is imperative that all costs be figured into the cost of a signing. There are a lot of different costs associated with running a business (and this is a business) include the obvious ones, e.g., gas, paper, toner, etc. but also need to include the not-so-obvious ones that a lot of business people do not realize. The single, most important cost is profit. How much profit a signing agent needs or wants is the first cost to consider. Unless you're a not-for-profit enterprise, do not overlook how much you want to make for your own use, whether it is pocket money or substantive funds (paying bills, buying food, etc.).
Some of the many overlooked costs are:
Electric costs (for running the printer, computer, etc.)
Depreciation of equipment
Cost for internet access (attributed to the business)
Insurance and licensing costs
Telephone (land-line, fax and cell) costs
There are many others that need to be taken into account. Granted the entire cost, of say electric, isn't included, but a percentage of the electric bill is directly attributed to the business and needs to be taken into account. (Most costs will be a percentage of the total cost of an individual item.) It needs to be calculated and added to the total cost of doing business.
After figuring your total cost, you need to break it down to an average per assignment cost. When figuring the costs, use the anticipated costs associated with the item. For example, gas prices have been the most fluctuating cost in our business. Due to its highly flexible cost structure, many business folks use a standard price (like $3.00/gallon) then add or subtract an adjustment amount as the price fluctuates. (For example: Add $5 to the cost if gas is over $3, subtract $5 if gas is under $2.25)
If you're just starting out, it is difficult to calculate your cost of doing business and will probably refine it over the years. So to get a feeling of what's being charged, ask others in the same line of business, e.g. signing agents. Don't ask your competition (unless you are on extremely friendly terms) and don't ask your customers (signing services, title companies, etc.). It is YOUR cost. (The plumber doesn't ask you how much you're willing to pay for a job; they tell you how much the job will cost.)
Keep track of your expenses, you'll need them come tax time anyway, to build a basis for your calculations.
Good luck and happy signings.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
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jbelmont
California
3106 Posts |
Posted - 12/24/2010 : 01:11:23 AM
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This topic got buried for a long time. Gas is more expensive, the industry has changed, the total amount of signing agents out there has shrunk. Are there new opinions on notary pricing formulas, or is this a dead topic?
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paulr
Pennsylvania
3 Posts |
Posted - 10/15/2008 : 12:20:51 PM
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Rule of thumb: The lower the offer, the bigger th PITA it will be. It never fails....when you agree to a lower fee, docs will be late, the closing will go awry somehow, you will have a ton of fax-backs and need permission to ship...AND...you'll wait at least 60 days to get paid the low ball fee. HONEST !!
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azdocsign
Arizona
89 Posts |
Posted - 07/23/2008 : 07:13:35 AM
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I agree that eNotarization for most of us is still a future item to consider, but they are currently being done in several states. In Arizona eSignings are here! We have been provided local training and eSignings are currently being done in Arizona and in other states. For those of us who are already completing eSignings or eNotarization, we must consider those costs we already incur as well and Jeremy just asked for additional input based on our opinion.
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Shannon
California
360 Posts |
Posted - 07/22/2008 : 09:28:30 AM
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Kathy,
In the almost 7 years I've been conducting signings, I have heard people speak about enotarization quite often. I have listened to presentations and been in on "go to meetings" where representatives outline their products. I have spoken to notary acquaintences that have purchased the shiny new technology. I have been involved in long debate and back-and-forth forum discussions about the pros and cons.
The bottom line is that the technology, while fascinating and clearly where our industry will go at some point, is not ready to roll. Either the county recorders are not prepared or the technology has a glitch or the expense of the technology makes it cost prohibitive.
Unless and until these issues are addressed, it's sort of like talking about collecting the next beanie baby. It's fun, but really, what's the point?
Just an opinion...
"A Quick Note"
www.aquicknote.net
Now Providing "Service of Process" in Orange County, CA |
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azdocsign
Arizona
89 Posts |
Posted - 06/29/2008 : 07:08:30 AM
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One of the costs that will also need to be considered in the future would be eSign and eNotarization. The costs for some of acquiring a laptop with Broadband card and the electronic signature pad will be a large investment as well as more equipment to maintain.
I also agree that a high knowledge base, experience and professionalism should be taken into consideration. It takes a great deal of time to consistently obtain more information and knowledge about our constantly changing field.
Kathy Fletcher
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Edited by - azdocsign on 06/29/2008 07:12:01 AM |
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edelske
New York
815 Posts |
Posted - 06/28/2008 : 7:39:27 PM
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With apologies to JB - I'm replying to topic but not JB's questions - which has been so well answered by so many....
I bring to the table the subject of charging to fix OTHER people's mistakes. When I get a package with a name mis-spelled - it's a major job to correct EVERY occurance of the error. Ya gotta find em, strike em, get the borrower to initial em and write in the correction. Takes time - and it was NOT MY error to begin with. So.....
I charge 25$ for the correction, in addition to whatever fee was agreed. "More work - More pay" - that's real life.
Just had this happen with good ol National Real Estate - The lady's middle name on docs was OY and should have been OI. Called them and asked for updated confirmation with new fee. They chose to send me a new set of docs - fedex. Kinda silly of them as it must have cost more to reprint and ship. But, I gave them the option to do that or pay more.
What I would not agree to is fixing someone else's mistake on my time, for free. S(he) who makes the mistake pays for fixing it.
In the "signing industry" they have lots of "little fines" for "notary error" welllllll, with me it works both ways.......
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
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edelske
New York
815 Posts |
Posted - 06/28/2008 : 7:36:08 PM
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With apologies to JB - I'm replying to topic but not JB's questions - which has been so well answered by so many....
I bring to the table the subject of charging to fix OTHER people's mistakes. When I get a package with a name mis-spelled - it's a major job to correct EVERY occurance of the error. Ya gotta find em, strike em, get the borrower to initial em and write in the correction. Takes time - and it was NOT MY error to begin with. So.....
I charge 25$ for the correction, in addition to whatever fee was agreed. "More work - More pay" - that's real life.
Just had this happen with good ol National Real Estate - The lady's middle name on docs was OY and should have been OI. Called them and asked for updated confirmation with new fee. They chose to send me a new set of docs - fedex. Kinda silly of them as it must have cost more to reprint and ship. But, I gave them the option to do that or pay more.
What I would not agree to is fixing someone else's mistake on my time, for free. S(he) who makes the mistake pays for fixing it.
In the "signing industry" they have lots of "little fines" for "notary error" welllllll, with me it works both ways.......
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
Edited by - edelske on 06/28/2008 7:38:56 PM |
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BobbiCT
Connecticut
135 Posts |
Posted - 06/23/2008 : 06:36:00 AM
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"The part-timers who can do it cheaper simply are using their day job to stupidly subsidize Banks and TC/SS."
Well said. I may do this part-time, but my liability is still 100% full time for ANY problem with those documents that a plaintiff's attorney wants to drag me in on. I charge full-time fees for full-time responsibility.
If your dentist only worked four days per week, would you expect him to charge you less? What about a brain surgeon who only does one surgery a week. Does that mean the surgeon working on your brain doesn't have to carry as much insurance, keep up-to-date on the lastest medical trends, use the latest equipment and he should give you a 30% discount because "you come to the hospital and he wasn't working on anyone else's brain that day"?
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Renee
Michigan
549 Posts |
Posted - 06/22/2008 : 12:52:18 AM
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The 'justification' I hear/read most often for accepting low fees is about to make my head explode - the song about "it was only 4 blocks away and I had nothing going on ..." What that says is that this job's greatest criteria is proximity?!
For ONE thing - what does that say about the value of someone's EXPERTISE?
For another, and the REAL crux of this matter - there are so many NSA's that for every single signing appt, surely there is SOMEONE who is pretty close by. If EVERYONE did cheapy jobs because "it's only 4 blocks ..." then the entire industry's fee structuring would tank.
Well, I guess I should've written that in past-tense. |
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Lee-AR
Arkansas
678 Posts |
Posted - 06/21/2008 : 10:41:18 AM
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| Fees charged MUST be calculated by the Notary. Period. The part-timers who can do it cheaper simply are using their day job to stupidly subsidize Banks and TC/SS. Aren't they lucky that they don't have to pay for their own health insurance at self-employed rates? So they don't count that. Isn't it nice that they can do the signing on their way home from the day job? So they don't have to count the time or miles--they'd do it anyway. And those who 'borrow' supplies from their day job? Hope their employer is really happy about subsidizing Banks/TC/SS, too. |
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tgonsor
Arizona
36 Posts |
Posted - 06/20/2008 : 8:26:25 PM
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| This is an absolutely great post! I often find it difficult to read forums because most everyone justifies the low fees, but not here. I love it and whole heartedly agree with Renee and Carmen! They said it perfectly...I mean PERFECTLY! |
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venturanotary
California
13 Posts |
Posted - 06/05/2008 : 07:49:55 AM
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I didn't read every single response here, but here are my thoughts. I don't think you can try to set a price for every variable that may come into play at a signing. It is not just how many pages you will print or the mileage, etc. We get a call and have to answer right then and there whether we will accept the signing, before we know the facts. My formula is based on what it takes me to leave my house, which is that I want to gross $50/hour, including printing, travel and signing and faxbacks, or I don't take the job. It is all about averages...sometimes I come home from a job and I have only made $25, sometimes I have made $100. I do know which lenders have longer or shorter loan packages, how long it will get to drive to a specific zip code, whether I will hit traffic in rush hour, and also that HEMCs will always take longer due to the nature of the signing. It is going to take longer if the lender rep is there because they are going to chit chat. I can think of all of these things (and probably more if I thought long enough) while I am on the phone deciding whether I want a job or not. I think about my potential to lose another job on a low paying job (mostly at month end)and how many signers there are.
Of course, there are always exceptions to the rule. I do (low-paying) favors for people and chalk it up to marketing expense.
As for signings that change at the last minute, YES, I charge them more! Although, I have learned to ask that question to people I haven't dealt with. I don't bill double for a second. I charge $25 to $50 less than the first. Depends on the customer. I do give customers that I do a lot of business with a break. I hope it shows my appreciation of their business.
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jbelmont
California
3106 Posts |
Posted - 05/28/2008 : 03:41:50 AM
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| We haven't had any input on this post in a while. Does anyone else have input on this issue? Another issue is how to handle last minute changes in the assignment. For example: You agree to do a single signing only to find out it is a double. Do you bill them for a double, or not. Getting paid for last minute changes in plan doesn't always work easily either. |
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becmiller
Utah
16 Posts |
Posted - 10/25/2007 : 3:51:24 PM
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Oh Yeah! I did it!
One of the companies I work for all the time called while I was in the shower, so I said that and said, "How much can you pay me and she said $125.00. I said, "Great." It of course didn't happen. No docs!
If only I had a dollar for every minute I sit around waiting to receive docs to finally print them to get to the signing that was an hour ago. 
Bec |
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jbelmont
California
3106 Posts |
Posted - 08/25/2007 : 11:45:50 PM
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What would be a good formula for computing a signing fee including as many factors as possible? Please remember, that this is based on your opinion, and the more thorough your answer, the better.
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Question 2 - Price Formula
