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vince
Kansas
324 Posts |
 Posted - 08/05/2009 : 09:07:52 AM
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To add to Paul’s point, there have been times when I've had to drop off documents at the main FedEx facility and get a receipt. When the clerk scans in the information they check the account that is going to be charged. There has been many occasions when the clerk has said, I didn’t think we gave discounts this big to anyone. I’ll make it a point to ask “how big” the next time it happens.
If you cannot do e-docs for $25 for some reason, you'll need to consider the total fee you'll be charging and whether it will be adequate to you and also competitive in your area served. |
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PWinFL
Florida
469 Posts |
Posted - 08/04/2009 : 8:30:55 PM
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True, for low volume shippers. But for those who ship in high volume, substantial discounts are provided to the shipper through negotiated contracts. I would bet even money that there are companies who probably have a flat monthly fee with no limit (or some artificially high limit) on volume. Heck, even my rate for a 1 pound FedEx Priority Overnight Envelope is less than $20. (I do get a small quantity discount, but not near the volume of title companies.)
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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gjk-fl
Florida
151 Posts |
Posted - 08/04/2009 : 7:50:30 PM
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The cost to just overnight the docs would be more than the $25.00.
gjk |
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PWinFL
Florida
469 Posts |
Posted - 08/04/2009 : 5:56:47 PM
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I do not think $25 for edocs (100 to 125 pages times 2) is out of line. Granted, it certainly doesn't leave as much of a profit margin than you may want, but I can tell you, for a title company to print two sets and send them via overnight carrier would probably cost much less than that. Figuring a ream of legal paper to be $15.00 on the high side, results in 3¢ per page. Add toner to be $50 per cartridge that yields 3,000 pages, results in 1.6¢ per page. Thus printable consumables cost approx. 5¢ per page times 250 pages is $12.50. That leaves $12.50 to cover fixed costs such as printer depreciation, environment (electric, air conditioning, etc.), your time to handle the file and your profit. Not too bad in my book. In actuality, I submit that your profit margin for printing an average set of documents is higher than that since I used a high cost in the above figures. I have no idea how you figured it cost the title company $100.00 to print and send the documents to you. If you're thinking that they are paying $50.00 for overnight, you are dearly mistaken. Title companies typically get huge volume discounts for overnight shipping. Some in the range of $4.00 or so.
You can charge what ever fees you so desire. That's the prerogative of an independent contractor. The issue becomes not what you want to get, but what the market will bear. While your fees are $125 and up, your competition may be $25 dollars less. Guess who gets the work? In order to get the job, you need to set yourself apart from your competition. You need to start with a reality grip on costs and then add your intangibles to that. Intangibles such as professionalism, proficiency and experience. Then sell yourself to your clients.
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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vince
Kansas
324 Posts |
Posted - 08/04/2009 : 5:36:06 PM
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I'm reluctant to discuss any set fees or minimums due to the possibility of anyone accusing me of price fixing or other similar accusation. However, in reviewing various published fee schedules, from many folks, and the amount that persons are willing to pay, $25 does seem to be the norm for printing two copies of documents. That said, many people do go on to say that $25 fee covers up to 100 pages per document and that additional charges apply over that. Doesn't hurt to research this issue.
It is interesting that a typical institution can charge you $.10 per page when you ask for a document. But, that $.10 may include many items, like finding and retrieving the appropriate item, then additional time and overhead for producing the item and getting it to you.
Then, another argument is, what is the cost if you have to have the item printed elsewhere and so on. But, the bottom line is what do you charge and will it be more or less than your competition - with the emphasis placed on "your" competition. If you do $40 signings and believe you can make it on that and also by printing copies at $.025 per page, it will be a matter of time before you and your competitors are no longer competing with anyone, not because you drove them out of business, but because you cannot afford to provide a service at those fee levels, even if you have other sources of income.
Each notary needs to determine what fees they require to make ends meet. But, they also need to consider what the buyer of those services is getting for the money paid. Around here, based upon my research, the fees seem to vary from $40 and on up to $225 for a single refi with e-docs. There are some significant variables to consider when you price your service and what the vendor is receiving for the money paid.
Research it or cost it out on your own and see if working at a local McDonalds or being a greeter at WalMart doesn't provide a larger and steadier income than the total cost of doing business as an independent "notary signing agent" working at the above minimum income levels. |
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Doris_CO
Colorado
148 Posts |
Posted - 08/04/2009 : 1:17:18 PM
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Are they offering you $25.00 for the entire closing, including printing docs? That would be way too low! $25.00 is the standard charge for printing a normal size loan package (185 pages is not normal) but most NSA's include the printing fee in with their fee for closing and only quote one amount when asked.
Doris |
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susiet57
Tennessee
24 Posts |
Posted - 08/04/2009 : 12:35:46 PM
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| I am in Tennessee and find that 90% of the companies that contact me, only want to pay 25.00 for edocs. Is that what the rest of you are seeing? I started in this business over 9 years ago. It was so much more professional. We would have our job, and our documents at least 4 days prior to an appt. We had time to review and question. Now, we are getting hired a day or 2 in advance, and lucky if we get docs before walking out the door. What if there is an issue? What if your computer locks up, or printer breaks down? We are spending our time, our ink, our paper, our time to do this printing for the company and only getting 25.00?? When they had to do all that, and pay for the overnight FedEx, it was costing them, I am guessing, closer to 100.00. Why are we not getting, minimum 50.00 for the printing of 1 set of edocs, up to the first 100 page document. Some of the packets are 60 pages, some are 185!?!??! This business is getting out of control. Fees should be based on package. We all need to unite though. Base fee.. 75.00 within 20 miles. 50.00 for edocs for the first 100 pages (or 200 in duplicate). .50 per page over that. And, 1.00 per mile over 20. WE are professionals saving these companies many hundreds of dollars and we should be compensated. If the banks would come direct it would help. Or, if they would go to 123 or NotRot, instead of calling Dynamics, or any of these other, possible fly by nighters. We could make more and have better control over the situation. Sorry to have gotten so lengthy on this... ideas?? Suggestions?? Complaints?? I am curious what others are thinking?? Thanks! Susie |
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E-doc fees
