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Jacqueline Hardges
Ohio
4 Posts |
 Posted - 03/22/2015 : 1:18:17 PM
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quote:
Originally posted by Renee
Location matters, big time, agreed.
Couple things, Newnotary - please bear in mind, I've got a few miles behind me already and I've built what I have going on now. Lots of hard work, marketing, etc. Clues in what you're describing (last minute docs, fax-backs, low fees) - that's signing service stuff, and I just don't play that way.
We all make our own business decisions - I pass on the cheap stuff, and in my own experience it ALSO (apparently) circumvents a lot of headaches. I really don't have the issues I see so many people having - and I suspect it's because I don't work for the people who cause most of those headaches. I scope out every client that's new or unknown to me, I give careful consideration to who I'm contracting with.
There really are clients who CARE about quality, who know they have to PAY to get the best stuff, and who would rather pay it than dink around and have their own headaches. It took me a while, it took hard work, it took investing into this as a business. While I was working at getting RID of the bad clients, I was also hunting down the good ones. Some of the best deals I've landed have been local (hint hint HINT).
OH - and if I had to name the absolute best decisions I have ever made for my business, 1) sticking to my fees and 2) NETWORKING with other absolute top-drawer people.
Alex Yvonnou (MichiganAl, on the other forum)used to be my BIGGEST competitor, we work the same areas and he is hands-down The Best (or 2nd best?! lol). We finally got together for coffee and ended up starting a Network! We refer work to each other, we share all our clients and our resources, all our ideas, - our clients pretty much think of us as a tag-team. They LOVE it - if I can't do something, Alex can and if he can't, I can - works for them! We print for each other at times, we swap closings (with permission, of course), we MAKEIt was just DUMB, competing against him (and vice versa) when we could turn it into a win/win. We have. Networks (by industry definition) don't allow referral fees - it's just a trust/friendly kind of partnership. We don't have many members (only 4) because we're EXTREMELY picky about who we might 'attach' to our own reputations.
Your post REALLY helped me. I am new and I would like to know how I should calculate my standard fee? Is there a going rate?
Jacqueline Hardges
Notary Signing Agent
216-355--5921 Mobile
888-293-5884 Fax
hardawayssllc@gmail.com |
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davidlwilliams
Massachusetts
47 Posts |
Posted - 02/27/2014 : 5:13:03 PM
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quote:
Originally posted by PWinFL
In very rural areas, where many of us are, doing 3 a day can sometimes be a challenge. During the heyday of signings, I lived in a more densely populated area and did 5 or 6 in one day. Back then, most docs were also overnighted, so no printing delays or printing time involved. My record day was 14. But that was end of month at a title company, closing new home purchases.
I often find it hard to even do two in a day due to faxing demands and printing delays due to late document arrival. The very long distances for little money are crippling too.
When I point out that this cripples my income...well, they do not care. Ditto the distance and late document issues. As for late cancelations...!!! I leave you to imagine whether or not I ever get paid for them. |
Edited by - davidlwilliams on 02/27/2014 5:14:03 PM |
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vince
Kansas
324 Posts |
Posted - 08/26/2009 : 10:14:10 AM
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quote:
Originally posted by Newnotary
That's my other question. How large is the average package? I'm not sure if it differs from state to state, but countrywide are always 150, while others that I've done average between 90 and 120 which require at least 65-70 signatures on average, multiply it by two and then get the person who reads every page for 5 minutes. Talk about taking forever!
You will likely soon discover that even Countrywide (now BOA) docs are not always the same size. The title documents that accompany them may vary from 8 to 45 pages, the 22 to 24 pages of closing instructions are not always included, sometimes you may have broker documents of 4 to 50 pages added to the package and occasionally they may toss in a copy of the appraisal for another 20 to 50 pages. Other documents such as a quick claim deed may need to be executed. Add even more for FHA or VA loans.
The point is, it helps to ask before accepting an assignment. If the company has no idea, then you need to consider making a general pricing statement, like "I'll agree to a fee of $____ that will include a standard refinance closing up to 100 pages long. Payment is expected in full regardless of the outcome of the scheduled appointment. Is that acceptable"? Or something of that order. Include same or similar message with your acceptance of the order and that you will revise your proposed fee prior to printing if need be. |
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Renee
Michigan
549 Posts |
Posted - 08/25/2009 : 3:00:02 PM
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Location matters, big time, agreed.
Couple things, Newnotary - please bear in mind, I've got a few miles behind me already and I've built what I have going on now. Lots of hard work, marketing, etc. Clues in what you're describing (last minute docs, fax-backs, low fees) - that's signing service stuff, and I just don't play that way.
We all make our own business decisions - I pass on the cheap stuff, and in my own experience it ALSO (apparently) circumvents a lot of headaches. I really don't have the issues I see so many people having - and I suspect it's because I don't work for the people who cause most of those headaches. I scope out every client that's new or unknown to me, I give careful consideration to who I'm contracting with.
There really are clients who CARE about quality, who know they have to PAY to get the best stuff, and who would rather pay it than dink around and have their own headaches. It took me a while, it took hard work, it took investing into this as a business. While I was working at getting RID of the bad clients, I was also hunting down the good ones. Some of the best deals I've landed have been local (hint hint HINT).
OH - and if I had to name the absolute best decisions I have ever made for my business, 1) sticking to my fees and 2) NETWORKING with other absolute top-drawer people.
Alex Yvonnou (MichiganAl, on the other forum)used to be my BIGGEST competitor, we work the same areas and he is hands-down The Best (or 2nd best?! lol). We finally got together for coffee and ended up starting a Network! We refer work to each other, we share all our clients and our resources, all our ideas, - our clients pretty much think of us as a tag-team. They LOVE it - if I can't do something, Alex can and if he can't, I can - works for them! We print for each other at times, we swap closings (with permission, of course), we MAKEIt was just DUMB, competing against him (and vice versa) when we could turn it into a win/win. We have. Networks (by industry definition) don't allow referral fees - it's just a trust/friendly kind of partnership. We don't have many members (only 4) because we're EXTREMELY picky about who we might 'attach' to our own reputations.
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Newnotary
18 Posts |
Posted - 08/25/2009 : 2:46:46 PM
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| That's my other question. How large is the average package? I'm not sure if it differs from state to state, but countrywide are always 150, while others that I've done average between 90 and 120 which require at least 65-70 signatures on average, multiply it by two and then get the person who reads every page for 5 minutes. Talk about taking forever! |
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vince
Kansas
324 Posts |
Posted - 08/25/2009 : 2:13:01 PM
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quote:
Originally posted by PWinFL
During the heyday of signings, I lived in a more densely populated area and did 5 or 6 in one day. Back then, most docs were also overnighted, so no printing delays or printing time involved. My record day was 14. But that was end of month at a title company, closing new home purchases.
During the three plus years that I've accepted assignments, the size of the typical package has increased significantly (local title company packages tend to be much smaller). I remember a woman at FedEx asking if the package I was dropping off (64 pages then) was for a refinance agreement. She said that she had done these as a notary at one time, but when it went over 40 pages it was simply getting too long and complicated with fees dropping down to less than the $300 she had grown accustomed to and she now needed decent benefits. |
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PWinFL
Florida
469 Posts |
Posted - 08/25/2009 : 10:41:05 AM
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I agree with you, Newnotary. In very rural areas, where many of us are, doing 3 a day can sometimes be a challenge. During the heyday of signings, I lived in a more densely populated area and did 5 or 6 in one day. Back then, most docs were also overnighted, so no printing delays or printing time involved. My record day was 14. But that was end of month at a title company, closing new home purchases.
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 |
Edited by - PWinFL on 08/25/2009 10:41:30 AM |
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Newnotary
18 Posts |
Posted - 08/25/2009 : 09:15:41 AM
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| Thanks Renee. Here is my job timeframe from yesterday. Job is at 7pm. Do not get docs until 6:55. Proceed to print out two sets of docs containing 150 pages each. Leave for job at 7:20. Arrive at job 7:50. Documents signed and notorized by 8:50. Drive home and arrive home by 9:30. Pull approximately 45 docs which have to be faxed back. Finish by around 10:00. That's three hours. Is there antyhing I could do that you would do differently? This is why I can't see how people do 4-5 in a day. Thanks. |
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Renee
Michigan
549 Posts |
Posted - 08/25/2009 : 03:27:22 AM
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I think Vince makes an excellent point - those who work cheap don't stay very visible on the forums. As for how some of us can do 5-6+ a day? Easy - it doesn't take us 3 hours. Those in rural areas or mountain regions have logistical hurdles that I don't have, and also those areas would likely be far less populated. Location has a lot to do with it. I'm in a highly-populated suburban area, and also surrounded by affluent areas (lots of qualified buyers/borrowers), and I'm central to the major freeways.
While I have to say this week and last has been a blip on the radar, I've stayed pretty consistantly busy since early '05. I have about 200 clients in my pool - 5 or so send 90% of my work at any given time, some I only rarely hear from, and it changes all the time. One of the 'major' 5 will lighten up, but another one will pick up.
None of the low-ballers call me anymore - I think they passed a Sharpie around and ----through my name. I don't compete on price, I compete with my skills, experience & quality of service. Not every vendor out there cares about those things - and the feeling for them is kinda mutual from me. I also do NOT have pymt issues - I don't even THINK about "will I be paid?". Somewhere in there is a common denominator ...
At any given time, my top 5 clients will usually be 4 T/C's and 1 SS. I don't mind services at all - as long as the money is green. I also do a lot of work through smaller, local T/C's - for the past couple years, that's been my bread & butter. Some of those deals are SWEET, too.
I have a couple where I go in, they hand me a file (purchases), it's fully organized, I go down the hall to the closing room & someone comes in after 10 min. to get the buy/sell docs and make the copy pkgs for me while I do the loan docs! I hand the file back, get handed the next one ...and I'll do multiple closings that way (for $XXX /each - I don't do ANYTHING for less, it all takes at least that minimum in brains/skill). I could do that all day long!
I edited to add: I am also highly-HIGHLY organized & time-efficient (to a fault - obsessive?!) I get a confirmation, I make my map & invoice immed., prep an envelope, whatever I CAN do ahead. I get MYSELF ready-to-roll in the early morning, I keep gas in the car, etc. When I get my pkg it never takes me longer than 15 min to print & stack both pkgs (yep, I stack my copy pkgs, too) and I'm out the door. Even my dog knows the ropes - I open the door to the yard and say "I'm going to work!" and he RUNS into the house. |
Edited by - Renee on 08/25/2009 03:44:48 AM |
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vince
Kansas
324 Posts |
Posted - 08/24/2009 : 8:20:48 PM
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| For the best possible feedback regarding fees, type "fee" into the search engine here and on other forums. It is a subject that has been examined and discussed a great deal. You could read feedback for many days from many contributors. One thing you might notice if you do check for good honest responses is how very few of those that are accepting the low fees continue to be around to make comments. |
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Newnotary
18 Posts |
Posted - 08/24/2009 : 8:01:30 PM
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| After getting many many calls from servicelink the well ran dry as I mentioned before. I decided to find out why and was told that there is a strict policy now, to call all $45,50,55 etc. fees first plus the additional 20.00 for edocs for a total of 65.00. Can someone PLEASE explain to me how a notary can perform 5 or 6 closings per day? I just finished a Country Wide/Bank of America and it took 3 hrs from start to finish including faxbacks for $90.00! Plus, the papers were an hour late. My feeling is that the notaries who are taking these jobs have to be getting help, otherwise it is virtually impossible to do this many in one day alone, that is, unless you work 15 hours a day. I've asked this question before, so I'll try again. How many companies on the average do notaries work for and is it possible to make at least 45K a year doing this? Maybe if I lower my fee to $40 plus $15 I'll get more work. At that rate, pretty soon we'll be paying them to let us work. I won't cut my fee because this job commands more than a lousy 65.00 per signing and it lessons the importance of the work itself. Some people are just a bunch of cut throats and it's really pathetic. I'm going to give it some more time, but at this rate, I'll go get a 9-5 job and get back into the boring corporate world once again before I work for free. |
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