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TGS1985
California
208 Posts |
 Posted - 05/27/2012 : 6:19:00 PM
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Wow I'm doing good then!
I'd say my average is $100.00 and base off this month thats going up. Also I got my routine down to the point that a signing on average takes me only an hour (this, considering its a refi with a RTC, 90-120 pages long with 4-6 docs needing notarization, no fax-backs).
Also I notice you have $452 listed for E&O. Is that for a $100,000 policy because I paying only $230 for both a 4yr $100,000 E&O and $15,000 Bond with Travelers. Might want to shop around next time around.
I agree with you though. I will no longer do a signing for under $100 unless its a small package. More so now than ever with these gas prices. And the liability is a good point also. Unfortunately, I think signing agent E&O still isn't being offered in California. That said I been considering getting quotes for a General Liability policy, just for potection against frivolous lawsuits.
I think the low ballers are in for a rude awakening once the housing market and the economy really start to recover.
- Tyler -
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Dannotary
California
265 Posts |
Posted - 05/06/2012 : 10:22:04 PM
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| I fine tuned my figures. Average appt pays 90. (some more some less) but after the expenses it leaves you with 50.39 an appt profit. Average appts take 2.5 hrs= $20.16 an hr. If you are lucky and get done in 2 hrs you get $25.20 an hr. |
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Dannotary
California
265 Posts |
Posted - 05/03/2012 : 1:45:04 PM
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I am grateful to be doing this job, working from home, and have great people in many signing co's and title co's to work with on a regular basis.
I can't believe many signing agents have owned a business before or they would all be charging more. Based on an average of 57 appts a month, at 90.-$125. an appt on average, some paying more and some overnights are less. I am a single person, no wealthy spouse or other income.
I HOPE THIS HELPS.
E&O ins 452. for 4 yrs .20 an appt
Car payment, ins and maint = 14.36 an appt (New Corolla best mileage)
gas 3.22 an appt
copier cost toner and maint = 3.95 an appt (used Sharp ARM257 like a copy store has)
paper, average 260 sheets an appt= 2.60 an appt
health ins 452. mo = 7.92 an appt
Laptop,($1200.) new every 3 yrs/400 a yr= .59 an appt
supplies(pens clips,rubber bands,yellow stickies etc .29 an appt
tax at 20% 11.42 an appt
me paying for shipping a few times a yr for boo- boo's 11. each= .09 an appt
Cell ph $125. a mo.& not counting the cost of phone = 2.20 an appt.
Total expenses an appt $46.84 from 90. =$43.16 net profit each appt
average appt time, printing, preparing travel time, and the appt,
shipping time,waiting in line at UPS and Fed X as most dont want you to use a drop box these days, = 2.5 hrs average if you are fast and experienced.
Your AVERAGE net profit after all expenses and taxes= $17.26 an hr./2hrs time = $21.58 an hr. !!!! WOW!!
Now consider that as Notaries we have UNLIMITED LIABILITY, you could loose your home and all assets even after E&O ins, and all joking set aside, you could end up living in a used bread truck in WalMarts parking lot forever, even if it wasn't your fault. Do you see why we have to charge at least $125. an appt????????????????????????????
Remember to be effervescent, smiley, and all bubbles in a suit, stressed, rushed and with tight chest or chest pain half the time. What price does this have?? Last minute is the nature of the lending industry so accept it. It does not give the normal consideration of advanced notice of appts and getting docs on time. That's for other businesses. If you operate this way and don't hussle it, you won't make much.
I was thinking of installing a dual tray printer in my trunk and get a portable scanner for faxing back immediately. More expenses. Maybe it will get me more work.
My advice to younger people and new signing agents: THere is NO pie in the sky. Nothing is for nothing. Go to college, get your ed-ju-ma-cation, get a masters or PHD in something, anything, have real security, $ etc. |
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