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Lee-AR
Arkansas
678 Posts |
 Posted - 03/13/2013 : 10:22:47 PM
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Everyone calculates this a bit differently due to some variables, but on the whole, profnot & LauraV have given a very good starting point and much food for thought. The main point of my post is "please think about everything before you determine what a reasonable fee for YOU is"...or you may wind up very surprised and broke not too far into this business. And there are many hiring companies who will love you for your lack of business sense and who will dump you when you wise up and just grab the next newbie in line to use and abuse.
If you don't value your time and experience, nobody else will. |
Edited by - Lee-AR on 03/13/2013 10:26:52 PM |
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profnot
41 Posts |
Posted - 03/12/2013 : 08:56:06 AM
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Tips on determining your fees
Car costs
Most new notaries forget to work in the cost to own and operate their car when they accept work for signings and general notary work.
Edmunds has a good calculator:
http://www.edmunds.com/tco.html?mktcat=tco&kw=true+cost+to+own&mktid=ga56677242
The cost to own and operate my car comes to around 75c a mile. I live in a rural area so if I take a signing 30 miles away, that's 60 miles round trip. 60 miles x 75c = $45. So I am fronting the SS or TC $45 just to take the job.
Computer and other equipment
The cost of computers, scanners or fax machine, printers, toner, paper, etc, all add up fast. FedEx in my area charges $12 an hour and up for the use of their equipment plus more for printing. So a good place to start is $15 an hour including printing.
Our essential cell phones are expensive, too.
For example: $70 a month comes to $840 a year. If you take lowball fees of $60 per signing, it would take 14 signings just to pay your cell bill (and you'd still have to pay for your car and computer equipment).
Notary commission, bond, insurance, stamps, embosser, and journals.
The above costs for my 4 year commission comes to around $500. So I need to sock away $10 a month to be ready for the $500 hit when I renew every 4 years. Yes, you absolutely need errors and omissions insurance.
Your time
Each loan signing takes a few hours of time. Phone calls and emails with SS, TC, and signer, time at the computer, time in the car, time with the signer, and time for packaging and taking to FedEx. Say 2 to 3 hours per job.
If you are new, your time is worth at least $20 per hour. If you are experienced, at least $30 an hour.
Tax and licenses
Varies widely by area and by individual. Assume at least $5 per job when you start out.
Arriving at the minimum fee you will accept as a newbie -
2.5 hours of your time @ $20 per hour = $50
Car - let's say 10 miles each way. 20 x 75c = $15
Computers and other equipment. 1 hour at $15 = $15
Cell phone - let's say you only get 6 signings a month when you're new. So $12 per job.
Commission & supplies savings acct at 6 signings a month = $2 per job.
Tax and licenses $5
Minimum fee for you to accept: $99
Which is $50 for you and $49 for expenses.
So never accept a job for less than $100. If the SS or TC says they can find someone for less, let that person have it. You have a business to run.
Best of luck with your notary career,
LauraV
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Newbies - how to determine your fees
