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theinsurancelady
Washington
38 Posts |
Posted - 07/17/2009 : 2:30:35 PM
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Well said, Jeremy!
My favorite pricing model was found on this website awhile back...ask the person doing the booking, "What is the most you are authorized to pay?"
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jbelmont
California
3106 Posts |
Posted - 07/15/2009 : 2:19:15 PM
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Pricing is really much more complicated than how we are discussing it. Pricing should depend on how much time and risk you are putting into a particular job. If you have to print 200 pages for a signing, that should cost more than a signing involving printing 20 pages.
Additionally, if the signing is during rush hour, you might charge more if its far away. Signings at the end of the month take your time when the supply of your time is in short supply.
Signings for unknown companies have a higher risk, you might think of charging them more until they get a good payment track record with you.
There are many things to consider. There is nothing wrong with a flat fee for all companies, but you can also think like a hotel marketing rep and realize that the fee could fluctuate day by day depending on demand and whether or not the room has a jacuzzi, right?
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theinsurancelady
Washington
38 Posts |
Posted - 07/15/2009 : 12:46:44 PM
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The only time I offer a discount is when I get "bulk" calls from a company. For example, I give ServiceLink a $10 discount on e-docs because they call over and over again. (Although the Countrywide/B of A fax-backs or causing me to reconsider!)
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LindaH
Florida
1754 Posts |
Posted - 07/15/2009 : 07:32:46 AM
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I have to agree with Renee here....doesn't matter if it's a Title company or a signing service calling - the amount of work involved, expenses, time spent and distance traveled remains the same, as does my price....my fees are the same and are based on home county fee and out-of-county fee. You want me to go to the outer fringes of my outer counties, that requires an additional fee because that's substantial additional mileage AND TIME!!
To be fair, I think Carmen was trying to point out that dealing directly with title companies brings a higher fee than dealing with ss's mainly by virtue of eliminating the middle man and that's true. Unfortunately, signing services offering cheap prices to title companies to get their business is what's slitting the signing agents' throats.
MHO
Linda www.notarydepot.com/notary/lindah http://www.notary.net/websites/LindaHubbell
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Renee
Michigan
549 Posts |
Posted - 07/15/2009 : 03:17:02 AM
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My fee does not change relative to who is contracting my services. IMHO & with all due respect to Carmen, to encourage & endorse such a pricing DISCOUNT to 'signing brokers' is only assisting in the deflation of values we have seen over the years for our services.
What benefit is there to our industry in this? |
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Lisa T.
California
391 Posts |
Posted - 07/14/2009 : 9:02:39 PM
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My fee is the same for SS and TC, starting at $125 including edocs and rising from there...some things that may add to the fee would be distance beyond 25 miles (an extra five or ten miles is no biggie but when you get in to an extra 20 or 30 miles, then I do charge for extended travel), extra large file like 200 pages per set, time of evening like 10pm or later, fax backs beyond a certain number of pages.
Now I mostly work directly with TC's and Escrows mainly because they're the ones that call regularly and meet my fee easily and pay within two weeks. Of the SS's that I at one time worked with, only two are still willing to meet my fee and still call me. I think the others have lowered the fee they'll pay, but for me it's what I charge and not what they pay, so they've moved on to Notaries who will accept their lowered fee. Any new SS's that call are unwilling to meet my fee and search for a cheaper Notary. |
Edited by - Lisa T. on 07/14/2009 9:08:03 PM |
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PWinFL
Florida
469 Posts |
Posted - 07/14/2009 : 3:19:55 PM
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Carmen, et al, I don't understand why a difference in pricing. Is the work any different? Are your costs any different? If not, then why do you discount your services to signing services? It just doesn't make any business sense to me. Am I missing something?
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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crtowles
California
553 Posts |
Posted - 07/14/2009 : 11:54:55 AM
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Hi Butterfly,
Welcome!
We all charge different amounts depending on the job details and from whom and where the job comes from. For example if I were to take a job from a signing company I would charge 75.00 for overnight and 100.00 for e-docs. If the job came from a title/escrow company then I would charge 125-150.00 for overnight and 175.00 for e docs. This is just a guide but I feel is very fair. You must decide what you feel is fair and what you can live with.
Good Luck to you!
~Carmen
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butterfly
4 Posts |
Posted - 07/07/2009 : 6:42:47 PM
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Thank you everyone for your imput...I have been doing research all day today and wow what a day there is so much info out there... |
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Lee-AR
Arkansas
678 Posts |
Posted - 07/07/2009 : 3:29:36 PM
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You've been given some very good starting advice. Now, do your own homework & figure out just how far you can travel for a 'base' fee and still pay your own taxes, gas, paper/toner and realize how much you're really making in $s/hr. You'll make a few mistakes and you'll learn a lot...quickly.
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Renee
Michigan
549 Posts |
Posted - 07/07/2009 : 11:37:39 AM
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I came into this line of work already knowing the wide range of fees in my area. What I did do was research how to negotiate.
Our fees are negotiable, it's a game and some of the schedulers know it well! It's called "Show me yours first!" There's an old adage in sales that goes "The first person to name a number - loses."
I enjoy the negotiating, and I do have a bottom line where things are no longer profitable. The area between that bottom line and the sky is the playing field. =) |
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LindaH
Florida
1754 Posts |
Posted - 07/07/2009 : 09:19:39 AM
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I agree with Linda...I didn't get direct advice but did a lot of reading on the forums - if you read enough you'll find that someone along the way has mentioned what they charge...that's a good place to start.
Your fees are also going to be dependent upon the amount of competition in your area do a search here under "Find a Notary" with your zip code - keep in mind that what you find will be the notaries in your general area that are listed here - there are probably many many more listed on many other various listing sites..
You also need to consider your location...as an example, I'm very rural - nothing is less than 30 minutes away unless it's next door - my base fee with e-docs is for my home county only - that CAN be a 50 mile round trip depending on where in the county it is...anything outside my home county is an additional $20-$30, depending on where (one city I service outside my county is an easy 45 miles one way).
Hope this helps a bit.
Good luck..
Linda www.notarydepot.com/notary/lindah http://www.notary.net/websites/LindaHubbell
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BobbiCT
Connecticut
135 Posts |
Posted - 07/07/2009 : 09:10:55 AM
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In addition to your analysis to figure income vs. expenses to come up with the minimum net profit, don't foget to SAVE portions of your fees towards your state and federal taxes.
Bear in mind, when you begin signing contracts as a vendor for companies that are offering you independent contractor assignments, THEY will tell you what they are willing to pay. It is up to you to remember to negotiate a fee that you feel is resonable.
Good luck! Depending on the state you are in, it may be awhile before your new business will establish a profit.
Bobbi in CT |
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CopperheadVA
Virginia
420 Posts |
Posted - 07/07/2009 : 05:07:08 AM
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When I first began in this biz, I found out from a fellow signing agent what the going rate was, and I started out charging the same. It was $125 including printing edocs (one set to sign and one to give to the borrowers). This fee also includes all notarizations required within the package.
You also need to do your own analysis of your business costs and charge accordingly.
CopperheadVA
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Edited by - CopperheadVA on 07/07/2009 05:08:16 AM |
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butterfly
4 Posts |
Posted - 07/07/2009 : 04:59:41 AM
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I am a very new Notary/Notary Signing Agent and my question is how do you decide what to charge your client for the signing agent side to the business.
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