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Notarykat
North Carolina
25 Posts |
 Posted - 07/16/2009 : 08:25:54 AM
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Thanks for the model. It is right in line with how I was figuring everything too. I don't understand what the lenders and other think a notary is to them. If we didn't go out there, they would have hire an attorney. Wouldn't that cost them more money? I feel underpaid and unappreciated.
Notarykat |
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KanDoNotary
Oklahoma
69 Posts |
Posted - 07/15/2009 : 8:07:07 PM
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Just FYI, as of 7/22 the Federal minimum wage rate goes to $7.25. Lisa's calculations at $50/3 hour signing means the notary would be WAY under minimum wage. And that doesn't even consider the other costs of doing business--just hourly rate. I bet people in the offices that are finding the notaries are making more than that
Have Seal, Kan Travel! |
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Lee-AR
Arkansas
678 Posts |
Posted - 07/15/2009 : 7:31:19 PM
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NewNotary... don't cut your fee to 'compete' as you'd be competing with idiots. Let them take the cheap fees 'til they go down the tubes--and they will.
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Lee-AR
Arkansas
678 Posts |
Posted - 07/15/2009 : 7:25:52 PM
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Yep... have been noticing that for last 3 - 4 months. Also noticing that when you say 'no', 90% of the time, they do call back and agree. Frequently, they start the 'cheap' process early in the game and when it gets down to the wire, your fee is suddenly OK.
The people who are taking these too cheap offers do drop out--I guess because they finally figure out that they aren't making any money & maybe only paying expenses. Some are quicker than others at figuring this out.
Hang in there and hang tough!
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Newnotary
18 Posts |
Posted - 07/15/2009 : 7:13:32 PM
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| In my case, there are approximately 4 individuals in my county who charge 45.00 plus 20.00 for edocs so naturally, I don't get any calls for closings in any of my surrounding towns. I get plenty that are a minimum of 20-30 miles each way, which I'm assuming, these individuals are refusing. In order to compete I was thinking of cutting my fee just in my local area in order to get some of this work from them. What do you think? I take around 3 hrs to complete a signing from start to finish and am totally confused how some individuals can get 65.00 a signing and pay the bills. What is their secret? I'm hearing some notaries do 5 and 6 per day! Is that even possible? I had a signing where the borrower read each and every document. All told, it took two hours for the signing, and the packet was only 107 pages in total. I was the third notary to do this signing due to various problems with the paperwork, but this person did tell me that the first notary told him that he should just sign the papers and not to bother reading any of them because he had another signing to do. I'm sorry, but aren't we there to help the borrower? I would never do that to someone and the borrower actually complimented me for my professionalism and patience and I've only done 20 signings so far. I had a notary who is in the business now for about 7 years, do my closing. He just handed us papers and commented that he didn't even look at them before he got to my house. After 4 months, I received a paper in the mail which he forgot to give us to sign. This carelessness or cockyness is what I personally want to avoid and if doing only 2 a day is the most I can do, but get it right, then that's what I will do. |
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Lisa T.
California
391 Posts |
Posted - 07/15/2009 : 5:22:41 PM
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$50 signing = $5.56 per hour
$75 signing = $8.33 per hour
$100 signing = $11.11 per hour
$125 signing = $13.89 per hour
$150 signing = $16.67 per hour
$175 signing = $19.44 per hour
Someone else figured that 2/3 of a signing is overhead, 1/3 is profit and it takes about three hours for a signing, from printing the docs to completing the signing then shipping the package, plus invoicing.....I thought that was a good general model. While not entirely reflective of every signing, some signings will be slightly shorter, yet other signings will be a little longer but overall it's just a general model and gives an example of what the hourly rate would be for a signing based on the fee charged. |
Edited by - Lisa T. on 07/15/2009 5:24:48 PM |
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Notarykat
North Carolina
25 Posts |
Posted - 07/15/2009 : 3:10:58 PM
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I am in North Carolina and I keep getting calls from different title cos and signing agents offering only $75. This has started to become a trend and I keep refusing them. The only problem is that now I don't have any work. Anyone in my area feeling the same way. I have tried to tell these companies that the costs remain the same. Last month went fine and then this happened. Any ideas why?
Notarykat |
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Fees offered me are getting less and less
