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JaniceE
Utah
2 Posts |
 Posted - 02/02/2012 : 8:04:20 PM
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Thank you to all of you...I very much appreciate the advice & information. One thing that you pointed out I hadn't even considered was adding in for the taxes.
I can see that I have a lot more to learn & again, thank you for your helpful comments.
Janice Evans
Mobile Notary of Southern Utah |
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Lee-AR
Arkansas
678 Posts |
Posted - 02/01/2012 : 05:43:28 AM
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Here's a link to some food for thought:
http://www.inc.com/guides/price-your-services.html
I have a spreadsheet that took some work to do, but in about 5 seconds and 4 keystrokes, I KNOW what fee I must quote in order to be profitable and not working at a loss. I do probably turn down or am turned down on as many as I accept, however, I am NEVER working at a loss. And they DO call again or call back and accept my quoted fee.
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CopperheadVA
Virginia
420 Posts |
Posted - 02/01/2012 : 04:55:43 AM
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I agree with your friend. Even with my very first closing in 2005, I charged $150 and that included travel of about 45 miles each way. I also agree with Lee, that guy got real quiet because (in my opinion) $100 is way too low for a 95 mile round trip. I might accept $100 for a closing IF it was from a repuatable company AND was located only a mile or two from my home. My regular fees range from $125-$150, sometimes more with excessive travel. I have a notary friend who manages to get even more than that on a regular basis.
Since you are located in Southern Utah, are you likely looking at long drives for most every closing? Are there many other notary loan signers in your area? If there are not, you can command a higher fee more easily than someone else who is located in a saturated area. Those lower paying comanies are fine to cut your teeth with, but once you get around 20 closings under your belt, I think you pretty much know what you are doing and how it all works. Attention to detail is the key, and check your work four or five times before sending back so you know that package is perfect. If you find a missed signature, date, or initials then get that corrected before sending the package back. If you make a mistake, learn from it and never repeat it again. Higher fees require perfect packages sent back to TC.
There are certain companies that prey on newbies and you will never get them to pay more than $65-$100 no matter how far the travel is. You will have to leave them behind for the higher paying, faster paying, less hassle companies that ARE out there. |
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LindaH
Florida
1754 Posts |
Posted - 02/01/2012 : 03:33:05 AM
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Lee is right...here's what I consider a good starting point for figuring fees:
Most loan packages require 8-10 notarizations - most have more, some have less. You in Utah can charge $5 per jurat or ack - so a package with 9 (median) notarizations has an associated automatic fee of $45 right off the bat. (FYI in FL we can charge $10/jurat or ack so my starting point can feasibly be $90 in this scenario)
Now, taking it from there, you tell me if $65 is enough ... $65 less $45 leaves you $20 to cover your time, printing, travel and all other associated costs of the package. I really don't think it does
And don't forget this most important fact that is very often overlooked - the fee you accept less your deductible costs is taxable. So you have to figure taxes into the equation to the tune of 15-27% (possibly different now, I haven't looked at tax rates lately)
When you sit down and figure it out and all things are taken into consideration, you should still be in the black. If you're not, you're not working at a profit.
Linda
http://www.columbiacountynotary.webs.com |
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Lee-AR
Arkansas
678 Posts |
Posted - 01/31/2012 : 8:21:35 PM
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Your friend is right. And you seriously need to spend some time and do some math. Start with what your gas cost for that 115 mile trip.
The man got real quiet because he knew he'd found a newbie who has no concept of how to operate as an Independent Contractor.
Do yourself (& the rest of us) a favor and figure your costs AND how much you want to earn for your time before you quote again.
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JaniceE
Utah
2 Posts |
Posted - 01/31/2012 : 7:16:54 PM
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Good evening everyone,
I hope someone out there can help me regarding the issue of fees.
As I'm relatively new to all of this, as I've been called upon by various agencies, I've accepted any requests for signings. The first 2 that I did were from the same company (both calls needed same day signings over the recent Christmas/New Year holiday) - one offered $65.00 for loan closing in my hometown, so no driving. The 2nd one required me to drive 115 miles round-trip & offered me $100, also for a loan closing. Today I was asked to do another loan closing 95 miles round-trip & when asked my fee, I quoted $100.00, (the man on the other end of the loan got quiet for a moment, so I wondered if that was too high or too low & he knew it.) A friend advised that I shouldn't accept less than $125.00 plus travel. Does this seem fair? I don't want companies to stop calling for my services, but I also don't want to short change myself. Any advice would be greatly appreciated. Thanks for your time.
Janice Evans
Mobile Notary of Southern Utah |
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Question from a newbie about fees...
