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edelske
New York
815 Posts |
 Posted - 01/27/2013 : 09:21:12 AM
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Dan,
OUTSTANDING analysis
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
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Dannotary
California
265 Posts |
Posted - 12/24/2012 : 8:52:38 PM
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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 even more work and at least be able to service my clients better.
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, real $ etc.
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mgb1966
Wisconsin
47 Posts |
Posted - 12/15/2012 : 11:02:07 AM
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| It is my experience that the more closings you do, the more valuable your time costs are. The more pages you print, the more time they take to produce and the more time spent in the signing. That is why this business is so hard to do full time. If all your closings are in an office, your travel time is nill, but a mobile signing agent is limited in scheduling because of the time spent traveling, which limits your opportunities for additional work. |
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LindaH
Florida
1754 Posts |
Posted - 12/14/2012 : 1:34:03 PM
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"Total cost incurred by Notary Public per signing = $8.30"
Yeah...way off - more like a subtotal. This may be your printing cost alone but there are far more factors that go into a loan signing. No one is this the total cost incurred per signing. One thing I'll point out is duplexing borrower copies - a huge problem if the original package is not duplexed and you have to pull a page due to signing error, which does occur.
The main cost factor missing - federal income taxes - and it's a factor far too often overlooked until January.
Linda
http://www.columbiacountynotary.webs.com |
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Renee
Michigan
549 Posts |
Posted - 12/14/2012 : 12:08:40 PM
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Way too incomplete. The last time I ran the numbers to get a per/signing cost, it came to $27. I included EVERYTHING, from taxes to marketing and mileage, home office, internet service, everything.
Easiest way to get a real cost on a per/signing basis is when you've finished doing your taxes. Take your gross expenses and divide by the number of signings for that year.
That does assume that you are only doing signings as the only business generating the expenses. |
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wayneclemons
California
46 Posts |
Posted - 12/13/2012 : 10:49:01 PM
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The average cost incurred by a Notary...
1 case of Letter size paper, 5000 pages - $30.00 = $0.006 per page
1 case of Legal size paper, 5000 pages - $50.00 = 0.01 per page
1 high capacity toner cartridge rated at 12,500 prints - $125.00 = $0.01 per page
1 gallon of gas - $3.50. Car at 25 mpg = $0.15 a mile
FedEx or UPS envelope to send docs back = $0.00
FedEx or UPS envelope used for providing customer copies = $0.00
We will say the average doc set is 150 pages for the customer signing portion and 75 pages for the customer copy (when printed duplex, front & back)
175 pages letter = $1.05
50 pages legal = $0.50
225 pages of toner usage = $2.25
30 mile 1-way trip to signing venue = $4.50
Total cost incurred by Notary Public per signing = $8.30
Other incidentals are not purchased as often and are hard to include on a per-signing basis. Those incidentals include:
Pens, Journal, business cards, Ack/Jurat pages, outbound fax calls to non toll free number, printer drums, thumbprint pads, advertising, etc.
Wayne
www.ExclusiveMobileNotary.com
www.FaceBook.com/ExclusiveMobileNotary
www.Twitter.com/ExclusiveNotary |
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Average out of pocket cost for a signing...
