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 Reducing your fees in a bad economy
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630 Posts

Posted - 09/21/2013 :  1:22:00 PM  Show Profile  Reply with Quote
Disagree. Was a time in the early 90's when edocs paid $50. Late 90's, when more people had computers/hi-speed internet/printers, that decreased to $25. Attempts were made to further reduce the fee, but, in general, it has held pretty steady at $25 for over 10 years...including during the boom years, when, by your reasoning, fees should have increased as business was booming. Point being, once it goes down, it doesn't come up.

If you don't value your time and experience, nobody else will.
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3009 Posts

Posted - 09/21/2013 :  12:12:58 PM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
I think that the notaries are missing the point. Running a notary business is a business and should be run as such. Your fees should NOT be based on what the signing company is charging and should NOT be based on how much your gas and toner cost. Your fees are based on supply and demand.

Imagine that you only were offered $30 per signing and gas was $10 per gallon. If you turned down every job you were offered, you might starve. You have to take what you can get to survive. I don't think notaries understand this concept.

On the other hand, if you have other work that keeps you busy, then you can pick and choose what you take -- once again based on the law of supply and demand. Don't try to make your fees based on reason, base your fees on supply and demand -- market forces.

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15 Posts

Posted - 09/20/2013 :  5:56:57 PM  Show Profile  Visit kevinwbyrd's Homepage  Reply with Quote
Well said Bob. The notary is the final piece to the puzzle. If we start lowering our fees we will never get them back. Think about it gas ,paper and ink cost is not going down it's going up.

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18 Posts

Posted - 09/13/2013 :  10:23:19 AM  Show Profile  Reply with Quote
I have not reduced my fees. The signing companies and title companies haven't reduced the fees they are charging the borrowers. I would sit home than lose money by reducing fees. The only way we will keep our fees high enough to make money is by not accepting low ball fees and encouraging other notaries to not accept these jobs.

Bob Wells
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3009 Posts

Posted - 08/08/2013 :  8:02:46 PM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
Many notaries are forced to reduce their fees, but how low should they go? Once you give someone a low price once, they will grow to expect low prices. On the other hand, if you are charging just too much, then you will lose work.

In general, if you charge too little, you will have to say no to good jobs because you are too busy. But, charging too much will leave you doing too little actual work.

If you outperform the other notaries, you should be able to explain how you are better, and what you do that is extra. A good rationalization of quality:price ratios can win over a new client if they value quality. As long as you deliver on your promises of high quality, they are likely to keep you as well!

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