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lightk
Alabama
108 Posts |
 Posted - 02/15/2014 : 04:16:49 AM
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profnot, THANK YOU for explaining the expenses step by step.
So many new notaries wrongly assume that by accepting a $45 - $75 signing with edocs & faxbacks that it's extra money in their pocket they wouldn't have if they stayed home. Hopefully this will enlighten others that when they accept these low fees, they are actually losing money.
I know there's always exceptions to the rules: will the borrowers come to the noaries home? or are you going to already be in the neighborhood?
And, when a SS says "If you take this one job, I'll send you all the work we have in your area", tell them No Thanks and stand firm with your fee schedule. Of course a SS will give you all their jobs for $45. But, please stand firm, notaries! You are worth so much more than that!!
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21015
California
7 Posts |
Posted - 02/14/2014 : 2:54:24 PM
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Profnot,
Thank you so much for your calculations. I refused 4 jobs in the last week that offered me $60 to $75 of a loan signing. Your calculations re-affirmed why I said NO. One company said they had no problem getting notaries in my area for $60 for a loan signing. I politely said that it was fine with me if they want to work for less than minimum wage but I elect not to.
Thank you again, we should all stick together to be paid what we deserve!!! |
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dlove
Missouri
14 Posts |
Posted - 02/14/2014 : 11:16:41 AM
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profnot is right on track. I agree totally. I go thru this what seems like daily w/ lowballers. They come off w/ the "it's only 40 pgs." Ok, fine, what they don't want to get is that the pg. count is not that big of a deal, it's my time! It takes nearly as long to do a 40 pg. app as it does a complete refi. In addition to that, I have to leave a hole in my schedule where I've committed to be @ location X @ time X. If someone calls w/ a job that pays more, and you can't move one of the appt. times, which is frowned upon, you have to decline the better pay. Ouch! I went thru this scenario just yesterday. They wanted to pay $40.00, sorry I usually charge $100.00 for this type of signing. 10 minutes later, another call, for same time, but it paid $150.00, sure glad I declined....
David G. Love |
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azdocsign
Arizona
89 Posts |
Posted - 02/13/2014 : 4:15:20 PM
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Laura:
I mentor notaries and was wondering if I might get permission from you to share your thoughts. I really like the way you have researched and clarified this topic?
Thank you,
Kathy Fletcher
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LindaH
Florida
1754 Posts |
Posted - 02/10/2014 : 4:42:24 PM
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Excellent information...but some key expenses not accounted for...
Income taxes!! Federal and, if you're lucky enough to live in a tax state, State Income taxes. Amount dependent upon tax bracket. Also, Self Employment taxes - for those who wish to continue to pay into Social Security..
That $9.20/hour just became about $3-$4/hour.
Linda
http://www.columbiacountynotary.webs.com
http://www.notary.net/websites/LindaHubbell |
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profnot
41 Posts |
Posted - 02/10/2014 : 2:02:12 PM
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Tips on how to determine your fees
Car costs
Most new notaries usual remember to think of gas costs but forget to work in the total cost to own and operate their car when they accept work for signings and general notary work.
Edmunds has a good calculator. You'll enter cost of gas in your area, your make and model or car, year of car, and more information.
http://www.edmunds.com/tco.html?mktcat=tco&kw=true+cost+to+own&mktid=ga56677242
The cost to own and operate my car comes to around 75c a mile. I live in a rural area so if I take a signing 30 miles away, that's 60 miles round trip. 60 miles x 75c = $45. So I am fronting the SS or TC $45 just to take the job.
Computer and other equipment
The cost of computers, scanners or fax machine, printers, toner, paper, etc, all add up fast. FedEx in my area charges $12 an hour and up for the use of their equipment plus more for printing. So a good place to start is $15 an hour including printing.
Keep track of your expenses and you'll be able to more accurately assess the cost of printing a 100 page document. Then you can determine pricing for printing small, average, and large packages. Same goes for faxing, email/scanning, etc.
Our essential cell phones are expensive, too.
For example: $70 a month comes to $840 a year. If you take lowball fees of $60 per signing, it would take 14 signings just to pay your cell bill (and you'd still have to pay for your car and computer equipment).
Notary commission, bond, insurance, stamps, embosser, and journals.
The above costs for my 4 year commission comes to around $500. So I need to sock away $10 a month to be ready for the $500 hit when I renew every 4 years. Yes, you absolutely need errors and omissions insurance.
Your time
Each loan signing takes a few hours of time. Phone calls and emails with SS, TC, and signer, time at the computer, time in the car, time with the signer, and time for packaging and taking to FedEx. Say 2 to 3 hours per job.
If you are new, your time is worth at least $20 per hour after all expenses. If you are experienced, at least $30 an hour.
Tax and licenses
Varies widely by area and by individual. Assume at least $5 per job when you start out.
Directories, website, business cards
I have two websites for which I pay $150 total a year.
I buy 500 cards at a time from VistaPrint.com on sale for around $20.
If you're new and want loan signing work, you'll need to be listed at 123Notary, NotaryCafe, and NotaryRotary. This costs around $100 a year or more, depending on the type of listing you choose.
Say $3 per job for advertising costs, Plus you'll spend lots of time on the phone and computer signing up with companies and getting information about you splashed around the internet.
Arriving at the minimum fee you will accept as a newbie - Sample calculation
2.5 hours of your time @ $20 per hour = $50
Car - let's say 10 miles each way. 20 x 75c = $15
Computers and other equipment. 1 hour at $15 = $15
Cell phone - let's say you only get 6 signings a month when you're new. So $12 per job.
Commission & supplies set aside at 6 signings a month = $2 per job.
Tax and licenses $5
Advertising $3
Minimum fee for you to accept: $102
Which is $50 for you and $52 for expenses.
If you take $75 for a signing with edocs, you are making $23 or $9.20 per hour for your time. That is close to minimum wage. Our training and experience are worth far more than minimum wage.
So never accept a job that pays you less than $20 an hour in profit. If the SS or TC says they can find someone for less, let that person have it. You have a business to run. If your area is too saturated with NSAs who take low fees, you need to move or find other work that pays you a respectable fee.
Laura Vestanen
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Tips for determining your expenses and fees
