I am a new notary/loan signing agent and need help in setting my travel fees.
I live in a heavily populated area with moderate to heavy traffic. Traveling 20 miles takes about an hour!
I’m not sure how to structure my fees so that I account for time and mileage?
Thank you
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I charge $50.for my drive per hour and then a fee for signing.
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One possible calculation:
IRS mileage rate: 58 cents per mile, to cover vehicle costs (maintenance, fuel, depreciation, insurance)
Average speed 20 mph, so time to drive 1 mile is (1 hour)/(20 miles) = 0.05 hour
Desired profit per hour is $30 per hour so $30 × 0.05 hour = $1.50 per mile
Add the maintenance, 1.50 + 0.58 = 2.08 per mile.
Decide if you want to estimate the mileage for each job, or just use the distance of your average trip for everybody.
I charge a travel fee of $1.00 p/ mi. Round trip, plus their fee ( if reasonable).
I live in a coastal three county market, I won’t leave town for less than $75. I laugh at C2C, and note, Surely you Jest… $30?
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depends on circumstance where you live in S Orange cty, CA 25-30 is about all the traffic will bear but then again the distances are short and relatively traffic free or at least modest
I like Ashton’s method. The IRS 58 cents per mile is what IRS allows for tax deduction. I believe the actual cost of travel is higher than 58 cents. Secondly, the cost is round trip. Your vehicle costs and your time are not free for your return trip. These costs also apply to making a trip to deliver docs to FedEx/UPS if you have to make a special trip such as would be required if your loan signing is after the last drop time for FedEx/UPS. The question then is will your customers pay your travel/convenience fee/amount.
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For GNW set your travel fees according to what your area dictates. Loan signings only generallty pay $25 for print/travel. If you are doing loan signings, you can ask for more, contact and explain the situation, you may be able to get more, but they are generally stuck on that amount.
There’s also notaries that charge no travel or just charge travel one way. There’s a notary I seen that charges $5 travel fee. I quoted $30 travel yesterday and I was asked “Why is it so much?!” So I dont think theres a sweet spot.
Unless there’s a trick to closing let me know. Because I dont think the $30 is too much when other notaries charge upwards of $45. And im in los angeles area.
Thank you. This sounds like a rational calculation, however, from the offers I’ve been getting I doubt I could charge that! I’m on the fence because of my uncertainty about how to turn a profit, gain experience yet not sell myself short, so I haven’t accepted these low ball offers that have been coming my way.
Do you also have a minimum if it’s under an hour?