AN IDEA OF WHAT IT COSTS TO BE A NOTARY SIGNING AGENT
Based on an average of 57 appts a month, at 100.-$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. Basically, I add all my yearly expenses and divide it by how many appts I did that year. That gives the net for each appt; and then divide that by how much time it takes 1.75 to 2.5 hrs an appt. That’s what you make.
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 to $21.58 an hr. for 2 to 2 and a half hrs . !!!! WOW!!
Now consider that as Notaries we have UNLIMITED LIABILITY, you could lose 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.
Until then, my advice to younger people and new signing agents: There is NO pie in the sky. Nothing is for nothing. Go to college, get you’re an education, get a masters or PHD in something, anything, have real security, real $ etc.