I would say because you don’t know what their situation is (why they are in the business) and what their business structure is (financial needs) or how far they have to travel for that $75. I’ve said it before and I will say it again… I will do $75 packages within a 5 mile radius of my office all day, every day. It all adds up in the end! You can focus on your income, but you should also be focusing on your expenses to run your business to offset some. I’ve taken public transit to certain jobs, rode a bike, purchased supplies in bulk, shopped around for insurance, and in addition to negotiating fees, try negotiating with the borrowers on a closer signing location, expand your reach (like commercial properties and builders). You’ll NEVER outrun the low ballers, so you have to be “strategic” to make it work for you. Also, keep in mind, Notary services is not a service that everyone needs all the time demand wise (like food and water). They only want it when they “need” it!
But it doesn’t make sense doing $75 Refis if your going to be at a loss. It’s not just you at a loss it effects everyone in the industry, no the minimum amount of money for a refi must be at least $100 , it’s foolish to do it for less and it just hurts all of us.
Not if you can be profitable at it. It’s foolish to turn down work if you can make a profit at it, simple as that. Just because you can’t make money on that fee doesn’t mean someone else can’t. Where is it written that $100 for a refi is the cut-line?
I agree with [vvs.notary.services]; find your breakeven point and if you can appreciably exceed it, take the work. The foolish thing is not to.
I guess we are just going to disagree on this subject then.
OK by me to disagree. The numbers will tell the story.
Yes, the numbers do tell the story.
My post referenced that it may not be a loss for EVERYONE even if its a loss for you. Too many personal/professional variables to come to such a conclusion. What your stating is an opinion, not a fact is what I’m saying. This is why NSA’s “strive” to start their own SS company.
I can’t think of a scenario where accepting lower then $100 on a signing isn’t a loss, especially in California.
My 2 cents on CA… They had the highest cost of living and running a business in the nation long before this current inflation gig kicked in. Hence why Californians been migrating to other states for years. Who cares that someone wants to pay half a million for a bungalow there? The cost to close a loan remains the same!
Well, that’s because you haven’t done your homework. I have, and I make money sometimes on jobs even as low as $70 (which I rarely take). There are two sides to the income and expense equation. When you figure out which side you can adjust, you may see it differently. My guess is, you won’t.
Oh, so what amount of money do you accept on signings on average? Why is that amount rare to you?
I lost a lot of friends and family because they didn’t want to stay with me in california.
LOGISTICS! IMO, (as an example) If you do not take a $70 signing up the road from you just because it’s “not your fee” or you consider it a “low ball” number then you are not running your business as appropriate and are losing! If you are not making “some profit” off such a signing, something is wrong on your end. It all adds up at the end! Your mistake is you look at each individual signing as whether it is “worth it or not.” IMO you can’t do that or you will lose on income when you crunch your numbers for the year compared to the numbers you turned down, then compared to your expenses for the year. Economics 101.
I will not share you with my gross or net margins. You’d question them no matter what I said. I will say that $70 is a pretty low offer but I occasionally take them when I need some filler work or if the job is easy or close to home. I’m not competing with you, one-on-one, man. Everyone’s gig is different. What I object to is your blanket statement that it’s minimum $100 or bust. I’m just reporting that it’s not so, at least for me.
Why should your friends and family want to “stay with you” in California. They left for one of two reasons: they believed that the grass is greener elsewhere, or, they didn’t want to remain here with you. You have to figure that one out.
Well personally I think california is worth the high cost.
As do I, or I’d have moved away.
PRIORITIES plays a role here. If you can afford the “worth” to live there, that’s great! But if one wants to survive, prosper and support their family (make their money worth more), they move to someplace where they can (more Economics 101, sorry). The plus side to CA is because the cost of living is so high, the location (being on the coast), and the high jobs available there, it has inflated property values so high, that they can sell their 500SF bungalow on a postage stamp sized lot built in 1969 for half a million, pay it off, and build a brand new 2,000SF house paid in full somewhere else. Between the cost of living, CA’s response to COVID and property taxes there, people are leaving CA in droves (to the point I can’t see how the numbers would be accurate). It’s all over Google (which is a CA company), and as of “yet” hasn’t been scrubbed from the search results!
@Bobby-CA , @vvs.notary.services @borunda06jason why are we talking about the same fee stuff on two separate posts. Everyone has a different perspective… let’s just respect that and agree to disagree.
I think that the fact that we don’t agree is no secret, neither is the topic. I personally am just trying to share education and experiences to fellow NSA’s (particularly @borunda06jason) who may not be “fluent” on the industry as a whole as it relates to running a business in such industry. Everyone’s experience in this field is never “truly” verified, and up to interpretation. So by me not “really” knowing his tenure in the industry, I’m just providing back drop info for him to consider.
As I look at your avatar… I imagine that’s exactly what you look like…lol