Gas prices, printers, paper and almost everything else is going through the roof nowadays. How are you coping with the current inflation situation?
Are you raising your prices? Keeping things, the same hoping for a better outcome? Looking for something else?
Share your thoughts.
I made a decision to not take anything less than $150 if I have to print and drive. Too much stress and everything is way too expensive and dangerous to be driving around all over for pennies. No thanks.
I increased price on gnw, I will not leave my house for less than $30.
For Loan signings I fluctuate as it depends on the type of signing and distance.
My same thinking. Normally within my own county my travel fee is $25 … I’m raising that to $30-$35 depending on where in county it is … Our county is pretty big. I can drive 25 miles one way and still be in county…that’s 50 RT… need a raise
Listen to your gut. You will know what to do.
I analyzed my geographic coverage area to establish where most of my business was coming from. I decided to reduce my coverage area, eliminating the least profitable areas, and restructured my pricing plan to fit both rising costs and other expenses.
I charge .50/mile. It’s simply not worth it to print 150-180 pages (plus a copy for the signer) then drive 30 miles to a refi, spend a solid hour with the signer, followed by the signing service texting you about when scans will be uploaded—all for 75.00. 100.00 for the signing plus mileage.
It would be a cold day in heck that i would EVER do that job for $75.00
Now this is what I’m talking about. Raising your prices will do nothing. Our clients do not take in account (nor care) how much you pay for gas or how much you travel when they are offering a fee. How can they when they don’t even know the location of the notary as it relates to the signing address. The acceptance from the notary comes after the offer was already pushed out! Shrink your bubble! They will eventually get the message!
I charge $25.00 per hour for travel outside my service boundaries.
You must increase your prices or you’re working for free…no discussion…
Do you think the gas companies care about you …no they increasing prices every day
I recommend you read my previous posts on this topic. It’s no secret gas companies don’t care about us, but apparently “some” are under the impression that our clients do care. NOT THE CASE! One can “raise away” but the client is still going to offer what they want to pay. Why? Cause the prices of everything went up for them just like it did for us. I do agree we need to adjust for inflation, just don’t get “greedy,” as all that does is push them to shop around.
IMO fees will only get better when signing agents stop taking these ridiculously low rates. I’m getting offers for refi’s at $75 and countering at $125 and not getting a deal. Someone is doing these transactions. Wake up people!!
It’s probably all of the “New” signing agents that flooded when the demand was high, and many were jobless. Unfortunately they take these for low rates just to get their foot in the door. As was the case for a previous post, my county is huge. And I live in a county NEXT to the largest city in our state. I have pretty much dried up for orders in that county because I refuse to travel 100+ miles for $75. My only saving grace is the fact that I will travel to the county south of me and I am about the only notary that will- with that being the case I can usually get my request fee approved since no one else will travel that far.
I knew the “Feast” would dry up one day so I put a lot back in savings to carry me thru this “Famin”. I also stocked up on CASES of ink and paper. Thankful I did since now I can’t find legal anywhere close!
At the end of the day it is all basic economics…. “Supply and Demand”…. As the number of notaries enter the market the demand and price point paid will go down.
No, they won’t get your message because wherever the offer is, there always seems to be notaries who will take it for whatever rate is being offered. It’s really up to you to know where your prime area is and which signings make sense to take and which don’t.
Knowing your 'prime area" is how “most” of us come up with our “profit margins” which are different for everyone. I will take a $75 REFI up the block, while there are others who wont “start their car” for less than $125 no matter where the signing is (so they say). That’s on them and their business operations. What they want or need has nothing to do with what I want or need. And trying to get your competition to get on board with what you want or need is not realistic, nor going to happen. Hypothetical here, let’s say they pass a law tomorrow stating all NSA’s get a flat $225. Would you still do the job if it was 100 miles one way (200 miles round trip)? Most likely not. Why? Because you would make more profit doing the $225 up the block. The fee offered doesn’t change the random time/travel scenarios we face. You make more money through less time (labor) and travel, hence "shrinking your bubble! Also, while we are all getting $225 across the board, how would clients choose their notaries? And don’t tell me “experience, error free, length of service” either, as plenty of posts in this forum of notaries claiming they have been getting business based on all that all along.
So yes, we have a better chance of “making more money” by giving the client LESS for their fee (via travel and time) as opposed to trying to “price fix” the industry, or by sitting back and waiting for a client to accept “your” set fee! And if by some miracle we do get clients to pay us more of what we want and need, you better bet that they will expect more for that money. It’s called business!
In real estate, had a broker who said there is,alays a cheaper wh— out there the way signing companies wirk, ther is little chance to sell ourselves as better than— to justify higher fees. I see someone doing a heloc for 1.4 million and i wonder why the closing fees have not been raised by the banks. After all, they get paid percentages. Just a thought.
I first experienced cost increase with Covid-19, pens, hand sanitizer, gloves, and masks, etc. Now with gas prices in Ca. $6.49 on average and signings decreased, I had to re-evaluate. I travel within a 25 mile radius, I have add more assignments like sellers packages and HELOCs, they pay will and do not require a lot of printing, I still do loan signings.
Working with one title company where I am a preferred contractor, not a money maker with gas and I use premium but working. According to a respected source the financial economy is collapsing, as it has been for some time. Grateful we had the busy loan time we had. Just keep things simple. I live in the mountains 1/2 hour from town, catching a ride with my daughter today to go to town. Wish you all well!