So, are you doing it?
In any case, I was not talking about RON. In some states, that is not allowed yet.
Iâm interested but seeing mixed signals about Indiana RON. I found that it is legal but then see this thread about it not being available on demand: RON in states that don't allow on-demand RON
I would love to pick up remote work here and there as my schedule allows but after reading the above thread, I wonder if it is really worth it. How did you go about establishing your RON work Antonio?
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Every business possesses an expansive realm of earning potential; however, not every individual is capable of fully unlocking their businessâs inherent capacity for growth and success. With this in mind, I pose a thought-provoking question: How can one strategically cultivate and expand their businessâ earning potential, even when considering the possibility of accepting assignments that offer lower compensation rates? If oneâs approach is rooted in a mindset of conformity, simply mimicking the actions and strategies of others, it is highly probable that one will encounter outcomes that mirror those already achieved. While undertaking assignments that carry lower pay scales might initially lead to an increased volume of signing orders, it is important to recognize that if this were the sole and effective solution for substantial financial gain, we would not witness the prevalent discontent and complaints voiced by numerous signing agents concerning the consistently low fee structures they are offered. Instead, it is essential to view your business as a dynamic entity with the potential to evolve into a thriving, full-time operation capable of generating revenue that significantly surpasses your current wage levels. The pivotal element in achieving this transformation lies in identifying and implementing unique strategies that enable you to distinguish yourself from the competitive landscape. My recommendation is to explore and discover innovative methods that enhance your value proposition and make you an indispensable asset to the clients and individuals you aspire to serve. I been down that road of taking lower paying signing orders, when I first started in 2015. I learned quickly, that a fast track towards working harder for less earnings. That experience quickly lead me back to the drawing board and I had to redefine my vision for my business. Now I strategically structured my business model that allows me to bring more value to the people I serve and at the same time increased my business earning potential.
I am a Remote Online Notary (RON), which is a state-regulated position. I also operate as a Loan Signing Agent (LSA), conducting loan signings entirely online. I carry $100,000 in personal Errors and Omissions (E&O) insurance, along with a $2 million business policy.
While some states still have restrictionsâmy understanding is that only about four out of fifty have not yet fully adopted remote notarizationâmany others have moved forward. With that in mind, Iâm curious why Bancserv, which is associated with Fidelity, is operating on the Notarize.com platform.
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I know. I was really helpful about RON work too (all the driving gets exhausting!!), but without the on-demand option, it didnât seem worth jumping through more hoops, so I let it go.
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Never see that, I see banserv via their app. Maybe thatâs a regional thing. As so much of this is.
As far as earning potential. I had a day this week where fees were $495 total. If I had 20 business days like that in a month that would be over nine grand for the month. However - Iâd be half dead from the travel and you canât spend money if youâre dead. So thereâs that.
To be honest, you donât make good money starting out, but at my level, Iâm never under $300.00 a dayâwhich is just like when you start any new company.
Out of genuine curiosity, could you clarify whether the earnings figures youâve mentioned are presented as gross income or net income? Understanding this distinction is crucial, as it significantly impacts the overall financial picture. Iâm primarily motivated by a desire to assist newer Loan Signing Agents (LSAs) who might not be fully aware of the importance of these financial nuances. Specifically, relying solely on gross income figures can be misleading, as they fail to account for essential deductions, including but not limited to, various tax obligations, ongoing operational expenses that remain consistent regardless of income levels, and the fluctuating costs associated with day-to-day business activities.
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Misleading is an understatement. Way too many are thrilled when that $125 arrives and have forgotten that they drove 100 miles and spent 5 hours and so are making less than minimum wage. Thereâs a lot of overhead & time spent doing this job and it seems many disregard these facts and go with gross and congratulate themselves for making $125 sitting at a table for an hour.
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Cost of Business
Initial Investment:
Computer system:$5,500.00
Desk and chair $700.00
Laser printer: $227.00
Monthly Expenses:
Electricity: approximately $200.00 worse months
Lease: $1,450.00
Internet: $60.00
Cell phone: $25.00
Income
Normally the platform deposits in my business account $300.00 plus a day.
No less than $6,000.00 Deposited Monthly
** REMINDER AT THE BEGINING YOU WILL BE NEGATIVE **
Of course, expense numbers vary due to a myriad of factors. Those posted above are, in my view, wildly off the mark. $5,500 for a computer âsystemâ? My fully absorbed cost 6 months ago was $1225 installed. Hard to imagine spending $5,500 on computer gear to do notary work.
Lease? This presumes one has to take space in a paid-for facility or, carve out what the costs are if one works from home. Again, seems very high.
Conversely, cell phone is only $25 a month? I wonder who the provider is.
This expense list above leaves out fuel, paper, toner/ink and a host of other costs and incidentals that cut deeply into gross/net margins.
Lastly, if a notary takes three orders every business day of the month, each for $100, that does indeed compute to $6,000 a month. I wonder how many mobile notaries score that many. After costs, the net is likely around $3,500 a month or probably $35,000-$40,000 net annually.
Newbies need better numbers if they are gonna project income and expense.
Fairly warned ye be says I. (Thank you, Jack Sparrow).
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Yeah right, too good to be true with some bragsters, show it!
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â Hard to imagine spending $5,500 on computer gear to do notary work.â
Ok my system is a three 24" monitors that cost $250.00 each. Mounting brackets to secure to desk. Now as for my computer itâs an Alienware Laptop custom for speed connection and capacity which was $4700.00.
The Lease is for a apartment 5 blocks from Comcast Main Transmission which is for my 1 gig connection.
The phone is on boost Mobile which is $25.00 a monthâŠ
No fuel, paper, toner/ink have printer just thereâŠ
âhost of other costs and incidentals that cut deeply into gross/net margins.â Please enlighten me on this⊠I have no other cost except minimal taxesâŠ
I mean no disrespect. Everybodyâs got their own way of doing this job. But if your intention is to inform newbies how to manage expenses and realize a target earning potential, a $4700 computer and an apartment to secure a better 1 gig connection is probably not going to be helpful. No fuel, paper, toner, etc.? I donât understand but you donât have to explain it to me. This forum is chocked full of âgold mineâ information about managing expenses and maximizing income and smart newbies will seek that out.
Incidentally, other expenses include but are not limited to E&O insurance, bonding, training, commission fees, office supplies, accounting fees, auto maintenance, scanner, backup equipment (if any), software, journals and stamps, etc. etc. Paper alone can run a busy notary a few hundred bucks a month.
Good luck to you.
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Jack Sparrow
You really have no idea what a RON is but I answering Carlâs question not giving any advise on how or if you should be a Remote Online Notary or go into business in the way I conduct mine.
Have a great day and hope you enjoy your CaliforniaâŠ
I am not qualified to do RON signings and Iâm not looking forward to it at the twilight of my notary career. Iâve seen too many fraudsters in my former lifeâs work I guess. Moving on.
Hi Bobby, I understand where youâre coming fromâespecially with your background and having seen fraud firsthand. That kind of experience naturally shapes how you view newer processes like RON.
At the same time, RON isnât for everyone, and thatâs perfectly okay. It does come with its own set of security measures and evolving safeguards, but comfort level and interest really matter at this stage in your career. Wishing you all the best in whatever direction you choose moving forward.
@antonio I want to express my sincere respect for the choices and decisions youâve made regarding how youâve structured your business operations. Having had the opportunity to engage in both aspects of the notary profession â both mobile notaries and Remote Online Notary services â I wanted to offer some clarification. For those just starting out or considering entering the remote online notary field, I wanted to highlight that the setup required for RON services can be remarkably straightforward. A basic desktop computer with a single monitor (ideally, having two monitors would be beneficial) or even a laptop would be sufficient. Itâs important to note that, at present, many of the platforms used by notaries are not yet compatible with tablets or smartphones. My intention in sharing this information is solely to provide clarity and guidance to newcomers or individuals who are exploring the remote online notary sector of this industry.
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Everyone has a computer and a cell phone anyway. How much of the cost of these items goes to Notary work is subjective and may differ for everyone. The same can really be said for car expenses, although you can easily track your miles to notary destinations as compared to your total miles. The cost of toner, paper, and miscellaneous supplies should not be undervalued, though. The cost of these goes up all the time and can really add up to significant dollars.
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Carl,
Youâre correctâa basic laptop or computer with a single monitor is enough to get started. In reality, the beginning can be challenging. If youâre making around $100 a day early on, thatâs actually a great start.
There are also additional technology considerations to keep in mind, but those are better discussed offline.
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