I just recently had two singings in one day. One package was 163 pages with scan back and the second was 124 with scan backs. The first signing took 2.5 hours and the second was 1.5 hours. I have been through the forum and am still not sure what to do. On Simple Signings site, my fees were too low. I know this because they used my fee and added a little more for scan backs. The shorter signing paid me more. I just don’t want to lose any signings based on a high fee and I also don’t want to make it harder for other agents to get the pay they deserve.
I have temporarily changed what I am asking to $100 across the board until I know more. I am asking for additional $10 for e-docs.
Any advice is welcome and appreciated.
$10 will m/l pay for the supplies used…assuming you can get them at sale prices and the toner isn’t OEM. For comparison, FedEx (possibly area-specific) charges .21/letter & .26/legal. I figure they’re pretty smart and are charging for their actual cost + profit for the SERVICE PROVIDED. Are we not doing the same? By printing, we are saving hiring party the cost of paper, toner, paying an employee TIME & LABOR and the overnight charge they used to pay to get docs to us. And…good for you…you’re thinking like a business OWNER who expects to make a profit but has to price the services provided properly in order to achieve that goal.
I’ve stated here and on other notary forums about how long it takes to conduct a closing. A 163 page package it typical for a Texas purchase. Despite what many of our colleagues have be trained by the professors of 6-figure University, it take more than an hour to close a transaction when Pre- and Post- closing activities are taken into account. Factoring in the cost to print two copies, compensation for our time, and it doesn’t take long for our cost to exceed the pitiful fee offering. As @Arichter has pointed out, your thinking with a business mindset.
Ive turned down an awful lot of signings during the previous two months because the fee was too low for the amount of work being done.
Many jobs are too far away others require over an hour to accomplish then there the amount of printing that has yo be done. For me it is just not worth the effort to do loan signings any longer
I can drive 15 minutes and notarize one document with no reproduction fees for 35.00. I can fo a POA at a nursing home for 50.00.
The fees the lenders are willing to.pay is just ridiculous. And it will not get better until everyone says NO.
If you have a loan document with 175 pages and you make an extra copy thats almost a rheem of paper. Then scanbacks and a trip to fedex then you have yo wait on payment. Plus all the other damands. Must call within one hour after closing. Well great except that in rural southwest virginia there is more likely no cell service at all. You might have to drive an hour before you get service.
Right now im working two states with a 16 county service area. I dont feel like loan closings are where im getting the best rate of return. So ive given it up altogether. Still doing well. Cash on the spot
I agree with David. Until people say no they will keep low balling our fees!
Yes indeed for a refinance a company tried paying me 80 dollars not worth my time a asked for a higher fee and they replaced me you just cant low ball yourself. Its plenty of jobs out here
Preaching to the choir … and it is a sermon many of us have tried to tell people for years.
And @rightsignnotary there may be plenty of work out there…but not as long as there are plenty of notaries out there who will do the job for the bargain basement fees and don’t have a problem waiting 60 or 90 days to get paid for services rendered … if ever. Apparently, lining someone else’s pocket (meaning hiring party) and not making their own profit is okay with them.
Sorry…JMO & JME
Wow yes this happened to me with snapdocs what up with the 60 to 90 day pay is there something you can do about that? True we all need to stop taking jobs under 100 dollar for starters.
Yes! Absolutely Accurate!
Many of us sages . . .
. . . however, they often don’t believe us & our wisdom falls on the proverbial ‘deaf’ ears!
Hang this business for now and work something else.
I was a homeschool stay at home wife and Mom. We were use to living frugal and not having my income for years. I’ll just stay the course and build my business slowly and surely. I am enjoying the little bit of work I get and just reinvest the money into my business.
I do hope you increase your print fee to at least $25…which is pretty standard for AVERAGE refi.
$10 is way too little unless it’s 1-15 pg. doc
Figure u need $50.per Hour to cover your time and expenses 163 pages w scan backs is a minimum $175. If its close by go $150.00 If your traveling 60 min plus each way add that too.
Use WAZE app.it will give u a real timeframe for arrival…
Dont forget u need to sign the docs 90 mins …then drive home to scan 30 mins scan time .then drive out to drop and back home
Thst $100 isnt not enough for either job
The last time I asked for a print due to a large package size, the SS said they’d find another NSA.
And to think they used to pay $50 for edocs!
I agree. I’ve turned down several jobs too because of the unreasonable pay. (Sad)