whats the most you have made in a month?
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I find it interesting when someone offers the sound bite, ājust need to put in moreā. Just what is this āmoreā thatās lacking? The other sound bite thatās commonly tossed about is, āgo title directā. These strategies only work where thereās market opportunity. Putting āmoreā into a saturated market results in stagnation or diminishing return that no amount of āmoreā will over come. In our business two symptoms of diminishing return, looks like fewer engagements and declining signing fees.
Again, this is entirely dependent on the market where an NSA is operating. Casting a broad statement that applies to a few narrow markets is doing to disservice to the newbies entering this business.
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I would chart by zip codes, except in parts of Texas zip codes cover the geographical area and most counties in other parts of the country. We have counties larger than some States. This is part of the reason that new NSAs need to analyze before starting a signing business.
One of my work smarter tactics was to launch a Tax and Financial services company. This has allowed me to prepare Tax Returns for a few fellow notaries in my area. After theyāve looked at their numbers they realized their profit margin wasnāt what they thought it would be. 2 of the 3 have decided to close down.
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Gas prices over $4.00 / Gallonā¦OUCH!
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Hi, Alice. Just went over $4 here in Pierce. Thurston is at $3.95.
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Terrible !!! I used my Fred Meyer discount in Bremerton yesterday and managed to get $3.64/gallon. Not the standard rate ~ usually around $3.76/gallon. Interesting to see gas prices around USA. Fuel increase is definitely calculated into my fees. I drive by a lot of Native American reservation lands and their rates are not any cheaper.
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Interesting about Texas zip codes. I wish US postal zip codes were classified by city/town etc. I wish voting regulations were the same in every US state. WA State has a pretty good system and I hope it doesnāt change.
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What city and state ??
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Interests rates are down. Revisit your thoughts in a few months.
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Seattle, WA. My SUV last fill-up near the UW area was $4.89 per gallon. Full tank is around $75 lately.
I receive out of state offers where maybe the cost of living is much less there and the offers I just canāt afford to take on out here. Wouldnāt be able to run my business. I enjoy volunteering and do favors here and there but Iām also running a business. I have to do the math before taking on work. I already have quite a bit of miles on my SUV. Saving up for a hybrid vehicle that I would like to purchase in a couple years.
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Voting regulations is one of those powers enumerated to the States. Each State is Sovereign this gives each State the Right to set itās own regulations. Speed Limits, Traffic Laws, Court Systems are all different in operation that best fits the State.
Texas has some of strongest property laws in the Country. This is why our signing packages are so large. Iāve closed Texas VA Refis that had over 240 pages. Texas Cash Out refis, HELOCS, and Reverse Mortgages must be signed in a law office, lenderās office, or Title office. In some cases thereās a 12 day waiting period before funding can take place.
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Your experience applies to your market area, around Baltimore, which means your experience doesnāt apply every where. Where Iām located covers over 2000 square miles with very few title companies and saturated with notaries.
When I launched my NSA business I was getting $200 closings. After closing nearly 400 loans the fee offering have dropped to sub $100.00. Iām getting low balls in at $65 for cash out loans that have to closed in a law office (Texas Law). This means an NSA is earning $15 for printing up to 400 pages.
Youāre not an idiot for taking low ball engagements. The amount you agree to be paid is your choice. Since what we do is a commodity service, low fees for one drive down the fees for the rest of us. Refusing to take low ball fees raises the financial bar for all.
Keep in mind Iāve sat back and watched the low ballers ship sink. Many whom I chatted with didnāt realize they were loosing money on each engagement and didnāt have the financial reserves to sustain themselves. As is commonly heard in the investing world todayās returns donāt reflect future returns. You will find closing fees will bounce.
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$4.89 is obscene. From what I understand Seattle has more taxes and makes fuel higher there but Iām not sure. I do not accept out of state low ball offers either. I had an SUV but was in a headon collision Feb 2019 and it was totaled. Not my fault but still waiting for claim to settle. Currently I have a 2014 KIA Soul with low miles. I put gas in it when itās 3/4 down = approx $30. I will also be shopping for a hybrid but not sure which one. Want to reseach more about fires happening in electric and hybrid vehicles. So in the interim filling tank on KIA not too bad. Nice hearing from you Irina.
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Hi exeternotary ~ I do get signings from Baltimore, Texas, North Carolina and many other states with 300+ clients. Bremerton WA is a military town and have many multi-state signings and packages 250 pages +. Reverse Mortgages are permitted same as refiās, mtgs, sales and purchases. I stick to my guns on my fees and wonāt accept low fees for RMās or anything else. Holding the line pays in the end. Working with zip codes is only a portion of my formula calculation for fees. My Notary income for 2020 was pretty good and my data shows 2021 will be even better for me. Keeping fingers crossed things keep rolling smoothly.
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Before I retired worked for a large corporation out of Seattle WA and it was my responsibility to make sure all Notaries for our company kept updated with education. Previously I was also a Notary in CA. I also instructed Lien classes for each office in each state. Funding waiting periods vary from all sources. Well aware of different laws in each state. Louisiana was still my most challenging state to work with. Since I worked with Contracts and Risk Management for this large company and created many of the contracts which also included Joint Ventures from all over USA, kept me on my toes and always had to think outside of the box. Now Iām a NSA and much easier and can make my own hours. Love my job.
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Hi Alice, yeah I think a reliable and good on gas vehicle is useful for this type of work!
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Thatās what Iām talking about!!!
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This low baller ship is sailing, so after taking a lot of $ 80, 90ās signings that the elites did not want, my Family and I just come back from our vacation in California, my point is I do not discriminate, when they are signings in my area $ 125-200, I take them, when there is nothing but $ 80-90ās I take them too, I know about numbers, so sometimes my average is around 25.00 Dollars an Hour on lowballs, on the other ones is more!
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Your calculation includes your expenses, but it doesnāt include your time or desired profit. Roundtrip mileage for a job 20 miles away is $22.40 using the IRS Standard Rate. For 47 miles RT thatās $52.64. Always include your rate per hour when calculating fees.
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I try to stay away from low ball offers too unless theyāre within 10 miles from me which they hardly are since I live in a rural town, but remember that your expenses are tax deductible and notarial acts are exempt from self employment tax.
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