I’m more offended by the DEMAND that everyone should do as he says.
He’s quite an angry person.
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How do you differentiate the “SA fee” from the “Notarial fee”, if I say this is “my fee” for this packet? Of course, I’m asking only of the type of states that don’t have a set structure fee?
I have another career that all taxes are paid, and I add some additional to come out on top of that.
Well, we have a set fee here in FL - $10/notarization. I can safely assume at the minimum 6 notarizations in a loan package; then there’s time and cost of printing, travel time/mileage and table time, size of package; I came up with a fee that I am comfortable with for signings within my county - if I am asked to go to an adjacent county, then it’s an additional $25
At bookkeeping time, I take the fee for the signing, deduct the number of notarizations it required at $10 per, and what’s left is the fee I received as an SA. Remember, ALL of your income is taxable - the only exempt part is notary fees being exempt from SE tax.
I remember when we bought our car down here, we couldn’t come to an agreement with the salesman as to what we wanted to spend and what he’d sell for - he finally looked at me and said “what number do you need to hear to make you happy with the deal - because you not only have to like the car but you have to like the payments you make”…and I remembered that. So I applied that to my business. How much do I want to be paid per loan package and what will I be happy with. And I determined a fee based on that. (keep in mind, I’d been a real estate closing paralegal for 25 years - I knew what was involved in a loan signing package - there were very few surprises for me on that front - I knew my worth).
Hope this helps.
“Closing Agent” refers to the Escrow Officer. We are Signing Agents. $595. for escrow fees is not unusual.
I have the same printer. I purchased from local ink and printer shop. He told me how much I will save. It’s not wifi compatible but I have to print at home so it’s worth it.
I have done this math many times, and I wonder how Notaries accept the cheap ones. You did not mention that you have to pay taxes too, parking some times, or maybe parking tickets, gas because even though you mention that particular appointment was close by, we have to consider all the trips to Fedex or UPS, which we don’t have where to claim those trips. How abourt bad toners, appointment cancelations and some times you wonder why you did not accept another appointment and you just wasted 2 hours waiting for docs to be uploaded, and they never were. How about traffic tickets, you have the risk to have one, any time you get into your car which no one pay attention to. And that is not all, but let leave it that way. $125 should of be the very lowest fee you should accept, unless you are a newbie, but the most reasonable would be $150 to $200. I’m just saying.
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Hello,
If I was conducting the signing you did, based on the equipment I use, I would have made net $33.77 per hour after costs.
I use Brother dual-tray laser printer (no scanner attached)
Epson ES 300 wireless scanner (I can scan 350 pages in 15 minutes!)
Brother TN850 Black Toner Cartridge High Yield ( $118.51) 6000 pages, coast per sheet $.02
Costco letter size paper 10R 5000 per case at $32.24 with tax, cost per sheet $.006
Staples legal size paper 1R 250 at $10 cost per sheet $.04
Car cost per mile $.50
Time breakdown: print/review/prepare .5 hour Cost breakdown: letter $1.51
Round trip travel (in your case) .5 hour Legal $2.68
Scan .25 hour Toner $6.38
Drop off , FedEx .5 hour Car $5.00
Signing 1.0 hour Total: $15.57
Total : 2.5 hour
Net total : $100-$15.57= $84.43
Net per hour: $33.77
Hope this helps:) Good luck
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Yep, the Epson scanner is KEY! I scan a full packet in 5 min. in the back of my Jeep. The right tech is imperative in this business.
Very well detailed 
Now, please tell so (again) to all those agents that are encouraging newbies to take low balls… especially some seasoned agents.
Most of these newbies aren’t business oriented, or they are oriented in a different directions, not ours. No everybody likes documents, is aware of this type of documents and so on. Also, don’t forget the fact that all of us need:
- Very reliable car
- Very reliable high producing printer, but not this Brother all you are talking about for sure, and such a good printer is close to $1,000
- You need to have your time to get (catch) the appointments and be sure you have income to live on.
You should do not think income when you are starting!!! When you are a real newby. - You need to buy ton of printing paper, ink jets, and critical parts and have them available.
- You should have office (home office) where you can lock your stuff and nobody can extract your clients valuable information.
- You need a fast scanner and better two. They also get critical parts to be available.
- You should have a BUSINESS computer or laptop which is protected with all it needs.
and the list is going on.
Everybody who entice newbies who doesn’t know how to protect personal information, is irresponsible. Unfortunately, this still a loophole in this business.
Sorry for being honest, but my background is in insurance, and the liability is the first I am thinking about!
This business is advertised as something everybody can do, and it isn’t. I think all interested parties should be honest about it, but understandably, they aren’t. They need new blood and they get it and they suck it. And the sale us low balling. This is the brutal reality. Can you live with it ? Can you live with Notary Go rates?
And very important: - YOU NEED A MENTOR
- Taxes-Federal and State
- Gloves, sanitizer, masks and new still in a packet blue pens for emergencies.
- A reliable mobile connection and phone itself. You can’t work on an economic over 65 line.
During the time involving signing you should multitask:
1.* Ketch the offer
-
- Confirm the signing
- 3.Check for files (sometimes at the end of the month they might be late and screw your plan.
- 4.Print, check printed pack, browse the instructions
-
- Drive to the location
- 6.Mark Check in
-
- Present yourself and prepare the start of closing
-
- Close and check your work
-
- Leave and confirm the closing
-
- When back scan, send and pack
-
- Go to FedEx or UPS
- 12.Save the receipt.
What else?
I avoid Chicago because of their cameras. It is a huge market I am very close to, but no, thank you. Parking is a waist of time and now these cameras. Should live without Chicago. 
Shahab => excellent detail. 
You may want to consider adding Federal Income Tax and State Income Tax (if applicable) into the calculations for a true Net per hour value as taxes are an out-of-pocket expense as well. Of course, depends if your Net number is pre-tax or post-tax.
Great points, Ann!
On Item 4, think you meant toner (not ink jets) as all documents are to be printed on laser printers, right? TIA
Obviously yes. Not proficient technically.
I don’t get over here very often, but this thread caught my eye. You’ve already decided you need to upgrade your equipment, and that’s good! Two hours to print one file is not! Nor is two more to scan it! So that, in itself, is skewing your calculations greatly. When you only need 10 minutes to print and scan, the numbers are MUCH better.
Now, about the second bit of your question… the part about “justifying” that $300 fee you see on the paperwork when you’re “only” getting $75 or 80. I own a brand new Signing Service. I am not going to tell you exactly what I am permitted to charge Title, but I will tell you it is NOT the $300 that goes on the paperwork. What goes on the statement includes allowances for our (Notary’s and other people’s) errors! If you commit an error and the file needs a resign, or a following doc, or there is an unexpected filing fee, there have to be funds available. They can’t go back, after the fact, and ask the client for more $$. They CAN refund any excess, and there’s a form for that.
As a new Service, I can tell you that insurance to cover your potential errors is STUPID expensive. So is accounting software, onboarding with some platforms, attorney fees, LLC setup, CPA fees, and there is a fee for each order we send you. Plus, I am constantly marketing to new Title Companies and Escrow Officers and Banks for new business to SEND you, while some of you are sitting on the couch complaining that your phones aren’t pinging. While I’m doing all this,I am babysitting Notaries who refuse to read instructions, OR documents, coaching new Notaries, and NOT doing signings myself, so NOT making money FOR myself…so, yeah, I’m taking a cut of what I send to you. And it is not nearly as big as some of you think it is. The view is WAY different from this side. I hope one day those of you who want it, get to experience it, because it is a GREAT view! Even when you have to wipe the poo off the windows.
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Like this. It is also true.
Look at the Brother printers: 5200 dwt (aprox $269.00) or 6400dwt (aprox. $320.00)
The 5200’s high yield toner TN850 prints 8,000 pgs and costs $109.00. The 6400s High yield TN880 prints 12,000 pages at a cost of $126.50.
Do the math: In the end it is worth the price of the better 6400 and high yield toner. Now you’ll start making $$.
Also, I don’t walk out my door for under $150.00. I don’t care if its down the road.
Taking 70 or less is like workin for paper and toner, after 2 or 3 of those type jobs in a row you feel cheated…those companys that try to pay 50 and 60 (NOTARYGO) PER JOB NEEDS TO UNDERSTAND ITS JUST NOT FAIR…
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For a very new signing agent, Notary Go is ok.
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