XFactor, where to find such orders?
Thank you for this info. You have just PROVED the point to only assign EXPERIENCED notaries.
Who maybe cost more, but usually NO babysitting, NO lost time, NO sending a second one out to FIX the problem and ever more important…No aggravation. We wish you the BEST with your SS.
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Amen…JohnM. Take heed gjackmanNSS. Note also that newbs take lower fees for several reasons: 1. To get a start, but *when they figure out they’re not making any money, either their fees go up OR they move on, rendering your time spent teaching worthless. 2. They have no idea of their own costs, but * 3. The cost difference between a newb & experience isn’t usually a huge difference, but the results sure are!
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Except it doesn’t work like that. I had one Notary actually argue with me when I asked her to scan back her first order with me. “I have 20 years experience in the Mortgage Industry and 10 as a Signing Agent!! Do you REALLY EXPECT me to do THAT??!!” Well, yes, I ask all of my Notaries to scan their first two or three orders, so I can actually SEE their work. She sent me scans of the TOP HALF of every page. I did not see a SINGLE signature or stamp. I did not know what size paper she printed on, whether the signers signed correctly, or if she actually Notarized correctly, until I called my Title Guy the next day. He said her signatures were illegible, but stamps were clear, so the Lender accepted them, and whatever I do, do NOT use her again. So I won’t. I would rather babysit a little, than pay out of pocket for a resign because someone is so arrogant they half-*ss it because I ask for something they think is “beneath them”.
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I only have one question about your post and that concerns the above statement - if her signature on the documents matches what is on file with the state, then it should be acceptable and should not preclude her from working with your company again. Many people (notaries and signers alike) sign with a scrawl - as long as that notary’s signature is what the state has on file she’s good to go. I think your “title guy” just wants to get even with her for arguing…which is jmo
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My Title guy knows nothing of our conversations, nor will he. My conversations with my notaries stay between us unless there is information that needs to be passed along. It would be wholly unprofessional to relate a notary’s whining or attitude to Title, that is living in MY notes. He doesn’t want her simply because her docs were sloppy due to crappy handwriting, and he wants better. He gets to DO that on his files. I have several others with great penmanship, I’ll just use those for him, no harm, no foul.
I’m a newer notary and in my training, we were taught not to take anything lower than $75 as a new notary. I’ve been abiding by that because I know I don’t have enough experience yet to command $175 to $200 per signing. However, at the same time, I need to get the experience which is where I believe the problem is. The signing service I work with pays me on average about $75 per. Some are $125, $100, $95, $90, and $85. But, when I recently started rejecting the $75 offers and countering for $85 and up, the offers slowed considerably. Now they’re offering $65. There’s no way I can do anything for less than $75, so I’ll just have to wait it out, because I believe in industry standards like my PI business where we have industry minimums based upon experience levels. I think we need the same thing here. I understand “paying your dues”, so my first 50 signings were at the $75 level for SSCOs and $150 for Title companies. Now that I have 75 done, I’m giving myself a raise to $80 for SSCOs and keeping my amount for title cos. However, I was thinking that once I get 200 signings done, my fee for title cos should go up to $175. Am I being too greedy with those numbers?
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I understand your position and to note from another post regarding fax backs, I really like that especially now that I have a scanner that scans 50 pages per minute. The feedback and coaching you get from the SSCO is invaluable as the newer notaries learn to sharpen their teeth in the business. You are taking the risks, and doing a lot of the work on your end so I don’t have to and that works really well for newer notaries, who while trying to really get good at their craft, are also trying to figure out marketing and purchase efficient tools for the work. On the other hand, given all of the closing costs the borrower incurs, I think a $375 Notary Fee to the SSCO is a reasonable amount and should be an industry standard for the SSCOs. In doing so, a $100-$150 fee for the notary (depending upon experience level) would then be more reasonable as an industry standard. The SSCO would make $225-$275 per order which is reasonable given all the work you spoke of, and you could still have $75 orders for the brand new notaries you’re training and graduate them to the higher amounts based upon performance. I think it would have lasting benefits for the SSCO because those notaries wouldn’t get trained by you and then just leave. This way, everyone should be happy with what they’re making and of course you should then really expect the highest level of quality because you’re paying it.
Nope! There’s no greed in asking fair fees 
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Thank you. I wasn’t sure if it was considered fair given that I don’t have a lot of experience compared to others.
I set my cost up based upon a per order rate. I have what are called “fixed costs”, which includes the equipment purchased, licenses, CPA, Insurances etc… Then I have my anticipated number of orders per day which builds out what my ‘per order fixed rate’ is. Then I have the “variable costs” which are gas costs, mileage, miles per tank, number of signings based upon the average trip from my Excel sheet for orders and car depreciation. This builds out my ‘per order variable rate’. The two are then added so I know what my per order overhead is and what I will make per order which is why my minimum is $75. Using this format, all of my costs are paid and I my profit margin is 30%. Now that 30% is not a lot of money when it is compared to what a “per hour” rate is (only $23 an hour), but percentage wise, it works for my business model.
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I keep it very simple. I accept only $150 or higher fee and worry none about other thing! However, your formula although complex for a simpleton like me, but very impressive. Glad it works for you!
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Thank you sir, but you’re not the simpleton, I am. You’re getting $150 and I’m only getting $75 so the proof is loud and clear!
Keep in mind, unlike traditional employment, this business doesn’t afford the luxury of raising your compensation aka fees, as you get better. As soon as you get experience and raise your fees the Signing Services will find another $75 rookie and drop you like a hot potato. When rookies accept low fees they’re setting the pricing structure for the rest of us. You’ll learn as much taking on a $150 signing as you will a $75 signing.
You’ve already experienced this when you raised your fees, got fewer offers, and now you’re seeing $65 offers. The reason your getting $65 offers is there’s plenty of others out there will to take these low ball offerings.
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I agree with you, but as a newbie myself, the market was already set before I got here. As a result, I can’t command the $150 like you all until I get the experience you all have. So how do we balance that?
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Try a brother and purchase the 2nd drawer for legal. You will be able to print a package that automatically prints the letter and legal. Big time saver. AND should not break the bank. Also invest in a scanner. My old hp all in one is a dog. Used to take me forever to fax back. I upgraded a while ago to a Epson and it was WELL worth the investment just to save time if nothing else. You will still have time into a package but not near as much, making you more profitable. Don’t lower your fees! Stick to your guns! If they cannot afford me they can hire the notary without experience and that makes mistakes. Their loss.
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ive scanned full packages back100+ pages
I simply break up the scan …maybe 15 pages each and number 1 of ? until i get the whole package done and back in the same encrypted email or scan they give me
some folks know how to do a full scan as a pdf etc…i do not …lol
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I started notarizing documents in 2004 when I was employed with a company. I got paid $100.00 in 2004. The cost of living is so much higher in 2021. How can you justify this? Those who accept $80 fee, do you value your time and acknowledge at all?
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What model bother printer do you have?
From what I’ve seen so far… I don’t get to see the paperwork or anything beforehand. So I see why people think the lower paid jobs are just to “get in the door”. Someone in my area keeps taking them !
KerryL , Arizona
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