Hello, Is it wrong that i sent a order back because they only offered $70 with a total of 424 pages that includes a copy and it was a 1 hour drive?
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I bet I know which signing service it is. Usually they are other notaries pretending to be signing services. There are a few of them that are as notorious. The reason that happens is because new notaries are accepting these type of orders. I would negotiate the best fee factoring all of my expenses for that signing.
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Absolutely not wrong. The 1 hr. drive (time & gas) alone is $70. When this happens, I immediately briefly explain my problem w/fee and give them a choice. Increase fee to $xxx or re-assign. I get my fee about 75% of the time.
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Iâm taking it. Profit is profit straight up
There is no profit in $70 to print 424 pages, travel and the rest of the assignment. You should know thatâŠyouâre in LIâŠthereâs no profit in $70
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8$ for a paper pack of 500, 120 miles in a spread out area getting 30 a gallon 12-15$ in gas. 10-15 in toner 75-38= 37. Tax after right off 20% so 29. Some people knock off 10% for asset depreciation of your vehicle net 26 more or less. Not ideal but still a margin
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If I understand above, your $29 âprofitâ means your time to drive (2 hrs RT) and print/prep/drop time - 1/2 hr & 1 hr. at table is only worth about $8.29/hour OR 29 cents more than HALF of minimum wage in your area. Doesnât sound like a âmargin of profitâ to meâŠmore like a loss.
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5 comments about this,
#1 I generally donât count hourly pay, as for me itâs about the conversion value rather than the hourly pay. Basically, I will take any order as long as it makes financial sense. For example a 25-35$ loan mod 15-20 pages 10 miles away (20 mins Long Island)
#2 I would rather have an order even if it is low paying than no order at all. I hear all the time notaries being like thereâs no orders but there are orders just not enough money for them. I understand itâs not ideal but it beats sitting at home making nothing
#3 even if it is low paying it benefits for the relationship building at least once In a while
#4 businesses have to move with the market place. If the marketplace is offering lower offers consistently for our service we must price lower or get knocked out of business. The basis of this Locke economics. Right now the demand for our loan signing services is being pushed down because of the state of the real estate market. As a result, prices will inevitably go down as theyâre are more notaries available to take 1 order. At that point, the market will check itself appropriately some notaries will inevitably be knocked out of the business due to 2 reasons 1 not wanting to take lower fees 2 providing bad service (not anyone here but we all know someone).
5 if yâall are concerned about low fees just pick up something on the way or at that destination, a field inspection, process serve, wedding, GNW, etc
Overall, my whole point explaining this is that Iâll take a supposed âlow offerâ if thereâs profit. I donât do the bait and switch I take it as it is and call it a day
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âwould rather have an order than no order at allâ
âwould rather have an order than sit at homeâ
Oh yes, weâve heard it all beforeâŠ
NopeâŠthereâs no loyalty in this business any more. There used to be - no longer.
Nope - the reason our fees are bottomed out is because of notaries, like you, making statements as you did - see my quotes above. New notaries coming in, and standing notaries adjusting their fees DOWNâŠhave driven this once profitable business sector into the ground. Youâll never command a respectable fee if you stick to âanything is better than nothingâ - you, your time and your expertise are worth more than that. What happened to âwork smarter, not harderâ.
And now I understand your RON notary offer of $25-$30/week. BTW - in NY, a RON notary can charge up to $25 PER NOTARIAL ACTâŠyou should respect that.
JMO
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Well Linda, I guess its that simple, if you wont take them we will. Best regards
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Regarding this section, thats my decision what I want to pay and should not be shamed for it. If you dont want it dont take it that simple. If no one inquires about it Iâll find someone else. Once again marketplace, seems kinda difficult for you folks to understand
One more for you guys before I stop responding. I dont actually believe there is a overstauration of notaries, I believe the industry has changed, however, I dont think there is a oversaturation. What I do with my business is competitive, if you dont want to compete then dont and continue to stay on the sidelines. Iâll use a loan mod for example, generally pay between 25-35. I hear all the time âI wont leave my house for less than 100â Then I will, thats the way capitalism works. So when complaining about low fees its that simple, take them or I will. Gotta put money in the bank
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KNOW YOUR WORTHâŠcalculate your time to prep the docs and travel, print (toner) and paper costs and your time at the table with 1-2 signers. Donât sell yourself cheap and definitely remind yourself youâre not an EMPLOYEE youâre the CEO of your company.
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tell them you require a $100 or more print fee added due to the number of pages= totally legitamite request
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Ethan, You havenât been doing this work for very long, have you? Iâll suggest you find a mentor before you put yourself out of business.
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No one can operate at a loss and still stay in business. So many pages sounds a bit out of the normal size. An hour drive x2 plus 2 hours at the client (if theyâre familiar with the documents) also an hour to print and prepare means you have to determine that after expenses youâre not going to make anything. Maybe theyâre forgetting travel expenses and printing.
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I guess youâll have to be ok with barely getting by. I try to offer exceptional service which helps the loan company. I wonât take the lowball offers. I guess everyone gets what they pay for but in the end better quality will lead to more business. Totally up to everyone involved.
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That package sound like a Texas closing/HELOC. Was that one travel time round trip? My travel fees for 2 hour round trip visit is $75.00.
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Did you forget the training, licenses, insurance and other little incidentals like that? Asking for someone who likes to eat more than once every other day.
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