When you can Work Less & Make More With a Signing Service

By
Real Estate Services with LDH Services

Work smarter, not harder.  We all want to get paid the most money possible for our time.  Just like all of the Notaries out there, we hate it! Hate It! Hate it! When a signing company gets half of the fees while you do ALL of the work. 

BOTTOM LINE:  If you accept an assignment from a Signing Service that is close to home and has a low number of pages, you aren't necessarily making a mistake; you are actually getting paid at a higher hourly rate!  Not to mention the quantity of these signings is higher since they have access / contracts with the large banking institutions like WAMU, Wells Fargo and Chase.

Don't get me wrong, in a perfect world I would get the full fees for Job #1 which would be significantly more.

When you can Work Less and Make More with an SS

Example:

JOB #1 -

  

Reputable Signing Company

  

Fee - $65

JOB #2 -

  

Reverse Mortgage, Title Company

  

Fee - $125

Refinance

Reverse Mortgage

4 miles to destination

35.5 Miles to destination

Total Pages - 65

 

 

Total Pages - 283

124, plus an additional 124 (copy for borrowers) and a 35 page instruction packet for borrowers

 

Preparation Time (printing), 20-30 minutes

Preparation Time (printing) 1 Hour

Fuel Cost - $3.84

4 miles at .48/mile *2

Fuel Cost - $34.08

35.5 miles at .48/mile *2

Signing Time - 1 Hour

Signing Time -  1 ½ hour

Total Travel time -  30 minutes

 

15 minutes there, 15 back

Total Travel time -  128 minutes

44 minutes there, 44 back

Allow for traffic - 20 minutes both ways

EXPENSES:

TOTAL COST FUEL = $3.84

TOTAL COST FUEL = $34.08

EST PRINTING COST = $3.25

EST PRINTING COST = $14.15

TOTAL EXPENSES = $7.09

TOTAL EXPENSES = $48.23

 

 

TIME:

 

TOTAL TIME = 2 HOURS

TOTAL TIME =  4.5 Hours

 

 

(Fee) $65 - (expenses) $7.09 / (time) 2 hours =              $26.00       (hourly rate)

(Fee) $125 - (expenses) $34.08 / 4.5 Hours =                        $20.20 (hourly rate)

 

 

$26.00 / Hourly

$20.20 / Hourly

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Comments 15 New Comment

Rainer
2,577
Kelly Robertson
LoanSigner101

Great Post!

I like my business model:  Zip Code to Zip Code (easy to remember)

To go from zip code A to zip code B costs me the same in gas and vehicle wear and tear to sign ONE QUICK DOC or an entire set of loan docs. 

Of course, there are other factors to consider, such as those Renee pointed out. 

Kelly@SigningAgentCoach.com

February 06, 2008 07:09 AM
Rainmaker
16,650
Lacey D. Horton
Certified Signing Agent Texas
LDH Services
Thank you all for your thoughtful responses!
February 06, 2008 10:35 AM
Rainer
210,407
Find a Notary Public needAnotary
QEC Internet Services

I believe your time estimates might require modifications, especially here in Southern California.  5 miles of travel can be a 20-minute trip.  65 pages with complete double-checking and collection of signature only are on average about 30 - 45 minutes.  Then you to spend 20 minutes to notaries and prepare the docs for shipping back to the lender or title.  

Then there is a matter of drop-off at the shipper, Transbox, FedEx, UPs, etc.  I would better guess the time for complete signing is more like about 2.25 hours.  The real question becomes what is your Internal Rate of Return.  Personally, I would not do a signing for $65.00 and no lender who I work with would consider asking me for such a ridiculous low rate. 

If you are accepting $65 as a base price for notary signing, I would strongly suggest that you raise the quality of your client.  You cannot become financially successful as a mobile notary public with such a fee structure.  It might cover the cost of gas buy a lunch every now and again, but you won’t build an independent business at $65 per signing.

I sincerely hope that one day the consciousness of notaries could be elevated such that they refuse work from signing agencies and reject a $65 fee offer.  The quality of life for all notaries is lowered when any notary public accepts a lowball offer for a notary assignment. I think the real question is what is the value of YOUR services and time and how do YOU find clients will and agreeable to paying a price consistent with YOUR Market Value.

Our newsletter shares sound ideas with our notary member, and we find they won’t use proven ideas and ultimately select the passive choice of waiting on calls from signing companies instead of making rain and giving people reasons to call.  This business is not about who has the lowest price, but NOTARIES by their action and responses are making it seem that way.

I welcome the day when a notary can base their fees, upon the mandatory state fees and the incremental value they bring through their diligence, training, experience, travel, convenience fee and out of pocket expenses, like gas and wear and tear on a vehicle.
February 27, 2008 06:47 PM
Rainer
25,907
Pamela Knight
Urban Knight Enterprises, Inc.

I have put together a zipcode directory for the target counties that I cover.  It is color coded for each zipcode within a county and by the amount I would charged based on the distance from my office (roundtrip).  This has save me on many occassions from taking jobs that were not worth the pain and suffering.  It took about 2 days to put it together and it is a worth while tool to have.  I also a convenience fee which is based on a flat hourly rate of $30.00.  Great Blogs! 

March 05, 2008 01:32 PM
Rainer
41,406
Joan Bergstrom
Mobile Notary, Riverside CA
Joan Bergstrom Mobile Notary

It's can become difficult sometimes within a zip code. 

 I live at the start of a zip code: Riverside CA 92507 and the end is at the beginning of Grand Terrace CA and the difference between the 2 cities can be 15 minutes or 30+ minutes if the traffic on the 215 is congested.

March 06, 2008 12:39 AM
Rainmaker
16,650

Lacey D. Horton

Certified Signing Agent Texas
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Additional Information



Ms. Lacey D. Horton is a Notary Signing Agent (NSA) in Texas servicing Harris, Montgomery and Liberty Counties.

Ms. Horton is the owner and CEO of LDH Services, established on June 14, 1999. Local Weather

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Certified and Background Screened Notary Signing Agent LDH Services - Lacey Horton