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September 27, 2010

Pricing formulas for mobile notary work

This is an area that all traveling notaries need to be an expert on. When a hotel in Vegas rents rooms during the slow times, they charge around $80. But, when things speed up, the same room could be $300, right? Notaries need to think like this. If someone wants you to travel 20 miles in rush hour, charge one fee. If someone wants you to travel 20 miles to do a slow signing at the end of the month when time is in short supply, charge a higher fee. If the job is on a slow day when there is no traffic, you can charge less if they don’t like your regular price for traveling notary work.

What you charge is up to you, but here are the components you should use in a pricing formula for traveling notary work.

(1) Time spent
(2) How valuable the time is when the job is assigned, i.e. end of the month, time is more valuable as there are more jobs.
(3) e-docs, extra fee
(4) Unknown company? Charge a bit more to compensate you for your risk.
(5) Miles – charge based on how far the job is and how long it will take. Windy mountain roads take longer than open freeways, and Los Angeles traffic takes longer than Oklahoma traffic.
(6) Pickup and delivery of documents. Charge for your time.
(7) Does the company cancel a lot? Charge extra.
(8) Are you desperate for work? Charge less.
(9) Three or more signers on loan? Charge more.
(10) Eight or more notarized signatures or a really long loan package? Charge more.
(11) Company owes you more than a few hundred dollars? Turn the job down until you get paid.
(12) Company has a bad reputation for not paying notaries? Decline the job.

Your exact fee for each act is up to you, but the forementioned twelve points are what you need to think about. Here is what I recommend.

Basic signing: $75-$125. Adjust based on how busy you are.
E-documents: $25-50 per double set. Adjust based on how busy you are.
Pickups: $40 extra. Could include some waiting time.
Dropoffs: $30 extra. There is less waiting dropping off.
Reverse mortgages: $125-$175. These are time consuming and long.
Piggy backs: $100-$150. These are long, but not always time consuming for traveling notaries.
Travel fee for mobile notary work: $35-$75 depending on what time it is, how far you are going, etc. Jail, hospital, and late night jobs should be billed on the higher end of the scale, while close daytime jobs should be billed on the lower end.

Please read our hospital blog for pricing information about hospital jobs.

Please share your opinions.

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