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May 1, 2017

Discounts for early booking? Hotels do this, why shouldn’t you?

Filed under: NSA Pricing, Fees & Income — admin @ 7:34 am

Hotels and airlines give you a better price if you book in advance. I think that Notaries should use this system too. But, be careful. You can’t just go around giving discounts to anyone.

CLIENT: How much do you charge?

NOTARY: It is $125 for a signing, but $90 if you book two or more days in advance. Unless you are one of those companies that cancels all the time.

CLIENT: Oh, not bad. I will book for Thursday at 9pm.

If people book at the last minute, if you are not doing anything, you can still discount their rate. But, if scheduling is tight, then charge a higher rate. Keep your pricing flexible for optimal results. Not everybody will want to use this strategy as some preferred fixed rates, or perhaps each of your clients has a fixed rate they are accustomed to.

If you get your appointments booked in advance you have a more predictable schedule and life. You can plan in advance. You know what part of town you will be in. You can book your schedule more efficiently with less holes. On the other hand, no discounts for people who cancel more than 20%.

You need to keep records of the average time it takes a company to pay. Keep records of the average number of cancellations. This all needs to be recorded in a database file on your computer or on paper. Paper doesn’t crash, so I suggest paper. Also, the math here isn’t that complicated, so you can do the averages on paper or use a computer program. What you charge people needs to depend on:

1. Performance of the company: how fast do they pay, how nice are they to you, etc.
2. Distance
3. # of pages in loan or how long it takes to do their loans
4. Time involved for fax backs.

Most Notaries don’t get it that pricing formulas are a little bit complicated. You have to integrate the company’s performance into the price. If a company pays slowly, then charge more or make them pay up front. If a company cancels, then make them pay a deposit or pay you more. Reward people for good behavior and make them pay if they cause you grief regularly. On the other hand, if a company is generally good, don’t penalize them for one or two small mistakes as that will be bad for your relationship!


You might also like:

Notary Marketing 102’s guide to Notary pricing

Comprehensive guide to notary pricing


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