I get many calls from frustrated notaries all over the county. It seems that they are trying to do everything in their power to keep their notary businesses afloat. With all businesses this can be a task; especially with economic times being what they are. But, it hardly doesn’t make it any easier when you are constantly battling with other notaries and they are undercutting your fees. Unfortunately, it seems to be an epidemic of this behavior, It is happing more frequently than ever because lets face it — in some areas of the US there just isn’t enough work to go around. So, the notaries are fighting for what little work there is in their areas. So, ultimately they find out what their competition is charging by whatever means necessary (probably calling around pretending they need some notarial service and getting various quotes or calling around to different signing companies finding out what some of the others are making; who knows) and they in turn lower there fees to get the assignments.
Now, this isn’t an unusual business practice but what it does for us in particular is lower our fees so low that it cheapens the services we provide as well as drive the fees down so low that its not financially beneficial to even stay in the profession.
So, think about it when you undercut your competition. Are your really knocking out your competitors and getting more work, or are you hurting your own business in the long run?? How long can you stay in business and turn a profit by working cheap. The better way is for all of us to stick together and keep pricing in the same ball park. Now, I am Not talking about price fixing… I’ll leave that to the signing companies. Because, in my opinion that is what they have done. But what I am talking about is getting fees that everybody can live with and make a profitable living. Something that ALL of us are working towards! Think about it!
Until the next…be well and be safe!
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