Pricing formulas – time spent?
At 123notary, we help notaries try to understand the components of pricing. How hungry you are for work is the most important factor, but time spent is another. It is not always straight forward to understand how much time a job is going to entail.
Traffic
If someone asks you to do a job late at night, you might not like it if you are not a night owl. However, there is usually no traffic at night after 9pm. If you live in Los Angeles or NYC, you will be very happy to avoid traffic for once. If it were me, I would want more to go out during rush hour, especially if the job is far away.
Miles?
Not all miles are created equal. A job 100 miles away on a highway in Montana might be only slightly more than an hour and twenty minutes away. You can go 75 over there. But, what about a job that is five miles away on congested roads. Some roads seem to always be congested. Don’t bill based on mileage unless you are forced to by law ( and some states have fixed mileage rates for notaries travel fees ). Charge the mileage based on how long it will take you.
More signers or more notarized signatures?
I used to be the fastest notary this side of the Pecos. I could do ten signatures for four signers in less than thirty minutes. Thats a total of 40 signatures and five pages of journal. I was fast and furious. But, long sets of documents, or extra notarizations take time.
Is the lender missing a few marbles?
Some lenders do not adequately inform their borrowers about the documents or the numbers in the loan. These days, the laws are more stringent for lenders to keep their borrowers informed about the specifics of their loans. If a particular lender always has loans that go smoothly, while another lender always gives you nightmares, that costs you extra time which needs to be incorporated into the formula.
Unknown company?
Always background check all companies who want you to work for them. Look them up on our list of signing companies or use your i-phone / android to visit www.123notary.com/S. Visit our forum or the notary rotary forum. If you don’t know a company, you can read what others have experienced with them. You might charge more if working for an unknown company simply because you don’t know what to expect. Unless they have a well documented track record with others, you don’t know if you will get paid either.
Jails
Jails are tricky. I would not go to a jail until you have read our blog about jails. You need to make sure the inmate is where they are supposed to be and that you have ID, and that your contact person shows up on time. There is a lot of coordination and waiting that goes on with jail jobs. Charge accordingly! 10-20% of the time with jail jobs you will not get paid due to lock-downs, no-shows, and ID problems, so incorporate that into your fee too.
Hospitals
Hospital notarizations are almost as tricky as jails, and sometimes more tricky. Travel time to the hospital is the same as to any notary job. But, waiting time is a constant. People in hospital beds rarely jump up to see you, produce their ID, and are ready to go! They are generally sleeping or drugged when you arrive and don’t know who you are. They have forgotten that their niece is having them sign a document. Getting them to sit up could take 20 minutes, and bring the book, “Zen and the art of holding a pen” with you — you’ll need it. Some of the signers can not move their own arm without shaking the pen up and down the page. If you want to do hospital notariations, please read our blog first so you will know the ins and outs (particularly the outs). Charge a lot extra for this type of job, because they will have no qualms about keeping you there for hours without compensating you.
People in hospitals, regardless of whether they are nurses, patients, or family members of patients have a very different time consciousness. They are there for hours and nothing happens. They are conditioned to the idea that things happen slowly. If it takes thirty minutes to find a pen, and forty-five minutes to find an ID which isn’t even current, thats fast for them. A New York minute might take three hours in a hospital. Try to make sure the hospital folks have their document ready, and current identification in their hand before you get in your car. I would charge 50-100% extra travel fee for hospitals to incorporate waiting time. You might tell them that if you are kept waiting, there is a fee for each 20 minutes you are kept waiting. The first 20 minutes is free, but after that waiting fees must be paid at the beginning of each 20 minute period and that the travel fee must be paid at the door before you even go up the stairs.
On a brighter note, after being in business for a few years (or decades), you will eventually meet a few people at hospitals and jails who actually respect you and your time (no guarantees). You might eventually meet people who show up prepared without you babysitting them. Its possible! So, think positively!
Remember — charge for your time, hassle and risk. Don’t let people take liberties with you, and be prepared and educated about all normal notary situations.
You might also like
Hospital notarizations from A to Z
http://blog.123notary.com/?p=76
Jail notarizations from A to Z
http://blog.123notary.com/?p=151
Components of pricing formulas
http://blog.123notary.com/?p=84
Pricing for notary work: different strokes for different folks
Pricing for notary work – different strokes for different folks
Notaries argue endlessly about what to charge and what others should charge.
Some notaries wish that there could be a set fee in the industry for certain jobs. That is not legal or possible. Other notaries complain when low-ball signing companies offer them work for $40 or $50 which is better than nothing. Many notaries complain that they did lots of work and didn’t get paid, which is a very serious issue. So, what should you charge and why?
What fancy signers do
I know of many signers who will not leave the house for less than a particular set fee. One notary public I know will not leave the house for less than $150, while others will not leave for less than $125. They figure that they have to put up with getting dressed nicely, traffic, borrowers who want to take forever reading, lenders, and then trying to get paid. It’s just not worth it for less. But, these notaries have something that some of the rest of us don’t always have: something to keep them busy during the rest of their time when they are not doing notaries. If you rely exclusively on mobile notary and signing agent work to keep you busy, you have to take almost every job that comes your way. If you sell insurance, real estate, or have some other type of job, then you can pick and choose what type of notary work you do. If the company has a bad reputation, or doesn’t pay enough, or if the job is even one mile outside of your coverage area, you have the luxury of saying no.
Additionally, many high-priced signers will not leave the house to notarize single documents for less than $50 travel fee no matter how close the job is. Finding notaries who are available, close, and answer their phone is hard, so you can often get high travel fees if people can find you.
FYI: Notaries who are in the high price range generally have experience and finesse to back up their high prices. They are normally very reliable, well trained, well dressed, and have good business skills. Those of us who don’t have all of our skill sets polished will have trouble commanding such high prices for signings.
What desperate signers do
Anyone who is not a convicted felon can be a mobile notary . This profession is open and easy to get into which means that there will be a lot of competition and a lot of newbies who will do anything to get work. Some people become mobile notaries who are successful in what they do, but prefer the free lifestyle. Others get into this because they have mouths to feed, and this is the only way they can think of to sustain themselves. Desperate signers are often new in the business, lacking experience, and are poorly trained. They will often not be certified by 123notary, or NNA. They will not know what they can get away with charging, and the quality of their work? Who knows? Desperate signers will work for $40 per signing, do fax backs, drive long distances paying a lot for gas, and then often not even get paid. We wish these desperate types would consult us. We would tell them to research all companies before working for them. No matter how hungry you are, working for somoene who won’t pay you doesn’t make sense. You would be better off at home twiddling your thumbs.
What makes sense
We have another notary blog entry that goes over the components in price computations. Its very complicated and goes over many factors. The biggest factor is how desperate you are. If you don’t have enough work, then you need to become a regular for more companies. It makes sense to accept lower paying work until your schedule is filled slightly more than you can comfortably handle. Once you reach that threshold, then raise your minimum a notch or tighten your radius a notch. Supply and demand is the ultimate deciding factor in what you charge. No set fee schedule or recommendation from a friend can help you here.
Should I mention what I charge in my profile?
As a general rule, we say no. Notaries change their pricing all the time, and with all the variables, you would have to write a novel to document exactly what you charge. Its easier if someone just calls and asks. The low-ball companies call (bother) everyone, so you won’t be left out by them. The high-payers start with the top of the list and gravitate towards elite certified folks. Changing your notes section to include fees doesn’t get you at the top of the list or elite certified, and won’t increase your business by much if at all. Companies who know what you charge will still bother you to offer you jobs at half of what you charge.
Marketing Marketing Marketing
The main thing to remember is to market yourself well. If you have a bigger net, you catch more fish, and then you keep the ones you like. Even if you are busy, having more offers doesn’t hurt. If you can take more jobs from companies you like, and decline jobs from companies who are less than your favorites, that is a beneficial way to go.
Tweets:
(1) Notaries argue endlessly about what to charge & what others should charge. Here’s what the pros do!
(2) How much is it worth to get dressed nicely, deal w/traffic, wait for borrowers who want to take forever, lenders & then try to get paid?
(3) The notary profession is easy to get into which means there’ll be lots of low priced competition!
You might also like:
Pricing formulas for mobile notary work.
http://blog.123notary.com/?tag=pricing\
Price Formulas and Time Spent
http://blog.123notary.com/?p=588