As I’ve mentioned in previous articles here on the subject of notary fees, there are good and sufficient reasons for not answering the “what do I charge?” question.
There are zero good reasons for answering it and doing so may be spreading misinformation (as my circumstances and those of the person asking may be very different).
As much as you want to know how much to charge, this is simply not an easy question that you should expect your competitors or random notaries in other states to answer for you.
That said, blaming people that take lower fees than you for the work you’re being offered is not going to help your business succeed.
I don’t blame new notaries for taking lower fees. Even if they knew what the market rates were for their specific market, they might still choose to take a lower fee in order to get experience. That is a business decision that they have every right to make.
Blaming other notaries for the fees being so low now is backwards, IMHO.
We simply cannot all be getting business from the same list of companies and doing so in the same way and expect the fees to stay the same while the pool of available NSAs is getting bigger. More supply vs the same demand means lower price. That’s basic business (or #businessbasics as I usually put it).
The only good answers that can ever be given to the fees question are 1) have you done your own market research? 2) What did that research tell you?
Asking random notaries on Facebook what to charge is not market research.
Some title companies are on snapduds and they pay like signing services. I’ve had several over the years that dropped their fees to notaries once they found out we were willing to take less by working for signing services.
My point is you don’t know that *most* title companies pay the ranges of fees that some people will tell you they pay. All you know is what the ones you have personally dealt with did.
As RON rolls out over the next year or 2, look for some title companies to open call centers with webcams and minimum wage employees who are notaries.
The endless berating online of other notaries for what they accept is pointless. Focus on how YOU are adapting to platforms and RON and blockchain technology. Those are what’s going to destroy your ability to make a living at being a notary. Competitors will come & go. Tech changes that benefit rich investors will be here much longer.
This article is one of several that I’ve posted here on the subject of notary fees.
Posted Sunday, August 4, 2019.