Professional notaries public put a great deal of time and effort into their work. This is especially true for mobile notaries who utilize their cars, gasoline, mileage, printers, paper, etc. Indeed, an Oklahoma notary public may also carry errors and omissions (E&O) insurance, and may have successfully completed specialised notary public training courses. When also factoring in the cost of the commission, notary supplies, advertising costs, etc., this can prove to be quite a large investment. This is precisely why Oklahoma Judicial Process Servers www.OklahomaJudicialProcessServers.com wants other notaries in Oklahoma to know how to ensure that signing agents and title companies pay them fairly for their services.
Once a notary public has gotten himself or herself set up with all of the commissions, training, supplies, etc., phone calls are likely to follow. While Oklahoma currently has a set maximum price of $5.00 per signature if someone comes to meet a notary at his or her home or office, there is no such limit when the mobile notary travels to the client. While some signings that require the services of a mobile notary might include individual clients who are seeking car title changes, wills, etc., other more lucrative contracts will come from loan signing agencies such as Banc-Serv.
Loan signing and title companies often require services for home loans, sellers’ packages, refinancing loans, and more. It is important to keep in mind that the banks, title companies, and the loan signing agencies all stand to make a profit from the transaction, and mobile notaries should as well. This is why it is imperative for notaries in Oklahoma to try to find out how much their corporate client stands to make off of the deal.
Mobile notaries will seldom, if ever, make more than their clients do, as this takes away the financial benefits and incentives for their business. However, if the loan signing company stands to make $200, it might be willing to pay $150 for a new home loan. Of course, since loan signing companies are also out to make a profit, they are going to try to find the best notaries around for the cheapest possible price. This is where the cost benefit analysis for this field becomes especially important.
Finding the right balance between how much a notary public can get for his or her services and what the client is willing to pay becomes crucial. If an Oklahoma City notary public is always setting the price very high, others mobile notaries may receive more calls than those with lower prices. Of course, those who prostitute themselves out for next to nothing will get more phone calls, but they will also make less money for their time.
It is also important to note that a signing agency’s first offer to a notary public is generally not as high as it can really go. Thus, if a signing agency offers $75 for a relatively small signing, it can usually increase that amount. It seldom benefits notaries to settle for the first offer they receive from new customers. Responding politely with a fair counteroffer can often help net the best possible fees.
Aside from the aforementioned, Oklahoma notaries should really consider the following additional factors when setting their mobile notary fees, which include but are not limited to the following:
- How soon the service needs to be done
- Whether or not bilingual services are needed
- The time of day the signing needs to take place
- The distance to and from the signing (i.e., mileage and gas)
- The number of pages the notary will need to print out
- Whether the signing will take place on a weekend and/or holiday
- Postage costs and whether special trips to FedEx Office or the United States Post Office will be necessary
- Whether or not the client wants everything or even certain pages faxed back or sent via e-mail
- Other individual/personal factors and considerations for the notary
The more of the aforementioned that the signing agency or title company requires, the higher the Oklahoma City notary public should set the price. Time is money, and supplies also cost money.
It is imperative that notaries public not set their standards too low and work for too little. This pushes down the price for professional notaries so much that it makes it harder for all other mobile notaries to thrive. Mobile notaries who have a clear understanding of the signing agent’s needs, how much company is getting, and how much time and supplies are required from the Oklahoma notary public, can often negotiate the best possible price.