How to Set Your Notary Fees:
Staying Compliant and Earning a Living
As notaries, we are the front line of defense against fraud and have been commissioned by our secretary of state to validate signers and signatures to important documents. Were important. But let's face it: setting our fees can be tricky. We must stay within state regulations while ensuring we can pay our bills and keep our businesses running smoothly. So, how do we strike that balance? Let’s dive into the key strategies to help you set your notary fees effectively.
1. Understand Your State's Regulations
The first step in setting your notary fees is to know your state's regulations inside and out. Each state has different rules regarding the maximum amount you can charge for various notarial acts. For instance, some states have a cap on fees for acknowledgments and jurats, while others might have specific guidelines for travel fees. It’s essential to stay updated on these regulations to avoid any legal trouble. This information is usually found on your state’s Secretary of State website or notary public division. If your state SOS has a notary handbook, buy it or download it. All notaries should have a current-year notary handbook available to them at all times for many questions that need state-specific answers. Here is a link to the California 2024 Handbook.
2. Consider Your Expenses
Running a notary business comes with its own set of expenses, from supplies like stamps and journals to travel costs and insurance. You need to consider all these expenses when setting your fees to ensure you're not just breaking even but actually making a profit. Create a detailed list of your regular costs and factor them into your pricing strategy. This will help you determine a baseline fee covering your expenses and leaving room for profit.
3. Factor in Your Time and Expertise
Your time and expertise are valuable, and your fees should reflect that. Consider your time on each appointment, including travel time, preparation, and follow-up. You can justify higher fees if you have specialized skills or certifications, such as being a notary signing agent for loan documents. Don’t undervalue your expertise; clients are often willing to pay a premium for experienced and reliable notaries.
4. Transparency and Communication
Once you’ve set your fees, being transparent with your clients is crucial. Clearly communicate your fees upfront on your website, in your communications, or during the initial inquiry. Transparency builds trust and helps avoid any misunderstandings or disputes later on. Additionally, be prepared to explain the rationale behind your fees if asked. Clients appreciate honesty and will understand the value of your services when you explain the costs involved.
Setting notary fees that keep you compliant with state laws while ensuring you make a living can seem challenging, but it’s definitely achievable with the right approach. By understanding your state’s regulations, considering your expenses, valuing your time and expertise, and maintaining transparency with your clients, you can strike a balance that works for your business and your clients. Remember, your role as a notary is invaluable, and it’s important to ensure that your fees reflect the quality and importance of your services.
Jens Experience:
As a new notary, I was undercharging for the convenience of my mobile services, printing, shipping, and everything else. As a California notary, I can charge travel/ mobile fees at whatever rates I want. But I want you to keep something in mind. Every appointment shouldn't cover all of your costs. Setting an overall budget for expenses is important.
For example, I need to make $300 this week to cover my expenses and make a profit. So, how much should I charge, and how many appointments do I need to have to reach that goal?
You will drive away business if you decide to charge a ridiculous amount for travel or mobile fees or overcharge for notary fees, like charging $150 for a power of attorney signing with one singer. That is both illegal for all states ( from what I know) and bad customer practices.
So here is what I do now. I don’t want to leave my house for under $50, so I adjusted my travel fees to flat fees for different towns in my area—the farther away the town, the higher my travel fee.
I offer package pricing for Jail signings, Estate Planning Signings, and Loan Signings.
I have a budget for each week, month, and quarter.
This is a real business; you are the notary, bookkeeper, CFO, janitor, and everything in between. To make this profitable, it's not just about how much you charge for notary services but how many diverse streams of income or services you can offer. As a notary, you can offer several specialized services. Services like Jail Signings, Hospital, Nursing Home, Estate Planning Signings, Loan signings, and more. You could be an Apostille agent and assist clients with procuring and notarizing documents to be sent or delivered for apostille or legalization. You might be able to get ordained, or depending on your state, as a notary, you will already be ordained and provide officiating services for weddings. The point is that SO MANY avenues are available to help grow your business and income.
Check out Laura Biewer and Bill Sorokas's Book, Beyond Loan Signings! If you don’t have this book in your library, you need it today. If you are serious about making this notary business a vital and profitable business- don’t sleep on this book. It's a game-changer.
I hope you found this information helpful. More than that, I hope it inspires you not to settle in your notary business but to educate yourself to be an expert notary and offer services in many different areas.
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Until Next Week,
Jennifer K. Cooper, JKC Mobile Notary
