With the ever-expanding list of career options, one often overlooked option is being a Notary. Being a Notary has its ups and downs, and understanding the pros and cons of this job can help you determine if it’s the right fit for you. In this blog post, we’ll be going over 13 pros and cons of being a Notary. We’ll discuss the flexible scheduling, competitive pay, and work-life balance opportunities as well as the potential for added stress, lack of job security, and lack of career advancement. This post will help you to decide if pursuing a career as a Notary is the best route for you.
Being a Notary can be a great way to make a living, but it’s important to be aware of the potential risks and rewards. Read on to learn about the 13 pros and cons of being a Notary and to help you make an informed decision if this is the career
PROS and CONS of being a Notary Loan Signing Agent
You may not enjoy a steady source of income
It may be challenging for a self-employed notary to have a consistent source of income. This is due to the possibility of an unpredictable job flow and the difficulty in predicting how frequently your clients will require your services.
Offering supplemental notarization-related services can help you get around this and attract more clients and business opportunities. This raises your likelihood of earning consistently even without providing notarial services.
There is a high demand for NSAs
The housing market’s continued growth, which guarantees a steady flow of income, may also contribute to the continued demand for NSA services. Consider doing research on your state’s requirements and the associated costs before you become a notary agent. This will put you on the right track and make the process of expanding easier.
Becoming a notary can be expensive
Costs associated with becoming a notary public and maintaining a notary business can be high. LLC registration fees, marketing expenses, website upkeep fees, office supply costs, and additional training and certification fees are a few of these.
Researching potential notary fees and the regulations governing operating a notary services business in your state can help you budget for the costs involved. You might also want to think about the price of career-enhancing training because it might draw in more students. Being prepared can make it easier for you to navigate the costs and make financial plans.
The Cons of Being a Notary
Let’s get the bad stuff out of the way first.
Steady income can be difficult
A notary’s income depends on a number of variables. The majority of states have established maximum rates that notaries may bill for their services. Some states set that fee as low as $2. 50. It’s possible to charge more for accompanying services, such as traveling to meet clients, but it’s unlikely that you can earn a lot of money by performing routine notarizations.
One of the best ways to increase your income as a notary is to specialize in additional services. Some of the extra services call for you to first be a notary, while others might not. Depending on what is permitted in your state, opportunities might be restricted.
For instance, I-9 Forms are exempt from notarization requirements, but some notaries serve as businesses’ authorized representatives Who can play this role is subject to limitations and additional requirements in some states, such as California.
One of the most popular ways for notaries to increase their marketability and income is by becoming a notary signing agent. The following is advised to become a notary signing or loan signing agent:
Notary signing agents will continue to be in high demand as long as the housing market is booming. Depending on the complexity of the loan documents, notary signing agents can charge between $75 and $200 per signing. Each signing event can last anywhere between 30 minutes and several hours. Directly working with escrow officers, title agents, lenders, and real estate agents will increase a notary’s income more than working for companies that offer loan signing services.
Before extending your offerings, do your research regarding state regulations, acquire the necessary training, and proceed cautiously with any new services. Greater obligations and risks come along with signings and services that are more complicated.
FAQ
What are the downsides of being a notary?
- Steady income can be difficult.
- You could be sued for a lot of money.
- Upstart and upkeep costs can add up.
Which notary job makes the most money?
Notaries can work in either a stationary or mobile capacity, with mobile Notary Publics typically earning the highest salaries. This is due to the fact that most stationary Notaries only perform their current jobs as needed.
Does being a notary look good on a resume?
The second reason is that being a notary public looks good on a resume, especially if you work in a profession that requires a notary’s signature for certain documents to be considered valid and binding, like real estate or banking.
How much do Colorado notaries make?
As of October 27, 2022, the average Notary Signing Agent salary in Colorado is $39,302, but the range is typically between $38,395 and $49,992.
