Today, I read this story about “fleas in a jar”, it’s not the first time that I heard of this experiment. “In an experiment, a scientist placed a number of fleas in a glass jar. They quickly jumped out. He then put the fleas back into the jar and placed a glass lid over the top. The fleas began jumping and hitting the glass lid, falling back down into the jar. After a while, the fleas, conditioned to the presence of the glass lid, began jumping slightly below the glass lid so as not to hit it. The scientist then removed the glass lid as it was no longer needed to keep the fleas in the jar. The fleas have learned to limit themselves from jumping beyond the height of the lid even if the lid was removed as they have been conditioned to the fact that they cannot escape from the jar.”
This story made me think about our situation with signing fees! Are companies treating us like those fleas in the jar? Over the past few years, signing fees have been decreasing. But lenders, title companies, and real estate agencies are still spending billions of dollars in advertising to generate business and their businesses are still profitable. Here’s my question, why are we allowing ourselves to become like those “fleas” in the jar that will no longer jump out of the jar?
Great analogy!! And just from posts here we know it’s true.
I actually find myself wondering where the number is for certain more local assignments because someone takes them for less than I do. And this analogy really is good. Being afraid of hitting the lid - is pretty natural when competition is stiff.
Bet at least one flea jumped higher and got out! Good lesson in ‘work smarter/not harder’.
cfletcher, You can not control of what you don’t own. They have the orders, and we want the orders, if we can’t come to a price, you move on. You can yell and strike all you want, it will not help.
It really disturbs me. If every would just accept 100 or more it would work out
Imagine, 100 print outs, traveling at least , most of the time 30 to 40 round trip. Scanning and then drop off. Your profit margin is not that good but it is better then 75 or lower. They need us remember. Title companies pay at leadt 250 to 350 . The broker is making more money then you for just referring the job to you. Dtay firm and maybe we will all do better
Someone is undercutting fees in my area. So that has made July pretty challenging. I’m no longer discussing fees in the forum. Someone wanting the work will slide under that rate to gain experience. That’s my experience anyway.
@cfletcher Cogent Point!
I believe it distills down to the simple equation of their Profit. Although, I’ll leave it at that for now . . .
I truly feel there should be standard rates for each notary per state this way there is no price war. I find it to be so unfair to the signing agent. Everyone should stick to their guns. Meanwhile the 3rd party is making all of the money while the signing agent does all the work
These 3rd party should ask how many pages 10 100 200. It should be one of the questions to pass onto the notary so it is priced fairly. I received an order. Had to print 125 pages 2x very involved and paid 85.00 never do that again
When I started my good friend was a mentor and she had been an LSA for 15 years and it drove her crazy because my fees were not as high as her fees. The gap has closed significantly but I will travel and she’s not a fan or that. Now after raising my standard fees - I see why it drove her crazy.
@lauriemazza.nsa27 I respectfully disagree with the proposition of a standardized fee structure for mortgage loan signing assignments. Each state has already established regulations for notarial acts. Our services are provided to privately owned financial businesses and there are laws that prevent the standardization of loan signing fees. The current “price wars” are not instigated by loan signing agents; rather, these companies are exploiting the influx of inexperienced loan signing agents who are unfamiliar with proper pricing strategies. Over time, this market saturation will correct itself. As the number of loan signing agents diminishes due to inadequate fees, companies will be compelled to adjust their fee structures accordingly. Furthermore, we must acknowledge the potential impact of evolving government policies and the advancements in Remote Online Notarization (RON) technology. Recall the following retailers JCPenney, Sears, KMart, and others are businesses that have fallen victim to market changes. Our industry will experience similar business and economic changes. Initially, I referenced the narrative concerning “fleas in a jar”; we are not obligated to accept a similar predetermined outcome.
@cfletcher Accurate Assessment.
Several of us sages on the Notary Cafe forum endeavor to assist those new to this business sector with this status on a regular & ongoing basis . . .
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NOTE: For those who have not yet created their own individualized Schedule of Fees, please Review this in-depth thread.
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