Many agents hang their license with a Broker not knowing everything that is expected of them. They know their splits of commission and office hours but what else?
The what else should be in the form of an office policy. The office policy spells out every detail of what goes on in the office concerning the agents and the Broker. MLS Listings – who imputs the listings, who changes the listings. Contracts. When and how deposit checks are accounted for in the office. Who keeps the property files. Office hours. Floor time – if any. Business cards. Office & company stationary. Independent contractor’s agreement. Advertising – who pays what. And a whole list of other aspects are contained in office policy manual including a very important what else: When commission is paid.
Why is all this what else important? Brokers need this information signed by their agents so agents know what is expected of them. If an agent violates F.S. 475 Florida’s license law, this signed office policy is protection for the Broker – the agent has been advised and should have known better. If the entire running of the real estate office is contained in some way shape or form in the office policy manual, and the Broker does not adhere to the policy, this is protection for the agent. The office policy manual is a win/win situation for all parties. The office policy fosters harmony in the office environment…it’s the what else that makes it easier to conduct real estate business.
So Brokers and Agents, make sure everyone has a copy and signs and dates their copy of the office policy manual…the important what else. It will save everyone in the long run.
Need some good references in developing your office policy? Click on this link to NAR’s
Until next Monday…