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Its that time of year again… getting ready to get away for a few days and relax.. its vacation time! There are many things to prepare for this event when you are a real estate agent, other than what’s going in your suitcase! Who will you entrust your clients to while you are away? What if an offer is received? What if someone wants to list their home? What if one of your buyer’s want to preview a home and potentially submit an offer? Who will do this when you are away?
Here is a reminder of a previous post on the importance of entering into an agreement with another agent in your office to ensure your clients are well represented in your absence. An agreement is important because it spells out specifically to both parties what is expected so there are no disagreements later. If you get into a dispuste after the fact, friendships and working relationships with your colleagues can be difficult to overcome. Remember, this is your business and you must conduct it as such. If the covering agent has a problem signing an agreement, then he/she is not the agent ou should entrust your clients to.
It is vital that your clients are well represented in your absence and finding an agent in your office whom you trust and respect is gold!! I can’t tell you how often I have paged an agent, called his/her cell phone, called their office again, only to find out “they are away.” When I ask who is taking their calls and looking after their clients, there is no one!! I shudder to think what their Seller would think about that, knowing their agent is away while their home is listed with them, and he/she has not left anyone to service the client in his/her absence.
First and foremost, you need someone who is trustowrthy and honest, and has the same ethics you do in the way you conduct your business, someone you can rely on without hesitation and know that your clients are in goodhands.
The one thing you need without question, is a Vacation Agreement, or Commission Agreement between you and the covering agent, so there is no misunderstanding when it comes to commission…
Here is a list of just SOME things to consider in your agreement. There are probably other scenarios you can add.
- How much commission are you going to pay on any sale of your listing, or presenting of an offer?
- If the covering agent sells one of your listings, and receive a back-up, how much will the covering agent receive on the back-up?
- If someone calls while you are away to list your home, how much is the covering agent going to receive to list the property for you?
- If you sell it when you return, how much are you willing to pay the covering agent for writing up the listing when it sells?
- How will the commission be split as a result of any sign calls from one of your listings if someone lists their home, or if a buyer buys another property?
- How much will the covering agent receive if the covering agent sells a property to one of your existing buyers they introduced to the property?
- How much does the covering agent receive if you refer them directly to a buyer in your absence?
- When a listing is sold, and the seller becomes a buyer, how much will you pay the covering agent if they purchase a home through them?
- Who do ad calls belong to in your absence?
- If covering agent sells to an ad caller, how much commission will you/they receive?
These are just some of the important issues that should be addressed prior to your leaving on a vacation. I’m sure there are others, and if you have any to share, would appreciate hearing from you!
Your clients are your business, your future business from referrals, and your reputation as a respected real estate professional. Entrust them into the care of a trustworthy agent, who has the same ethical standards and professionalism as you do. Remember, they are acting on YOUR behalf in your absence.
I live and work in STREETSVILLE and have a vested interest in property values here. Are you considering buying or selling or know anyone who is? Give me a call for a complimentary evaluation of your home in this changing market. (416) 717-6331.
When you choose me to handle your real estate needs, you are choosing a real estate professional who cares about you and your family, and who will listen to your needs, work together with you, and protecting your intersts to achieve your objectives.
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