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145 Comments on I'm Going On Vacation. Will You Watch My Files? ** FOR FREE **
I like the your idea of 10%, but that can get a little messy. I think it would depend on how many clients it involves. For each seller, $150 per week, if they have to check on the home and $100 per week if they don't (schedule showings). For each buyer, $50 per home shown, but have a limit. If there are any offers to handle, then 10%.
I charged a fellow highly productive agent $1,000 for a week that he was out of the country, and honestly, it wasn't enough.
Late to this as I just got back from 16 days at our 2nd home in Scottsdale, AZ, the longest I've been away at one time. I've always had this dilemma and now my daughter just got licensed but it still wasn't easy (she's brand new and it was her first time out alone with several different clients) and I'm trying to work out what to pay her as she had quite a few showings. She will get some cash for all of the showings and a percentage of any sales from those clients, whether it was a property she showed or not. I handle all of my files when away, I only need someone to open the doors for buyers and if I have a closing I apologize for my absence (although I can now send my daughter if I feel it to be necessary) and have the title company send the check & Hud-1 to my office.
In the past, I've brought an agent on with a 50/50 split if the buyer purchased anything (and then she also worked the buyer when I returned). It was a demanding buyer so it worked well, but if she had shown multiple buyers it wouldn't have been fair to me as I would have worked with them prior to leaving, but I needed a good enough reason for her to work with this particular guy.
I've paid a per showing fee and I had one agent who refused to accept anything (she took one client out one time - I think she showed one place). She said I owed her if she went out-of-town but she's never asked for help.
I feel I better offer something worthwhile to any agent that will help while I'm out-of-town, but I've never known what is most fair to both me and the other agent. I talked my daughter into getting licensed as I'd rather keep it in the family.
Hi Greg,
What an interesting topic and right on time. This topic has recently started to pop up in our office with some interesting outcomes. Your post gave us some great alternatives. Thanks again!
It is always complicated. If you want good help, pay them well. If I give them buyers and they find the house, do the contract, etc. Then they send me a referral fee. I will pay someonea GOOD hourly fee for every hour they work with my clients. I pay one scale for in the office and another higher on for on the road. I try to make sure they want to do it again. I have had good results doing this. Two wine glasses and $75,,,,,REALLY!!!!!!!!!!!!!!! Always get it in writing.
This can be a sticky one when you let/trust other agents with your files...if things are quite then no problem - if things are busy for both you and your cover agent then compensations should be more than a bottle of wine for Pete sake...gas is at least $3.50 per gallon for running buyers around. I like a lot of your suggestions, let's treat others as we would like to be treated.
Good topic to discuss. Agents need to be compensated fairly. Whether it's a standard referral fee, 50/50, or hourly for showing property, put it in writing.
Hate to bring it up, but isn't rhino population on a major decline due to the poaching for the horns? I'm surprised there are guided hunts for these animals. My nephew is a hunting guide in Alaska if you need a change.
I've tried it all ways, and I'm always freaking out that something might not be handled correctly so I just gave up and do it myself -- because nobody else will do it the way I do it. I have a great back-up team who can pitch in during a pinch but I also take my laptop wherever I go and deal with business via email. I am spending 3 weeks in French Polynesia this holiday season, so no voice mail or cell. But I always have my computer for emergencies. It's the best time of the year to go away because business slows dramatically. I'll be lying in the sand sipping a mai tai, staring at the ocean, and I'll wonder about a particular short sale . . . I'm probably wired wrong.
Greg:
I just went through this same situation with a colleague. Fortunately, she didn't have to do much, just some clients a home or two. I had no inspections or closings scheduled, so there really wasn't much for her to do. I am taking her to lunch. I gave her a gift card which she promptly returned to me. She said she didn't do anything.
#136 has the right idea, it all depends on how much work they will have to do. Lunch and a gift card are fine, if they don't have to do hardly anything. If the work doesn't directly put money in your pocket, about $15-20 per hour should be about right, for things like checking a vacant home for security or showing a home. If it puts money directly in your pocket, such as a closing or processing an offer, about $40-50 per hour should be about right. If someone calls to list your home and they get the information, then a referral fee should be in order.
Sounds like a fair deal. Sounds nice to spend 3 weeks disconnected.
Greg,
Interesting comments. I think it all depends on how much they have to do as well. I'm like Elizabeth in that I tend to take my computer and do as much as possible remotely but last year while on a cruise, I couldn't do that much by myself. I gave a fellow worker $500 for sitting at an inspection and rewriting a contract for me. Just knowing she was there if I needed her was worth it and I wanted her to know I appreciated it.
I guess it would obviously depend on the quantity of work left to the agent to do. I have often thought about how you would compensate someone. You sounded very fair in your compensation.
<We vacationed in Africa. While we hunted for Rhino's and danced with the natives....> Because Tni #139: he wrote factual that he was hunting. If it's not him in the photo he still promoted the fact he went on a hunting safari. With the subject of files and payment, in our office I was recently in the hospital and my PB & Co-worker closed 2 escrows and paid me in full that's called "Aloha Spirit" There are good kind supportive humans who aren't all about taking money for compensation. There are some currencies worth more then money.
I've always had a colleague that has been my vacation back up and visa versa for no charge. If something were to go into escrow while I was away, I would split the deal 50/50. Like others here, when I'm on vacation I'm not really completely away from work. I'm still on cell, text and email and continue to do all work that can be done remotely myself. It's something I'll definitely think more about before my next trip.
That's very generous compensation, and would certainly motivate anyone to look after your files as if they were their own.
In my experience, I've seen the following arrangements:
1. Office manager serves as the full-service back-up agent and file-watcher. I fulfilled this role in the past after the owner of my brokerage completely financed my real estate education and licensure to the Broker level.
2. Trusted peer partners take care of each other's business while they take vacations.
If he has 14 listings, he needs an assistant. There is no way he can do a proper job by himself.
You hunted for Rhinos??? Do you know that they are endangered? I thought you were making a good point until I saw the photo of the hunter gloating over the poor dead animal. With that, you destroyed your own credibility.
awwww Maureen, you missed the humor.
I did this for an agent in my company before - in fact, we co-listed a house together because she was going on vacation. But, then because she got an offer on it before she left she didn't even pay me for being the co-list. She paid me a little, but not nearly what it was worth to do the work. And then every time after that when my husband and I were on vacation we weren't able to hand off our stuff to her like she handed it off to us. It's tough... - Kasey
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