We all need a break from time to time, and one important decision facing you before you take that well deserved break… is “who is going to take care of my clients in my absence?”
First and foremost, you need someone who is trustworthy and honest, and has the same ethic you do in the way you conduct your business, someone you can rely on without hesitation and know that your clients are in good hands.
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. I usually give the covering an agent a synopsis of my current active client list and include any pertinent information I feel is necessary for them to know in order to assist my clients to the best of their ability.
As a courtesy, also, you should notify your clients/contacts of your pending vacation, and reassure them that a qualified agent will be assisting them if needed on your behalf, while you are away… so there is no interruption of service to them.
Some things to consider in your agreement are:
- 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?
- I 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 my 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!
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