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Gail Griffin

Agent Office Fund

By: Gail Griffin
Monday, June 18, 2007 1:18 PM

Our office has an Office Fund to which every agent is expected to contribute a small amount of dues. The dues pay for coffee, tea and paper supplies for clients, the office microwave and small refrigerator and their maintenance, balloons and helium for open houses and events, folding machine for flyers, binder for CMAs, color ink cartridges for the color copier, bulk mail permit, special advertising, special local events and expos, seasonal drawings, Chamber of Commerce membership, greeting cards and flowers for sympathy and special occasions and other miscellaneous items the broker will not pay for.

The Office Fund helps new agents that do not have the equipment or resources to get started as well as benefits seasoned agents with broker name recognition and marketing.

Is this a common thing? Do agents in other brokerages have an office fund such as this?

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Comments

Bill Thompson, REALTOR®
Member Since '07

Bill Thompson, REALTOR® said:

It sounds like a great idea. We don't have this, though.

June 18, 2007 4:04 PM
Jay & Francy Thompson  REALTORS®
Member Since '05

Jay & Francy Thompson REALTORS® said:

Our office doesn't have it. I think the broker feels that sucking 20 - 50% out of agent's commission checks covers that sort of stuff. He likes to say we get those things for "free".

June 19, 2007 12:09 AM
Mipeco Realty, Inc -  Michaela Krestenic, Broker-Owner
Member Since '03

Mipeco Realty, Inc - Michaela Krestenic, Broker-Owner said:

It sounds like a good idea for offices that offer "100%" commission to their agents but for offices with regular splits, I believe it should be included in the broker split ... not charged extra.

June 19, 2007 12:12 AM
Tim and Susan Fennell
Member Since '06

Tim and Susan Fennell said:

Our office provides most of that from the split... except for 'gifts, flowers, etc'  - for those things we all chip in with donations.  Susan and I have a fully equipped home office so we use very little of our brokers resources anyway.

June 19, 2007 1:15 AM
Klaus Nicholson
Member Since '07

Klaus Nicholson said:

Not in our office.  Many in town have fees like that.  Some break the costs down for individual agents in regards to printing and faxing.

June 19, 2007 5:00 AM
Gail Griffin
Member Since '03

Gail Griffin said:

Our broker provides regular black ink laser copiers, faxes, no desk or telephone fees, computers with high speed internet and wireless networking, and good advertising products and design at discount prices along with accessibility to numerous office locations since it is not a franchise. Those things are so called, "for free". The Office Fund provides for the other little things the broker does not provide as listed in my first post.

Our broker splits on a sliding scale according to sales production. In addition to the regular split, the broker takes 8% of the gross commission paid on every transaction to cover corporate advertising. Also, each agent must pay $595 a year for legal defense...no per transaction fee. This is non-refundable and not negotiable.

How does this compare to others...???

June 19, 2007 11:57 AM
Cyd  Weeks
Member Since '05

Cyd Weeks said:

We don't have such a fund.  If we want coffee in the office those of us who drink it will bring in a can of coffee when the one that's there is empty.  I do not assist in new agents who can't afford their own tools and supplies start their own business.  If they can't afford it, then they shouldn't be in it...or start out very slowly and poor like the rest of us did.  What we will do is split transactions with them in order to assist them.   I've never heard of competitors chipping in money to help start each others businesses....in ANY industry.

June 19, 2007 1:42 PM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

I'm grateful when the agents  remember to tell me the copiers are out of paper or there are no more bottles of water or soft drinks in the frig, all of which I supply.   :)

It's always interesting to see how other offices in other areas do this sort of thing, though.

June 19, 2007 2:29 PM
Velda Miller
Member Since '03

Velda Miller said:

Right now, my agents have a generous, very generous split with me but I expect them to cover their own expenses and I charge a small E/O fee for each transaction.  I provide a place for them to meet their clients and do floor time but I'm not going to warehouse a bunch of desks for them.  I provide a copier, training if anyone needs or wants it, coffee, name badge, a small fridge where they can keep stuff, a microwave oven, a secure wireless internet accessible network, a computer for floor time if they need it, bottled water, and even a few snacks in case they get the munchies.  Usually, I'm the one who gets the munchies though.  I'll even provide 2 or 3 yard signs to get them started if they get a listing or two right away and their order isn't in.  If I move the office, as I did recently, I'll provide a box of 250 business cards and return addy labels.  I keep a small supply of copy paper, manila folders, card stock, envelopes and 2-pocket folders but they can't "raid" the supply cabinet for a big mailing or anything like that.  I provide them with a MS Word template for the letterhead so I don't stock letterhead.    Now, this is the way it is because we are small and I can keep an eye on everything easily.  If we grow I know I'll have to change some of this but not looking forward to that day.

June 19, 2007 5:48 PM

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Gail Griffin
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