POLICIES & PROCEDURES MANUAL
Your LIVING GREAT guide to success in
the real estate industry.
TABLE OF CONTENTS
INTRODUCTION … pg. 4
· Mission … pg. 5
· Our Company’s Philosophy … pg. 4
· About LIVING GREAT REAL ESTATE … pg. 5
o BROKER … pg. 6
o MANAGING DIRECTOR … pg. 6
o LIVING GREAT™ BRAND … pg. 6
POLICIES … pg. 7
· Accountability … pg. 7
o BROKER … pg. 7
o Performance … pg. 7
o Clients … pg. 8
· Agency … pg. 8
· Antitrust … pg. 8
· Attitude … pg. 9
· Conduct … pg. 9
· Confidentiality … pg. 9
· Cooperation … pg. 9
· Discrimination … pg. 10
· Dress … pg. 10
· Education … pg. 10
· Ethics … pg. 11
· Expectations … pg. 11
· Fiduciary Responsibility … pg. 12
· Independent Contractor … pg. 12
· Integrity … pg. 12
· Professional Competence … pg. 12
· REALTORS® Pledge … pg. 13
· Safety … pg. 13
· Sales Meetings and Training … pg. 15
· Service … pg. 15
· Sexual Harassment … pg. 15
· Specialization and Certifications … pg. 16
· Work Hard, Work Smarter … pg. 16
MEMBERSHIPS … pg. 16
· National Association of REALTORS® (NAR) … pg. 17
· Board of REALTOR® … pg. 17
· New Jersey REALTORS® (NJAR) … pg. 18
· Multiple Listing Service (MLS) … pg. 18
OFFICE INFORMATION … pg. 19
· Hours of Operation … pg. 19
o Holidays … pg. 19
o BROKER Appointments … pg. 20
· Administrators … pg. 20
o Office Manager … pg. 20
o Office Secretary … pg. 20
o Personal Assistants of the AGENTs … pg. 20
ADMINISTRATION … pg. 21
· Contracts and Forms … pg. 21
· Files in Office … pg. 21
o Turning in Listings, Offers, and Sales Contracts … pg. 21
· Listing Files … pg. 22
· Transaction Coordinator Services … pg. 22
o Not Using Transaction Coordinator Services … pg. 22
o Listing Services: Purchase, Rental … pg. 23
o Contract to Close on Your Listing … pg. 23
o Rental Listing to Leased on Your Listing … pg. 24
o Contract to Close for Your Buyer … pg. 24
o Rental Tenant Side … pg. 24
o Credit Check … pg. 25
COMMISSIONS … pg. 25
· Commissions due to LGRE … pg. 25
· Payment to AGENT … pg. 25
· Commission Splits … pg. 25
· Commission Cap … pg. 25
· Offset for Expenses … pg. 25
· Commission On Personal Sales … pg. 25
· Full Disclosure … pg. 26
· Absence – Compensation to another REALTOR® … pg. 26
· Referrals … pg. 27
o Interoffice … pg. 27
o Out-of-town Brokers … pg. 27
· Disputes … pg. 27
o Between AGENTs … pg. 27
o Between Buyer and Seller … pg. 28
· Legal Action to Collect … pg. 28
· LGRE Commission Sheet … pg. 28
· AGENT Commission Split Sheet … pg. 28
· Mentorship Program … pg. 28
· Profit Sharing Plan: RECRUIT-AN-AGENT … pg. 29
LEADS … pg. 29
LISTING … pg. 30
· Listing Commission Rate … pg. 30
· Term of Listings … pg. 30
· Listing on MLS … pg. 30
· Servicing Suggestions … pg. 31
· Keys to Client Properties … pg. 31
· Withdrawal of Listings … pg. 31
o Unconditional Withdrawal … pg. 31
o Conditional Withdrawal … pg. 31
o Temporary Withdrawal … pg. 31
· Checks / Earnest Money Deposits … pg. 32
· Refund of Deposited Earnest Money … pg. 32
· Broker’s Tour (Broker’s Open House) … pg. 32
· Open House … pg. 32
INSURANCE … pg. 33
· E&O … pg. 33
· Automobile … pg. 33
AGENT EXPENSES … pg. 33
· Monthly Fee to Hold License at LIVING GREAT REAL ESTATE … pg. 34
SUPPLIES … pg. 34
· Business Cards … pg. 34
· LGRE Name Tags … pg. 34
· Lockbox … pg. 35
· Signs … pg. 35
MARKETING … pg. 35
· Promises to Advertise … pg. 36
· Display Advertising … pg. 36
· Specialty Advertising … pg. 36
TECHNOLOGY … pg. 36
· Customer Relationship Management (CRM) … pg. 36
o Real Geeks … pg. 37
· Email … pg. 37
o LGRE Email Account … pg. 37
o LGRE Email Signature … pg. 38
· Google … pg. 38
o Calendar … pg. 38
o Docs … pg. 38
§ Agent Checklist … pg. 38
§ Listing Presentation … pg. 38
· ZipForms® … pg. 39
INTRODUCTION
Every organization has certain methods of operation designed to allow the firm to efficiently achieve its objectives. The management of LIVING GREAT REAL ESTATE believes that our employees, AGENTs and BROKER ASSOCIATES can best serve our clients and customers if we establish in writing our business philosophy, and our policies and guidelines and the best way to to carrying them out.
LGRE has prepared this manual for your reference. It contains guidelines and direction for our employees, AGENTs and BROKER ASSOCIATES. While we have attempted to provide detailed guidelines in this manual, there will be times when problems must be resolved by management decision, guided by the principles of fairness, integrity and good communication. This is a living document, and we will add to it and change it when needed. We hope that you will become well acquainted with it, and refer to it often. If you believe we may have overlooked something that should be included, please make that omission known.
Welcome to LIVING GREAT REAL ESTATE. You have made a wise choice and we look forward to a long and prosperous future together.
For the purpose of this document:
· LGRE shall mean LIVING GREAT REAL ESTATE
· AGENTs shall mean all Associates, Agents, or Broker Associates
MISSION
To become the premier boutique real estate brokerage in New Jersey by providing an amazing consumer-centric experience and delivering niche expertise to the real estate market.
OUR COMPANY’S PHILOSOPHY
We believe that for LIVING GREAT REAL ESTATE to be successful, we must provide outstanding service, act with integrity, and have a “positive” attitude towards our clients and customers while upholding the real estate industry to a high esteem. All of LGRE ’s employees and AGENTs must act in the best interest of LGRE and its clients and customers above all.
ABOUT LIVING GREAT REAL ESTATE
Main Office: 22-24 Morlot Ave., Fair Lawn, NJ 07410
Phone: 800.247.2407 / 201.777.1088
info@LivingGreatRE.com
LIVING GREAT REAL ESTATE was founded in Bergen County, NJ in 2018 by entrepreneurs, Evelyne and Alan Cohen, it is a company built and shaped by talented and driven real estate professionals who know the value of having a great career, accomplished colleagues, work-life balance, and a reputation for being the best in the business. This is more than just real estate, it's about your life and dreams. We focus on helping our clients realize their fullest potential.
A house is not a home because of its room dimensions or the color of the walls,
it's about how you feel when you walk through the front door and can instantly envision your life unfolding there.
As LGRE continues to grow we are currently hiring agents from all parts of NJ. LGRE is looking to be licensed in NY, PA and FL in the near future and expanding with satellite offices in those territories.
Member of REALTOR® Associations including:
· Greater Bergen REALTORS® (GBR)
· Mid Jersey Associations of REALTORS® (MJAR)
· Monmouth Ocean Regional REALTORS®
· North Central Jersey Association of REALTORS@
Member of Multiple Listing Services including:
· Bright MLS
· Flex MLS
· Garden State MLS
· Hudson County MLS
· New Jersey MLS
Member of
· Fair Lawn Chamber of Commerce
· Fair Lawn Rotary Club
LIVING GREAT REAL ESTATE, is hiring a roster of hard working, dedicated real estate agents who want to strengthen their career while making a name for themselves and their business. An AGENT that is a thought-leader in their markets and who makes a positive impact in their community.
Your success is our goal...make today the day you begin the next fulfilling chapter in your life and career. You will find opportunities for growth, support for achieving your objectives, and a true sense of family and belonging.
THE BROKER
Evelyne “Eve” Cohen, FOUNDER/CEO, BROKER-OWNER, REALTOR®, Short Sale Specialist, Member of the Fair Lawn Main Street Inc., Chair Sub-Committee, TV/Film, Fair Lawn Chamber of Commerce, Women’s Council of REALTOR®, Commercial Business Group.
Born in Casablanca, Morocco, Eve and has lived in many foreign countries including the UK, Canada and Paris, France. Having attended Hunter College and several other schools for music she continues to learn how better to serve her clients in the ever-changing real estate world. Eve has over thirty years as a corporate executive and senior partner of several media companies with emphases on management, production, marketing and client relations. Eve knows only too well the fine balance when dealing with sensitive matters of real estate on behalf of her clients, whether sellers, buyers, or investors.
MANAGING DIRECTOR
Alan Cohen, CO-OWNER, COO, MANAGING DIRECTOR, REALTOR®, Board of Directors Fair Lawn Chamber of Commerce, member Rotary Club of Fair Lawn, Fair Lawn Main Street Inc. Alan has an MBA from William Paterson University and a BM from Berklee College of Music. Most of Alan’s career has been in the music industry, as a veteran Broadway guitarist, music producer, and record label owner. Alan owns and operates together with Eve, ACM Records which publishes and represents music from artists and composers from around the world. ACM Records has worked with some of the top names in the industry and its music is heard globally in TV/Film. Alan brings his management skills to the real estate industry, which is now his new passion.
THE BRAND
LIVING GREAT® is more than just a name, it is a way of life and a state-of-mind. The vision of LGRE is to bring out the best in its partners, AGENTs and clients, having them reach their fullest potential while projecting a positive outlook.
LIVING GREAT REAL ESTATE is a division of LIVING GREAT, LLC. AGENTs has limited authorization to use the LIVING GREAT® trademark name, Living Great, LLC, Living Great Real Estate, or any facsimile, and logo on their business cards, yard signs, letterhead and other business forms, subject to BROKER advance approval of the artwork and text. AGENTs may not use LIVING GREAT® trademark, name or logo on, or in the domain name, URL or metatags of, any website with which AGENTs is associated or in any Internet advertisement the AGENTs places.
LIVING GREAT® plans on expanding in other areas including, but not limited to Property and Project Management, merchandising, fitness and health, and vegan foods.
POLICIES
ACCOUNTABILITY
Top producers understand that tracking is where personal accountability happens. Measuring accountability brings success to real estate and becoming accountable to the ethics, customer service and revenue will help drive your business.
LGRE must have key performance indicators, or lead and lag measure tracking, to be accountability.
· Everything starts with your goals.
· Define what you want to track.
· Set goals for how much production you want to hit.
· Then set your processes for tracking.
ACCOUNTABILITY with BROKER
While AGENTs are held accountable to their BROKER for their tasks and goals, the BROKER is also accountable with their agents for helping build their pipelines and coaching them toward success. Accountability is something that increases the agent’s performance, improves their careers and their bottom dollar.
The BROKER will provide assistance to the AGENTs whenever necessary. The BROKER should not have to do those things that AGENTs should do as a normal course of business. Counsel from the BROKER should supplement the AGENT’s efforts, not replace them. If the AGENT has a problem, the AGENTs should give the BROKER his or her recommendation for the solution to the problem. This will help the AGENTs and the BROKER to come to a satisfactory plan of action with the issue or problem at hand.
PERFORMANCE
AGENTs are required to meet via in-person or phone with BROKER and/or MANAGING DIRECTOR at least once per month to discuss their accounts, closings, customers, leads, and anything else that needs to be discussed.
Each Fiscal Quarter REALTORS®’s performance will be evaluated. If REALTOR® has not closed a transaction in 2 (two) quarters, REALTOR® will be placed on probation. After 3 (three) quarters of none performance REALTOR®’s status with LGRE will be discussed with the BROKER.
ACCOUNTABILITY to Clients
AGENTs must be accountable to their customers and our clients. Clients must be completely satisfied with the transaction, or we won’t not get repeat business. If we make a mistake, we must be accountable and own it, especially if a client is damaged.
It is imperative that we maintain the good reputation of our Company by making and keeping appointments. Before showing any listing to a prospective buyer, call and book the appointment and don’t be late. Use SHOWING TIME if possible. If a client cancels an appointment be sure to cancel with the Listing Agent.
AGENCY
· Consumers are often confused about whom the real estate BROKER represents in a transaction.
· Our firm may be employed by the seller or the buyer, or both. Whomever we represent in a transaction, we must observe our duties as described in state law.
· Our AGENTs should never allow the pursuit of a commission to blur the clear-cut responsibilities to our customers and BROKER’s clients.
· We must inform our principal of any facts or rumors that might affect their decision, along with the source of these facts or rumors. DISCLOSURE, DISCLOSURE, DISCLOSURE. Stay out of Real Estate Jail.
· Sellers should not be asked to accept an offer until they have reviewed all presented written offers. All written offers must be presented until the property is UNDER CONTRACT or until the listing is expired.
· When representing the seller, we must never suggest that a buyer offer less than the asking price of a property, although we must present all offers when made. We must not disclose to the buyer what price a seller may accept, nor our seller’s motivation for selling.
· When representing the buyer/borrower, we must never suggest that a seller should counteroffer more than the price offered in the contract. We must not disclose to the seller what price a buyer may be willing to pay, nor our buyer’s motivation for buying.
· We must treat the business of our principals with confidentiality, and never disclose facts to the other party that might work to the disadvantage of our principal.
· We must be extra cautious when we become financially interested in a listed property, and must disclose any facts or rumors of which we have knowledge. We must also warn the seller that we are no longer representing his or her interests.
· When we are asked to represent a buyer in a transaction, we may become an intermediary between the parties when showing a property listed by our office. Our BROKER must be made aware of this situation, and both parties to the transaction must agree in writing so that we may never appear to have an undisclosed dual agency.
· Perhaps the best way to represent our principals is to treat them as if they were family members: do the best job you can by upholding your professional BEST.
ANTITRUST
· BROKERS do not have a “standard” commission rate in our area. Each office sets its commissions independently by negotiation with the seller or the buyer. One feature of LGRE is we can negotiate at a high common rate or we can negotiate as a discount office. BROKER must approve.
· Accordingly, no individual should suggest to a seller or buyer that there is a “standard” rate charged in this area.
· Under no circumstances should an individual with this office discuss with any individual from another office suggested commission rates charged to sellers or buyers.
· No AGENT should suggest to a competitor that if they perform or refuse to perform a certain act that the brokerage firms of our area will “boycott” them.
· Any of these acts could be construed as a violation of Antitrust laws and subject the individual and our company to severe civil and criminal penalties.
ATTITUDE
Probably the single most important attribute of a successful AGENT is attitude. It is said that the act of smiling releases a chemical into the blood stream that brings on a feeling of happiness. Whether or not this is true, good things clearly come to those with good attitudes. A positive attitude allows us to do difficult tasks more easily. A negative attitude renders difficult tasks impossible. Attitude, good or bad, cannot be concealed. A smile can be “heard” by phone. Caring for others will be easily recognized by clients and customers. Have a LIVING GREAT attitude.
CONDUCT
AGENTs should conduct themselves in a businesslike and professional manner at all times, especially when talking real estate. A professional atmosphere and decorum is necessary for the most effective representation of our clients, and will enhance our income levels.
A professional atmosphere in the offices excludes swearing, gossip, bad talk or slander,
horseplay, practical jokes, loud talking and laughter where others are working, personal calls on office phones or in open areas where others are working, playing games on office computers or casual internet browsing not related to real estate and anything else the the management deems unprofessional.
CONFIDENTIALITY
We often learn a great deal about our clients and customers because they have placed their trust in us. It is good practice to keep all problems of our clients strictly confidential. Remember we have a fiduciary responsibility and obligation to our customers and BROKER’S clients.
COOPERATION
An organization can be great when all members are working together for a common purpose. Few real estate AGENTS are successful without a spirit of cooperation. We expect and encourage cooperation from all members of LGRE both within and outside our firm. Always be cooperative with others in our industry including mortgage lenders, inspectors, appraisers, attorneys, etc. and as they will remember a helpful organization. These professionals are a great source of leads. Practice cooperation and receive the rewards of satisfaction, happiness, harmony and wealth.
DISCRIMINATION
The law states that AGENTs may not discriminate based on race, color, religion, sex, national origin, family status, sexual orientation, disability or financial ability. AGENTs shall not steer a customer nor be a part of blockbusting.
DRESS
The attitudes of others toward us are frequently shaped by the way we dress. We cannot think of an instance when a sale was lost because the AGENT was professionally dressed, but many customers have been put off by “sloppy,” “over-casual,” or “sexy” clothing. When we expect customers and clients to trust us with the largest single transaction of their lives, the purchase of real property, we must understand why they expect us to dress and act as if we are serious and professional.
It is acceptable, while showing vacant land, to dress in jeans. It is not appropriate in most other business situations. DRESS FOR SUCCESS, professional is ALWAYS best and LESS is MORE; i.e.: less bling is safer than more for instance.
EDUCATION
To maintain your real estate licenses in the state of New Jersey, AGENTs need to participate in defined amounts of continuing education (CE) each year or recurring time period. These requirements are set forth in state laws and are administered by state real estate commissions. The specific requirements, time frames, and due dates vary considerably across states - as do the requirements for obtaining a license, called pre-licensing, and supplemental one-time novice training, called post-licensing.
1. State Requirements for Continuing Education
NJ’s requirements for real estate agents continuing education is12 hours of every two years in order to renew your license. Otherwise, you could be fined or have your license suspended.
2. Online Courses Are Convenient
Many real estate agents do not realize that there is no need to attend seminars and lectures to achieve their hours of study. The reality is much simpler, especially with online and correspondence courses so widely available. Real estate professionals can study on the go with a laptop, smartphone, or tablet. For the less tech-inclined, correspondence courses also offer study through booklets. This means that working professionals do not need to miss out on precious working hours or time with the family.
3. Stay Up to Date with Real Estate Industry Changes
The best way to stay up to date with changes in your industry is through real estate continuing education. Courses specialize in topics like ethical dilemmas and taxes. Ultimately, real estate agents benefit from studying fair housing laws, risk management, and the financial aspects of buying a home, all resulting in becoming a better agent.
4. Explore New Career Avenues Safely
What does the future of real estate have in store? More real estate agents are pursuing avenues related to sustainable housing and eco-friendly options. Those who do not keep up with trending topics in real estate will have a hard time broadening prospects. Additionally, it is imperative for real estate professionals to keep up with legal issues, including those that involve disclosure. Laws change frequently, so continuous education is essential.
5. Build Credibility in the Real Estate Industry
Boosting credibility is a great marketing tactic that no real estate professional should overlook. Not only can agents display real estate continuing education on their websites, but they can also boast newfound knowledge in specific areas, whether it be green living or auction-style sales. When buyers are looking for a real estate agent to trust, those with credibility and the evidence to back it up will be the most compelling choices.
ETHICS
The Code of Ethics of the National Association of REALTORS® is a guide for our daily
business operations. The laws of this state are clear as to our obligations to our clients and customers. These things, above all else, are important to us. We will not vary from these principles under any circumstances. Carelessness will not be tolerated.
EXPECTATIONS
We believe we are hiring the finest sales staff in this area. Each agent is hand picked that fits LGRE’s culture and should share the same vision. Yes, we are small but mighty and growing exponentially. We have high expectations of the members of our firm:
· We expect each AGENT to serve our clients and customers with integrity, competence and courtesy.
· We expect each AGENT to understand, accept, and abide by our Company philosophy, policies and procedures.
· We expect AGENT to use best efforts to get Listings, and Buyers. “None performance” by associates is not acceptable can will result in termination from LGRE.
· We expect each AGENT to understand that our firm must be profitable if it is to remain viable.
· We expect each trained AGENT to strive to attain the following objectives to begin:
o Make at least one sale/rental each month.
o Take at least one saleable listing each month.
o Earn at least $75,000 each year.
· While the above should be objectives of all AGENT they should not be considered as “quotas.”
This means that all should strive to enhance revenues and keep costs in check. A profitable firm provides an environment of success for all.
FIDUCIARY RESPONSIBILITY
As an AGENT you have legal obligation to act in the best interest of our clients and customers. You are entrusted with the care of their money and property. In a fiduciary capacity, it is the duty of the Real Estate AGENT to protect the clients' privacy and keep all information confidential, unless required to divulge it by a court of law.
INDEPENDENT CONTRACTOR
AGENTs are considered to be independent contractors, not employees. LGRE will not withhold income taxes nor social security taxes. The AGENT is under the direction of the BROKER as to the results of the work, but not the methods by which such results are accomplished. LGRE and the AGENT will execute an Independent Contractor Agreement that defines the relationship in detail.
INTEGRITY
Integrity is one of the fundamental values of every business and that of its employees and AGENTs. No other single attribute can have such an impact on the success or failure of a business. We believe that there must be honesty in every action and truth in every word, if we must ask ourselves if it is all right to do something, it probably is not.
· Meet your commitments
· Honest to a fault.
· Demonstrate strong and consistent moral code and ethical principles.
· Treat everyone with respect.
· Build and maintain trust.
A client who buys based on half-truths will probably not close the transaction. If there is a defect in the property, be “up-front” about it. If you must fake it to make it to sell it, do not show it. These are the skill set indigenous to each and every AGENTS. You weave your craft to the financial benefit of all you serve including yourselves. Always however tell the truth.
PROFESSIONAL COMPETENCE
Our customers and clients expect us to be experts in real estate. We must learn everything we can about the industry and only with experience, can we meet that expectation. We cannot expect to be called a ‘professional’ without making an investment of time and money on education. We encourage our AGENTs to continue learning better ways to provide service and thus we enhance our reputation. You are in the ‘Real World of Real Estate’ now, you are not a student but are always expected expected to continue to learn.
LGRE has provided and will continue to provide many learning tools – either electronic tools or in person, real time, real live learning. That means attending events, read and listen. There are many resources for education, including: Board of REALTORS® meetings, Lunch and Learns, online courses, State and National Association Conventions, Books Magazines, University courses, YouTube, ZipForms®, Zillow, Trulia, and so on and so on.
Invest in your education – not just because you have to get the continuing education credits, but because you want to be a better AGENT. It will pay you back tenfold.
***
REALTORS® PLEDGE
I AM A REALTOR®
I pledge myself to protect the individual right of
real estate ownership and to widen the opportunity to enjoy it;
To be honorable and honest in all dealings;
To seek better to represent my customers and the clients of my Brokerage
by building my knowledge and competence;
To act fairly towards all in the spirit of the Golden Rule;
To serve well my community, and through it my country;
To observe the REALTORS® Code of Ethics and conform my conduct to its lofty ideals.
***
SAFETY
Advice to help real estate professionals avoid risky situations:
1. Coming in the LGRE office. When coming to the office let BROKER or MANAGING DIRECTOR know you are doing so, either by phone call or text.
2. Set initial meetings with new clients at the office or in a public place not in the field. Public meetings set a professional tone for the agent–client relationship, if you cannot make it to our office go to a Starbucks or Panera’s Bread etc. This provides an opportunity to make a copy of your client's driver's license and have the person fill out a Prospect Identification Form.
3. Record new client information electronically. If meeting in a public place, take a picture of your client's driver's license and car license tag and send it by email or text to your BROKER or MANAGING DIRECTOR.
4. Keep your jewelry under wraps. Do not use glamorous pictures of yourself wearing expensive jewelry for advertising. Try to look classy without dressing especially flashy.
5. Separate personal from professional. You can get to know your client and still build a quality business relationship without providing too much information about yourself, your family or where you live. Have separate email accounts for business and personal use.
6. Make your clients feel known. Introduce your prospect to someone in the office when you meet them for the first time. Would-be assailants want to stay inconspicuous so they can avoid detection. The more eyes that are on them, the less likely they will attack.
7. Help your BROKER keep tabs on you. Always let your BROKER or someone know your destination, customer name, the date and expected return time plus any additional information you have collected, of the client you are meeting.
8. Don't list properties as vacant. Avoid listing properties as “vacant,” since advertising an empty house can be seen as an open invitation to criminals.
9. Never park in the driveway. When you’re showing a home, it’s safer to park at the curb in front of the property instead of in the driveway. This allows more visibility to neighbors if a conflict occurs. It’s also much easier to escape in your vehicle if you don't have to back out of a driveway.
10. Show properties during the day. Always show properties before dark. Do not lower any shades or draw any curtains or blinds.
11. Choose a safe word or code. Establish a distress word with a relative, close friend or coworker. A secret word or phrase that is not commonly used but can be worked into any conversation for cases where you may feel threatened. Example: "Hi, this is Jane. I am at [address]. Could you send me the red file?" A simple phone call with the distress phrase could alert someone that you are in danger.
12. Leave your belongings in the car. Do not take your purse or laptop bag into the house. Lock it in the car trunk before you arrive.
13. Always have your phone. Take your fully charged cell phone with you at all times.
14. Have a security app. Install a panic button and/or security app on your phone that allows you to easily call for help in a covert manner.
15. Let clients walk in front. While showing a house, always let the prospect lead. Direct them instead of walking in front of them, this allows you to keep an eye on them.
16. Avoid attics and basements. You don’t need to follow clients into dark, windowless parts of houses, such as attics and basements. This will help prevent you from getting trapped there. If clients want to view those areas, you don't need to go with them.
17. Look around your car. When you are getting into your car alone, look in the backseat and underneath the car. Lock the doors immediately when you get inside.
18. Dress for the weather. If your car breaks down, or you need to escape a dangerous situation on foot, you will need to be dressed appropriately.
19. Take a self-defense class. A good course will help teach you the proper maneuvers to physically fend off an attack and cover defense strategies, assertiveness and powerful communication tactics.
20. Never hesitate to call for help. It’s better to be safe than sorry. Do not hesitate to call 9-1-1 in an emergency.
21. Trust your first instinct. Often there is a reason why your intuition tells you something feels off. If you don't feel comfortable about a situation, figure out an alternative or ask someone to go with you.
22. Prepare for the worst. Carry pepper-spray and always have to cell readily available and use its flashlight for darker than usual houses.
Above all, remember the biggest asset to your business is you. You can't serve your customers if you don't protect yourself.
SALES MEETINGS and TRAINING SESSIONS
LIVING GREAT REAL ESTATE offers training for it’s AGENTs with in-office sessions, online Zoom sessions, and videos and informational links. All AGENTs are strongly encouraged to attend Sales Meetings and Training Sessions. The meetings are held on an “as needed” basis.
LGRE will also host guests from the industry including Attorneys, Mortgage Lenders and Title companies to speak about various topics.
Meetings help to provide effective communication of important information. Topics at these meetings might include:
· Company policies
· Contracts
· Financing - Mortgages
· Listing Presentations
· Marketing and Advertising
· New listings
· Prospecting
o Expired Listings
o For-Sale-by-Owners (FSBO)
o Lis Pendens
o Sphere of Influence
· Role Playing
· Sales results
· Sharing of experiences - good or bad
· Social Media
· Technology
SERVICE
Our clients and customers have a right to expect outstanding service and LGRE expects all our employees and our AGENTs to provide that service. We are paid not for our time but for our service, if we expect to be well paid, we must provide the highest level of service available.
SEXUAL HARASSMENT
Sexual harassment is any kind of sexual behavior that is unwelcome and/or inappropriate for the work place. Whether the harassment is verbal (dirty jokes), visual (posters, cartoons, drawings, or emails that can cause embarrassment), or physical (continually requesting a date or sexual favors, or even touching when not solicited). All members of LGRE and their assistants, and vendors and customers who enter our premises have the right to work or simply visit in an environment free of such behavior, and should not be subjected to any type of harassment. Such conduct is expressly forbidden by management and will not be tolerated under any circumstances. All employees, AGENTS, staff members, or personal assistants of LGRE who have been subjected to conduct they believe constitutes sexual harassment should report the incident to management immediately.
SPECIALIZATION and CERTIFICATIONS
When an AGENT becomes proficient in the general brokerage side of the business, we recommend that he or she become a specialist. By “specialist” we mean that one attempts to become most knowledgeable about a given neighborhood, type of property, or area of real estate, reinforced by certification clearly noted on your business cards. The specialist soon finds it easier to compete, because of the additional knowledge. Whether you decide to farm a certain area, specialize in the sale of restaurant properties, or work in multi-family properties, or short sales, specialization may increase your income potential.
Real Estate Certifications specify skills or expertise a real estate agent has acquired through additional training and experience. They make clients aware of any specializations, and increase your specific skills in areas of buying, selling and contract negotiations.
Some Certifications that are worth pursuing:
· GRI (Graduate of the Realtor Institute)
· LREB (Licensed Real Estate Broker)
· ABR (Accredited Buyer's Representative)
· SRS (Seller Representative Specialist)
· SFR (Short Sale and Foreclosure Resource)
· CDPE (Certified Distressed Property Expert)
WORK HARD, WORK SMARTER
No organization can grow and prosper unless each member of the team puts forth the maximum effort. Hard work is the only key to achieving it; it teaches us discipline, dedication and determination. Hard work means putting in a lot of time and effort doing a certain amount of work. Whereas, smart work means spending less amount of time performing the same amount of work.
· Develop good work habits and ethics
· Know when a customer is a ‘tire kicker’ or time waster.
· Know when to turn off your cell phone.
· Use real estate apps designed to save you time, money and make you more efficient.
· Have definite goals and narrow down on your focus.
· Build on your strengths and work around your weaknesses.
· Spend quality time with your family and friends.
· Go on vacations and practice giving yourself rewards.
· Do not procrastinate.
Know that 20% of AGENTs get 80% of the deals out there. Where do you fit in?
MEMBERSHIPS
WHY BECOME A REALTOR®?
The State of New Jersey licenses real estate brokers, real estate agents and real estate appraisers. The State enacts laws and implements regulations which guide licensees in the conduct of their real estate business.
National Association of REALTORS®
NAR membership is composed of residential and commercial brokers, salespeople, property managers, appraisers, counselors, and others engaged in the real estate industry. Members belong to one or more of approximately 1,200 local associations/boards and 54 state and territory associations of REALTORS®.
The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
BOARD OF REALTORS® MEMBERSHIP
REALTORS® are more than real estate licensees. They belong to one of the largest trade Associations in the nation and adhere to its strict Code of Ethics. The term REALTOR® is a trademark term registered to the National Association of REALTORS® (N.A.R.). The National Association grants authority to local Boards (or Associations) of REALTORS® to use the terms within their assigned jurisdictional area, subject to certain criteria.
In order to use the trademark terms, local board members must agree to abide by state laws and the Board's Bylaws. Most importantly, REALTOR® members hold themselves accountable under the REALTOR® Code of Ethics, which is more stringent than the laws and regulations in the State of New Jersey. In short, REALTORS® hold themselves to a much higher standard of conduct than real estate licensees.
It is our company’s policy that all licensed AGENTs join the Board of REALTORS®. A strong Board is essential to our profession, and we encourage members of this firm to become involved in Board activities.
Membership in a local association of REALTORS® automatically extends your membership to the state association and national association.
· National Level: National Association of REALTORS® (NAR)
· State Level: NJ Association of REALTORS® (NJAR)
· County Level: Board of REALTOR®
o LGRE is currently a member of REALTOR® Associations including:
§ Greater Bergen REALTORS®
§ Monmouth Ocean Regional REALTORS®
§ Mid Jersey Association of REALTORS
Additional Membership Information
· The principals of a real estate firm must first join a REALTOR® association before any non-principal can join.
· Once the principal(s) join the REALTOR® association, then all agents, brokers and appraisers that are licensed or affiliated with LGRE have the option of also joining as members of the association.
· Each REALTOR® firm appoints one of its principals as a "designated REALTOR®" for the firm. If any agents, brokers, or appraisers affiliated with the firm choose not to be REALTORS®, then the "designated REALTOR®" would be assessed a non-member assessment by the association for each non-member.
- The principal(s) have what is called "board of choice," which means he or she can decide which REALTOR® association(s) in the state where the office is located (or contiguous to that state) to join.
- Licensees affiliated with a REALTOR® firm may choose as their primary association any association in the state (or a state contiguous to that state) where the firm maintains a "designated REALTOR®."
NEW JERSEY REALTORS® MEMBERSHIP
As a member of New Jersey REALTORS®, you become a member of an organization of over 54,000 real estate professionals who have pledged to protect the individual rights of property owners, serve the community, represent their clients through knowledge and experience, and be honest and honorable in all dealings.
When you join the REALTOR® family, you also gain exclusive access to valuable tools and services only available to REALTOR® members, including a library of real estate contracts and forms through ZipForms, discounts on products and services, continuing education, complimentary monthly housing market statistics, a subscription to New Jersey REALTOR® magazine, a powerful advocacy arm at all levels of government, and so much more.
· NRDS NUMBER
o Upon joining a local board or association, new members will receive a membership card and nine-digit National REALTOR® Database System (NRDS) number. NRDS numbers are used to access member benefits, such as member-only content on this site, the NJ Realtors® Online Forms, make purchases from the NAR Store, and more.
MULTIPLE LISTING SERVICE (MLS) MEMEBERSHIPS
The real estate market is competitive, and the business is unique in that competitors must also cooperate with each other to ensure a successful transaction. MLS systems facilitate that cooperation. The MLS is a tool to help listing brokers find cooperative brokers working with buyers to help sell their clients' homes. Without the collaborative incentive of the existing MLS, brokers would create their own separate systems of cooperation, fragmenting rather than consolidating property information.
MLSs are a powerful force for competition. They level the playing field so that the smallest brokerage in town can compete with the biggest multi-state firm. Buyers and sellers can work with the professional of their choice, confident that they have access to the largest pool of properties for sale in the marketplace.
Real estate information on the Internet is readily available. Consumers can access and view all publicly available listing information on the Web site of their broker of choice. MLSs are private databases that are created, maintained and paid for by real estate professionals to help their clients buy and sell property. In most cases, access to information from MLS listings is provided to the public free-of-charge by participating brokers. Data that is not publicly accessible includes information that would endanger sellers' privacy or safety, such as seller contact information and times the home is vacant for showings.
LGRE is currently a member of the MLS systems including:
· Bright MLS
· Flex MLS
· Garden State MLS
· Hudson County MLS
· New Jersey MLS
OFFICE INFORMATION
HOURS OF OPERATION
Our normal business hours are:
Monday-Thursday 10:00 a.m. to 6:00 p.m.
Friday 10:00 a.m. to 4:00 p.m.
Saturday and Sunday Closed, or by appointment
Our Summer Business hours are:
Monday-Thursday 10:00 a.m. to 7:00 p.m.
Friday 10:00 a.m. to 6:00 p.m.
Saturday and Sunday Closed, or by appointment
While these are our scheduled hours, the BROKER can still be reached by phone or text from 8 a.m. until 10 p.m.
Successful AGENTs need to avail themselves to clients pretty much around the clock but do not let them take advantage of you. You set your morning and evening hours and stick to it. Remember your personal time is your own time.
HOLIDAYS
The office will be closed for the following holidays:
· New Year’s Eve - at noon, New Year’s Day
· Memorial Day
· Independence Day
· Labor Day
· Thanksgiving Day
· Christmas Eve - at noon, Christmas Day
· Rosh Hashana Eve - at noon, Rosh Hashana Day
· Yom Kippur Eve - at noon, Yom Kippur Day
BROKER APPOINTMENTS
The BROKER is available for assistance and consultation, and will try to be accessible to the AGENT. Please check with the BROKER to see when it would be convenient. Confirm the appointment. Send an email first.
ADMINTRATORS
OFFICE MANAGER
The Office Manager is a vital part of this firm. The Manager ensures that the administration of the business is handled smoothly and efficiently, with the result being more listings and sales by the AGENT. It is imperative that files are turned in timely, completely, and correctly so that the manger doesn't have to micro-manage the AGENT.
In the event of incomplete files being submitted, the Manager will counsel the AGENT with instructions on proper file submission. There will be no charge for the initial counseling. Continued improper file submission will result in a $100 fine per offense.
OFFICE SECRETARY
You are responsible for all your own work, files, advertising, and scheduling, etc. UNLESS specifically paid for as per Transaction Coordinator parameters.
PERSONAL ASSISTANT are EMPLOYEES OF THE AGENT
We believe that a personal assistant can help an AGENT be more productive in every aspect of his or her business. Personal assistants can do many of the tasks which do not require marketing and sales skills, such as preparing brochures on properties for sale, inserting advertising, measuring listed properties, placing signs on properties and even, when properly trained, comparative market analyses.
If a personal assistant is engaged by an AGENT of this office the following requirements apply:
LGRE, the AGENT, and the personal assistant must enter into a written agreement which:
· states that the assistant is an employee of the AGENT and not LGRE.
· states that the personal assistant is an employee, not an independent contractor, for income tax purposes. The AGENT must agree to withhold taxes and FICA contributions, as well as make all required payments to IRS for those taxes. The AGENT agrees to abide by other laws, including unemployment compensation taxes or workmen’s compensation insurance, and to hold LGRE harmless from any claims for those items.
· sets forth the compensation to be paid to the assistant, including any bonuses.
· outlines the duties of the personal assistant, as well as a list of activities which an unlicensed personal assistant cannot perform in this state.
· gives LGRE the right to approve the continued employment of the assistant from time to time. The approval shall not be unreasonably withheld, but if the assistant is causing problems in the operations of LGRE, the assistant will not be allowed to continue to work in the offices of LGRE.
- AGENT may decide to hire licensed personal assistants because of additional duties which may be performed. Often the licensed assistant will work under a split-commission basis. An AGENT may not pay a portion of the commission to the assistant. Commissions split between the AGENT and the personal assistant must be paid by the BROKER.
ADMISTRATION
CONTRACT and FORMS
All Contracts and Forms used by AGENTs must use approved by the BROKER and with LGRE branding on them, this is a requirement of the Real Estate Commission. These Contracts and Forms have been created and stored in ZipForms® for compliance and your convenience. While all Contracts and Forms will not be needed by all AGENTS, as independent contractors, you can determine what best suits your needs.
LGRE strongly recommends REALTOR®S to be using ZipForms® for all your transactions. This keeps all Contracts and Forms stored in one place. Please refer to your ZipForms® tutorials when in doubt but it is to your advantage that you become highly skilled with forms/contracts etc. There is an app version of ZipForms® you can download to your phones for your customers to sign right there and then.
There will be certain customers and reasons why you do not want to complete your transaction in ZipForms® then you must be very careful to account of every form signed. REALTOR® can pick up paper Contract and Forms from the LGRE office or download from ZipForms®. It is a requirement to give a copy of all Contracts and Forms to the client immediately or with 24 hours after signing. At the end of the transaction all forms must be handed in to the BROKER to store and must be retained for seven years. No exceptions.
FILES IN OFFICE: TURNING IN LISTINGS, OFFERS, AND SALES CONTRACTS
A regular, periodic inventory of the files must be completed by the AGENT to ensure that all are in the proper order, and that all are accounted for. The AGENT is ultimately responsible for their complete files; therefore, AGENT must not remove items from listing or closing files that do not belong to them.
Critical questions will occasionally arise about a listing or a purchase contract when the AGENT is not available. All files in original form belong to the BROKER. AGENTs may keep a photocopy only. AGENT must fully complete all necessary paperwork during the listing and the sales process.
Listings files must be turned in within 24 hours of BROKER Loading. Offers must be turned in immediately. Accepted Offers must be turned into a Purchase File within 24 hours of mutual
The BROKER, and the therefore, AGENT is responsible for all listing files, contract files, general information files, and other documents that are necessary for our firm to serve our customers and clients properly. A lost file or lost information could result in loss to our company and a huge fine to the AGENT.
LISTING FILES
A listing file will be made, labeled and filed in the office listings section of the file cabinet. All forms should be completed and filed with the listing, including: market report; seller’s net statement; seller’s personal information sheet and showing arrangement; information property information sheet; listing agreement correspondence, seller’s disclosure, and any other original pertinent documents. Listing files are for the reference of LGRE. They should never be removed from the office. The listing files are confidential and will remain with the supervising BROKER.
TRANSACTION COORDINATOR SERVICES
While we strongly suggest that all AGENTs know how to and do all the work necessary to for a Listing although we understand that sometimes it is not possible. LGRE will train each AGENTs how to process a Listing Transaction and will always give guidance. However, after training and and assistance with two (2) Listing Transactions LGRE will charge a fee to AGENTs for the Transaction process.
NOT USING TRANSACTION COORDINATOR SERVICES
Please note: Paperwork Submitted After 3:00pm will be looked at the Next Business Day.
All Fees will be billed on your monthly invoice or deducted from your commission check before final disbursements.
The BROKER would prefer that the AGENT who is to be absent make arrangements with another AGENT to handle any business in advance. Any arrangement other than those splits listed above between associate licensees should be IN WRITING and presented to management so that there is no dispute as to the agreed upon split. Absent any written agreement to the contrary, the above referenced splits shall be used as a guideline in determining commission splits between associate licensees.
LISTING SERVICES / RENTAL LISTING SERVICES
• Fill out listing Transaction form
• Create a folder
• Obtain listing documents and upload into ZipForms®
• Get listing documents signed by Seller(s)/Landlord(s)
• Submit for review to BROKER
• Brand main picture of property with listing agent information
• Submit approval of listing to the listing agent prior to listing going live
• Enter listing into MLS system
o Upload pictures
o Upload associates’ documents (floor plans, lead paint disclosure (if applicable), seller's property disclosure (if applicable), virtual tour, survey, etc.)
o Assign lockbox
o Assign Showing Time
o Enter BROKER's Open House Information
o Enter Open House Information
• Enter listing into
o Upload pictures
o Upload associated documents (floor plans, virtual tour, survey, etc.,)
o Enter Open House Information
• Obtain Change of Status form
o Get change of status form into ZipForms®
o Get change of status signed by Seller(s)/Landlord(s)
Submit for review to BROKER
o Fax/Email to MLS
o Update MLS
CONTRACT TO CLOSE ON YOUR LISTING
• Fill out Purchase I Lease Transaction form
• Input Seller's Attorney, Buyer's Agent, Buyer(s), and Buyer's Attorney Information into ZipForms®
• Get Contract of Sale, Opinion 26, Buyer's Preapproval Letter, CIS, Informed Consent to Dual Agency, and Affiliated Business
Arrangement Disclosure (Title) into ZipForms®
• Get Lead Paint Disclosure (if applicable) and Seller's Property Disclosure signed
• Get all parties involved in the sale to sign documents
• Create Transaction Cover Letter
• Email/Fax Contract of Sale to Attorneys
• Report ARIP in MLS
• Upload Attorney Correspondence Letters
• Report Under Contract in MLS,
• Prepare and Submit Commission Statements
• Submit for Review to BROKER, 14 days prior to closing
• Upload Inspection Report and other documents
• Prepare and send commission statement to attorneys
• Email CD/formally named HUD and commission check to agent
· Upload commission check into ZipForms®
RENTAL LISTING TO LEASED ON YOUR LISTING
• Fill out Purchase I Lease Transaction form
• Obtain and fill out Lease Application, Credit Check Application and Tenant's Disclosure forms
• Run Credit Check and upload Credit Report into ZipForms®
• Input Tenant's information into ZipForms®
• Fill out Lease Agreement and get all parties involved to sign
• Report Listing as ARIP in MLS
• Get Lead Paint Disclosure signed (if applicable)
• Upload Signed Lease Agreement and commission check into ZipForms®
• Report Leased in MLS
CONTRACT TO CLOSE FOR YOUR BUYER
• Fill out Purchase I Lease Transaction form
• Create a Transaction Folder
• Input Seller's Attorney, Buyer's Agent, Buyer(s), & Buyer's Attorney Information into ZipForms®
• Obtain and upload MLS listing and tax information into ZipForms®
• Obtain Contract of Sale and other disclosure forms and upload into ZipForms®
• Get Lead Paint Disclosure (if applicable) & Seller's Property Disclosure signed
• Get all parties involved in the Sale to sign documents
• Create Transaction Cover Letter
• Email/Fax Contract of Sale to Attorneys
• Confirm conclusion of Attorney Review
• Upload Attorney Correspondence Letters
• Submit for review to BROKER (14 days prior to closing)
• Upload Inspection Report & other documents
• Prepare and send commission statement to Attorneys
• Scan and email HUD and commission check to Attorney
• Upload HUD and commission check
RENTAL TENANT SIDE
• Fill out Purchase I Lease Transaction form
• Create a Transaction Folder
• Obtain and fill out Lease Application, Credit Check Application and Tenant's Disclosure forms
• Run Credit Check and upload Credit Report into ZipForms®
• Input Landlord's Agent and Tenant Information into ZipForms®
• Obtain and Upload MLS listing and tax information into ZipForms®
• Get Lead Paint Disclosure (if applicable)
• Get all parties involved in the Lease agreement to sign documents
• Prepare and Submit Commissions Statements.
• Upload lease Agreement and commission check into ZipForms®
CREDIT CHECK
It is the responsibility of the Landlord to to do a credit check for potential tenants. If the Landlord asks the REALTOR® the credit check charge them a $50 fee on top of the fee charged by service.
COMMISSIONS
COMMISION PAYMENT TO LIVING GREAT REAL ESTATE
All commissions owed to LIVING GREAT REAL ESTATE will be paid directly to the Brokerage. The AGENT can pick up the Commission check at closing or have Title or Attorney mail directly to LGRE.
PAYMENT TO AGENT
The Real Estate Commission requires that AGENT’s share of commission be paid by the BROKER within ten days of receipt by the BROKER, the only exception being the case in which the commission check has not cleared.
COMMISSION SPLITS
Salesperson’s commission split is per signed Independent Contractor’s Agreement with LGRE.
COMMISSION CAP
Salesperson’s commission shall be raised to a higher percentage as per signed Independent Agreement with LGRE.
OFFSET FOR EXPENSES
If AGENT owes expenses to the office (whether or not these expenses have been billed to the AGENT), the expense will be deducted from the commission paid to the AGENTs with a statement of accounting at the time of disbursement.
COMMISSIONS ON PERSONAL SALES AND PURCHASES
Many purchases and sales involve office prospects, office listings or potential listings, supplies, as well as potential liability to the office. Therefore, the LGRE must be paid its share of the scheduled brokerage commissions whenever an AGENT buys or sells any property:
AGENT SELLING or BUYING THEIR PROPERTY
When the AGENT is the listing agent or Selling Agent on any of their own properties, or any property in which they have any interest, including their primary residence, the fee to LIVING GREAT REAL ESTATE as per Commission Split on signed Independent Contract with LGRE.
FULL DISCLOSURE
When an AGENT buys or sells real estate, the seller or buyer must be informed about the AGENT’s license status, and must be aware that the AGENT is not representing the interests of the other party. To protect ourselves, this fact must be clearly revealed in the contract for sale and purchase, and in all discussions. When an AGENT is buying a property, the manager will review the contract. If the property is a listed property, the manager will be present when the offer is presented.
ABSENCE - COMPENSATION TO ANOTHER AGENT
AGENTs must occasionally leave town for education seminars, business, or vacation. Our customers must not experience any decrease in service during this period. The BROKER should not be expected to assume the workload. Another AGENT who takes care of the absent AGENT’s work must be compensated. If the BROKER must handle the AGENT’s work because other arrangements have not been made in advance and communicated to the BROKER, the BROKER will be compensated according to the following table.
We have set a standard compensation to be paid by the absent AGENT; this does not preclude a different written agreement between two AGENT.
|
Work Performed on Behalf of REALTOR®/BROKER ASSOCIATE |
Compensation $ or % of Commission |
|
Preparing a Comparative Market Analysis |
$50 |
|
Preparing Listing Paperwork and / or Taking the Listing |
50% of listing Commission when Sold |
|
BROKER Loading Listing (without Taking the Listing) |
$25 |
|
Showing Properties (without writing an offer) |
10% of Selling Commission Once a Contract is Written and Closed.
|
|
Writing and Presenting an Offer (without being accepted) |
$50 for writing - PLUS 25% of the Selling Commission Once a Contract is Written, Accepted and Closed |
|
Receiving and Presenting an Offer (with or without negotiating) That is Accepted and Closes |
25% if Listing AGENT takes over before escrow opened; or 50% if Listing AGENT/BROKER Associate takes over after escrow opened, but before contingencies removed; or 75% if Listing AGENT/BROKER Associate takes over after contingencies removed but before recording; or 90% if Listing AGENT / BROKER Associate does not take over the transaction before recording. |
REFERRALS
INTEROFFICE
We encourage the AGENT to refer customers to each other if doing so will provide greater service to the customer. When this is done, if compensation is involved, the AGENT must come to an agreement as to compensation due, and put it in writing. It should be placed in the files, and each AGENT must sign it and should keep a copy. When the commission is to be paid, the BROKER must be given a copy of the agreement with the commission split letter so that commission checks can be properly prepared.
OUT-OF-TOWN BROKERS
Referrals can be a substantial source of income to alert the AGENT. Send a Referral Letter to Out-Of-Town on every customer who is leaving our area. When you meet a buyer who intends to move to our area from another city, send a “reverse” referral letter to a BROKER in that city if the property is not yet listed. Make sure to verify that the referring broker is actively licensed, and remember the referral needs to be signed by BROKER.
LGRE shall receive a minimum of 25%-30% whichever is greater on referrals we send out. Commission splits will apply to all referrals as indicated in the commission splits section. AGENT should keep in contact with the referral brokerage and send or receive weekly updates on the referral.
DISPUTES
DISPUTES BETWEEN AGENTS
AGENTs will occasionally disagree about prospects or commission splits. This is to be expected and, if handled promptly and fairly, will usually be settled to the satisfaction of all concerned. If the two AGENTs are unable to resolve the dispute, they should meet with the BROKER and explain the situation, so that the BROKER may try to help them resolve it. They may in addition always speak with the Office Manager. In the event that the BROKER cannot help them resolve the dispute, the parties will submit to arbitration by the BROKER or Qualified Employee. The Qualified employee or BROKER will make a final binding decision based upon the facts presented. The BROKER and/or qualified employee’s decision is final and not subject to further review unless new evidence is presented. The parties will present the facts of their case to the BROKER / Qualified Employee, and the decision of the panel will be final and binding on the parties.
DISPUTES BETWEEN BUYER AND SELLER
Buyers and sellers often have differing interests, needs and personalities. The result of these differences is occasionally a dispute over the terms of the contract. We believe in the moral and legal validity of properly drawn real estate contracts. We do not believe that litigation is the way to resolve these disputes. Litigation is costly, time-consuming and often results in both parties being hurt.
AGENTs should try to move buyers and sellers toward the ‘center’ to a common ground and encourage reason, flexibility and compromise. If an AGENT realizes a dispute between a buyer and seller may escalate into a problem that cannot be resolved between the parties, the AGENT must inform the BROKER of a possible problem and give the details to the BROKER to get advice on the best plan of action. This is why all communication with client should be documented in CRM as briefly and as concisely as possible so that the BROKER can intervene as quickly as possible.
LEGAL ACTION TO COLLECT
Occasionally, a client may refuse to pay a fee that the LGRE has earned. LGRE will have sole discretion as to the legal remedies to be taken to collect the commission, and will not be bound to do so. If LGRE elects to take legal action, the costs of the action will be borne by LGRE and the AGENTs in the same proportion as the commission would have been split.
LGRE COMMISSION SHEET
In order for LGRE to collect its Commission from transaction, AGENT must fill out Commission Sheet, get approved by BROKER and then submitted to transaction payee, i.e. Title Company or Attorney
AGENT COMMISSION SPLIT SHEET
In order for AGENT to be paid their share of Commission AGENT Commission Split Sheet must be submitted to BROKER.
LIVING GREAT REAL ESTATE MENTORSHIP PROGRAM
All new AGENTs who have come to LIVING GREAT REAL ESTATE with little or no experience will be paired with BROKER or an experienced AGENTs who will mentor them for three sales, rentals or as agreed with BROKER. The mentor will help the new AGENT understand the processes of writing Listing Agreements and Purchase and Sale Agreements, which forms to use as well as all the other forms used in the purchase or sale of real estate. Although the mentor can and should try to accompany the New AGENT on a listing appointment it is not always possible due to distance/physical location of properties and scheduling conflicts, Mentor will direct New Sales Associate to preview homes and try and accompany to understand how showings work, and coach them as needed, and will also in preparing completed files and how to submit for reimbursements. The mentor will be available during reasonable hours to assist and answer questions when the New AGENT is with clients and needs assistance.
The mentor will receive 25% of gross commission on the first 3 closings the new AGENT completes as a LIVING GREAT REAL ESTATE AGENT.
AGENTs who have a minimum of 3 years’ experience OR a minimum of 24 closed transactions who have an interest in participating as a mentor should contact the BROKER / Manager to sign up for the Mentorship Program.
PROFIT SHARING PLAN RECRUIT-AN-AGENT
For every AGENT that ASSOCIATE recruits for LGRE, BROKER will pay ASSOCIATE a percentage of of RECRUIT AGENT’s Net Commission Income (NCI) as long as ASSOCIATE is with LGRE.
Commission rate will be as detailed in Independent Contractor agreement signed with LGRE.
If ASSOCIATE terminates from LGRE, RECRUIT AGENT commission will be forfeited.
LEADS
LEADS that the agent prospect on their own are the customers of the agent.
· We strongly suggest that you use our current CRM (Customer Relationship Management) to keep these LEADS organized, updated, set reminders, drip campaigns etc.
· All your LEADS that you do input into CRM will be assigned with your name on them.
LEADS that LGRE give you are the customers of LGRE.
· The commission rate for LEADS from LGRE are per Schedule A of signed Independent Contractor agreement.
· For agent to receive full commission as per agreement with LGRE, agent must do all the work to bring this LEAD to closing. That includes nurturing, contracts, inspections, showings, closing, etc.
· These LEADS will be input into CRM and all communication and notes must also be put into CRM, no exceptions. This is to keep a reference of the communication, for compliance issues and to keep track of status and progress of that customer.
· LEADS that LGRE nurture and then transfer to agent are Referral LEADS and agent will receive Referral Fee unless other provisions have been agreed before hand.
· If you do not want any LGRE LEADS, that is up to you, but why wouldn’t you want more business?
· All LEADS once they sign a Buyer’s or Seller’s agreement are the clients of LGRE and must be put into CRM.
· When entering your own LEADS in CRM add to Source> Pull down> AGENT: LastName FirstInitial. The pull down is assigned to agent when added to CRM.
LISTINGS
Listings are the lifeblood of the real estate business. Without listings, the phone does not ring, our name is not known, and our income will drop substantially. We believe that AGENT should devote two thirds of their time to listing real property on an Exclusive Right of Sale Agreement. With this agreement, you have a monopoly on a property that all other agents in our area will try to sell. No matter who has the buyer, you will earn a commission.
A listing well taken is half-sold. AGENTS who take listings, within 5-6% of market value, who are candid with the seller about necessary repairs or cleaning, and who prepare the seller for an offer, will sell more of their listings.
· All LISTINGS are property of LGRE.
LISTING COMMISSION RATE
While all Commission rates are negotiable LIVING GREAT REAL ESTATE tries to get 5% of the Sales price. This Commission includes a portion that has to go to Buyer(s) Agent, whether that is Listing Agent or Agent from another Brokerage.
i.e. Listing Agent 2.5%
Buyer’s Agent 2.5%
Listing Agent is also allowed to charge Buyers Agent a Listing surcharge i.e. -$250, this fee goes to LGRE.
Since all Commission rates are negotiable sometimes Agent must reduce its rate, a reduced Commission rate must be approved by BROKER.
TERM OF LISTINGS
AGENT should list properties for a minimum of six months to one year. A shorter term does not give us a fair chance to sell the property, and could result in an unfortunate interruption of service to the seller. Do not take listings for less than six months without the permission of BROKER. However, if a property is priced right, you should see an offer within the first 14-30 days.
LISTING ON MLS
The MLS requires a Listing must be posted on the MLS within 24 hours of taking the Listing or a fee can be imposed
SERVICING SUGGESTIONS
It is imperative that we maintain regular contact with the seller who has entrusted the sale of his property to LGRE. An AGENT who does not service his or her listings properly will find referral business substantially reduced, and sellers will not renew.
We recommend that AGENT set aside one evening each week as “servicing” night. Call each of your sellers and discuss your efforts. If you are not able to reach them, write a note or letter to them immediately. A contact reminder should be placed on your calendar for tomorrow. You should always give them MLS tracking stats/hits on their property as well as an update on how many phone inquiries and so on. Be cautious about sharing negative information with the sellers. Be careful always. Calling a seller each week is often difficult because we do not know what to say week after week. Don’t feel uncomfortable. Call! Nothing is worse than not calling for several weeks, and feeling guilty about your performance. Our business is built on service. Service your listings.
KEYS TO CLIENT PROPERTIES
When a client entrusts the key to his or her property to us, that trust must never be violated. Always request permission to make extra copies of keys. Keys should never have an address tag attached. A coded tag should identify the key. Thus, if the key is lost, the property will remain secure. When keys are removed from lockboxes or combination boxes by offices or individuals (such as appraisers or inspectors) who have been approved by the seller and LIVING GREAT REAL ESTATE BROKER, careful notation should be made in the files, and the expected time of return. Under no circumstances should keys be given to buyers or tenants until the transaction has been closed or occupancy granted.
After showing the property, the AGENT should be careful to see that all windows and doors are locked, and the lights are out. Always respect the wishes of the selling office to ‘wear booties, double lock, or turn alarm on or off’.
WITHDRAWAL OF LISTINGS
UNCONDITIONAL WITHDRAWL: Approval to withdraw listing from the MLS and to terminate the listing agreement without conditions. An unconditional withdrawal means the seller is permitted to list the property with another broker.
CONDITIONAL WITHDRAWL: Approval to withdraw listing from the MLS but with conditions. A separate agreement outlining the terms of these conditions should be executed separately between the broker and the seller. A Conditional withdrawal prevents another broker from taking a listing on the property.
TEMPORARY WITHDRAWL: Seller is being granted a short-term release from the MLS only, not a release from the listing agreement. The listing is still in effect until the expiration of the listing, but it will no longer be published through the MLS. The seller and the listing broker agree that there will be no further showing of the property to prospective buyers. This prohibition against showing includes the listing broker, all agents in the listing broker’s office/company, as well as brokers and agents from offices not affiliated with the listing company. There are no exceptions to the showing prohibition until the delayed showing period has ended.
CHECKS / EARNEST MONEY DEPOSITS
We typically do not see earnest money requests and unless specifically requested please defer. However, when an AGENT receives a check as an earnest money deposit the check will be submitted to the office immediately, along with appropriate contract forms.
REFUND OF DEPOSITED EARNEST MONEY
Occasionally, a sales contract takes an extended time to negotiate, and is never completed. Often, LGRE will have deposited the earnest money.
In the event of a request for a return of a deposit and there is no legal reason to not release funds back to buyer and/or seller, LGRE must wait until the check has cleared our bank. LGRE will not refund earnest money until the customer’s check has cleared our bank. In cases of a completed contract that later falls through, the AGENT must have both buyer and seller sign a ‘Release of Contract and Deposit’ form to show who is to receive the binder check.
“Contract pending” signs should be placed on the property when the Contract for Purchase and Sale has been signed by both buyer and seller. Because such signs are an excellent source of additional listings, the sign should remain on the property until the day of closing. When a listing is taken and another real estate agency sign is on the property, you may remove the sign and return it to the other agency, or call the other agency and suggest that they pick up their sign.
BROKER’S TOUR (BROKER’S OPEN HOUSE)
It is strongly suggested that a Broker’s Tour be scheduled the following week after a Listing is taken or as soon after house is prepared for sale.
- A Broker’s Tour is the showing of a property to real estate agents and not homebuyers.
- The Broker’s Tour is meant to help brokers determine whether the house would be of interest to their clients.
- Broker’s Tours are generally held during the week as opposed to a standard open house, which is held on Sunday.
OPEN HOUSE
Most LISTING AGENTS hold Open Houses for two reasons: to build the agent's own business, and to make the seller happy. Open Houses are prime opportunities for agents to meet people, and their business depends on people. Visitors could be prospects for other properties somewhere down the road.
Things to be careful of at an Open House
- Most buyers don’t visit open houses, and instead, using the Internet to browse homes and narrow down choices.
- Open houses cost money, such as food and drinks, and may benefit real estate agents more than the seller—acting as a way for the agent to meet prospective clients.
- The risk of theft is a major downside of open houses, where visitors may loot jewelry and electronics, or scope out the location for a future break-in.
- Try to not do an Open House by yourself, always have a partner.
OPEN HOUSE-SITTING AGENT
A LISTING AGENTS might need coverage for an Open House and can ask another Agent to be their Open House-Sitting Agent.
o All Prospective Clients that come to the Open House belong to the Listing Agent.
o The Listing Agent can upon their discretion can offer the Sitting Agent the oppourtunity to work these Leads for future deals for a referral fee.
o Sitting Agent must have all Prospective Client use sign-in sheet before viewing the property
o If the Prospective Client is unrepresented by a Broker they MUST sign a Exclusive Buyers Agreement with name with Listing Agent’s name.
o The Prospective Client is signed to the Listing Agent NOT the Sitting Agent.
o COMPENSATION to the Sitting Agent.
§ The Listing Agent can offer the Sitting Agent a fee for sitting their Open-House when property closes i.e. $100
§ If an offer for the property is presented to Listing Agent and a deal closes the Listing Agent can offer the Sitting Agent a referral fee i.e. 10% of the Listing Agents commission
INSURANCE
E&O
Errors and omissions insurance (E&O) is a type of professional liability insurance that protects companies and their workers or individuals against claims made by clients for inadequate work or negligent actions. Errors and omissions insurance often covers both court costs and any settlements up to the amount specified by the insurance contract.
The cost for E&O is as defined in AGENT’s Independent Contractor agreement. AGENT is responsible for the payment of any and all deductible amounts for each E&O claim against AGENT and/or BROKER.
AUTOMOBILE
Each AGENT must carry automobile liability insurance in amounts not less than $100,000 for each person, $300,000 for each accident.
AGENT EXPENSES
AGENTs are responsible for all their Real Estate related fees
· Real Estate License
· REALTOR® Board
· CE Credits
· MLS Fees
· Supra Key
MONTHLY MLS OR LOCKBOX FEE
AGENT will be billed monthly for expenses paid by the LGRE that are properly chargeable to the AGENT. Such expenses may include MLS Dues, Duplicate Listing Submission Fees, MLS books, Lockbox Key charges, etc. None of the fees charged should be unanticipated. Therefore, payment is due immediately.
The AGENT is expected to pay LGRE immediately when billed. If payment is not received by LGRE within that time, the past-due balance will bear interest at 31%.
MONTHLY FEE TO HOLD LICENSE AT LIVING GREAT REAL ESTATE
Monthly Fee includes:
· Active NJREC license
· Client Relationship Manager
· ZipFormsPlus Account
· Tech fee
· Training
Payment is due on the 1st of the month for which it covers. There is a late charge of $25 for payments received after the 5th of the month. If payment is not received by the 15th of the month BROKER reserves the right to terminate AGENT’s license.
This fee may vary according to AGENT’s signed Independent Contractor’s agreement.
Payment can be made by:
Check: Living Great Real Estate
Zelle: info@livinggreatre.com
Paypal: to info@livinggreatre.com + Paypal fee: 4% fee
Square + Credit Card fee: 4% fee
Direct Deposit:
TD Bank
Living Great Real Estate
Routing: 031201360
Account: 4354821047
SUPPLIES
Equipment or supplies belonging to LIVING GREAT REAL ESTATE or other AGENT, including reference materials, should not be removed from the office for any reason. Upon termination, AGENT will return any supplies and reference materials in his or her possession.
BUSINESS CARDS
AGENT Business Cards may be purchased directly from LGRE or if AGENT prefers to order through third-party printing company BROKER must approve before ordering.
LGRE NAME TAGS
It is strongly suggested that AGENTs wear their LGRE Name Badge at all Real Estate related events, including Open House, Broker’s Tour, REALTOR® events etc. Name tags can be bought through LGRE or if AGENT prefers to buy Name Tag on their own, LGRE logo and design must be approved by BROKER.
LOCKBOX
AGENTs can purchase Lockboxes from the REALTOR® Board or rent from LGRE for the term of the Listing. Each AGENT is responsible for placement of their own lockboxes for their listings. There will be a replacement cost for each Lockbox not returned upon closing of property.
SIGNS
Each AGENT is responsible for placement of their own signs for their Listings. Every Listing file should note whether the Listing has a sign or a Lockbox, and the combination if it is a combination Lockbox.
Generic LGRE For Sale / Rent, Open House etc. are available for AGENTS’ Listings for a small rental fee. AGENTs must return all signs immediately upon Closing of Listing. Failure to return all signs will result in a fee to AGENT. All fees will be deducted from AGENT Commission or directly from AGENT.
AGENTs can purchase their own signs so it can have AGENTs Name, picture, phone number etc. Sign must be in compliance with LGRE and approved by BROKER before printing.
Sign “riders” with the AGENT’s name are exceptional opportunities for the listing agent to receive calls and find buying and listing prospects. However, they are not required as the AGENT should purchase personalized yard signs.
In the rare occasion that an AGENT uses a sign or lockbox owned by LGRE, the AGENT is responsible for returning the sign to LGRE when a listing sells, expires or is withdrawn. There will be a $25.00 fee for each standard sign and $25 for a lockbox.
AGENT must pay for a lockbox electronic key via direct from Supra.
Commission checks will be held until LGRE owned sign(s) and/or lockbox from the sold listing have been returned to the office.
MARKETING
All marketing, advertisements, videos etc. must be compliant with RESPA regulations and therefore must be subject to BROKER’s approval of the artwork and text before it is disseminated to public, whether in print or on internet.
All forms of advertising - including specialty items – must contain the name LIVING GREAT REAL ESTATE on them and be approved by BROKER before printing.
PROMISES TO ADVERTISE
AGENT should use caution in promising an owner that we will do extensive advertising. Such promises can cause ill will and resentment if we do not follow through. Advertising and Marketing are costly and key. But if you are not solid in that Seller allowing you to sell the property this will become a sunken cost.
The AGENT is responsible for all advertising costs. LIVING GREAT REAL ESTATE does not do any advertising in order to keep the fees low for our AGENT, and we strongly encourage our AGENT to use a portion of the money they keep from higher commission splits to advertise themselves.
DISPLAY ADVERTISING
Display advertising is used to supplement classified advertising, and is often the only way to show a property to its full advantage. Such display advertising is the responsibility of the AGENT. We can help somewhat. Just ASK first.
All text only print advertising, whether in magazines, Newspapers, or on the internet must have the full company name in the advertising. Blind Ads are illegal and will not be tolerated. In addition, all Display Advertising must contain the Equal Housing Logo.
SPECIALTY ADVERTISING
AGENT often purchase different items to give away to sellers, buyers and prospects. Such items usually have the name of LGRE and the name of the AGENT prominently displayed, and often results in increased business. We strongly recommend such advertising; the selection of items should be made with discretion to maintain the professional image that we so carefully nurture. We have a site for such approved merchandise for your purchase and use.
TECHNOLOGY
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
Customer relationship management (CRM) is an approach to manage a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.
One important aspect of the CRM approach is the systems of CRM that compile data from a range of different communication channels, including a company's website, telephone, email, live chat, marketing materials and more recently, social media. Through the CRM approach and the systems used to facilitate it, businesses learn more about their target audiences and how to best cater to their needs.
REAL GEEKS
IDX provider Real Geeks offers custom IDX real estate websites and web design for real estate agents who want to convert more leads into clients.
· LIVING GREAT REAL ESTATE Email Accounts
All agents are required to have a LGRE account. All official business will only be sent to your LGRE email, not your personal email.
As per the NJRE Commission, all correspondence with customers must specify that you are a real estate agent and your broker’s office information (LGRE).
How to set-up you LivingGreatRE email account
Apple:
On Computer go to Mail program Preferences
On iPhone start at Step 1
On PC
Download Mail and Calendar
On Android download app Samson Email skip to Step 3
Step 1: Settings
Step 2: Passwords & Accounts
Step 3: Add Account
Step 4: Select Other
Step 5: Add Mail Account
Step 6: Select Type: iMap Account
Step 7: Name: AGENT Real Estate name i.e. John Realtor
Email: Your LGRE email address = 1st initial, Last name @LivingGreatRE.com
(it is not case sensitive)
i.e. jrealtor@LivingGreatRE.com or JRealtor@LivingGreatRE.com
Password: LivingGreat123! (case sensitive)
Description: Whatever you want to call account, i.e. LGRE or Living Great
Step 8: Incoming Mail Server
Host Name (on phone): just2009.justhost.com (case sensitive)
Host Name (on computer): mail.livinggreatre.com (case sensitive)
User Name: Your LGRE email address
Password: LivingGreat123! (case sensitive)
Step 9: Outgoing Mail Server
Host Name (on phone): just2009.justhost.com (case sensitive)
Host Name (on computer): mail.livinggreatre.com (case sensitive)
User Name: Your LGRE email address
Password: LivingGreat123! (case sensitive)
Step 10: Next It should work, then go to your Mail program
Any questions or problems, please contact me
Alan Cohen
201.981.9187
· LGRE EMAIL SIGNATURE
To be in compliance with the NJREC you must have a signature on every email correspondence with your customers. It must contain your professional name, your position and broker with the office phone # and address. You can add your picture and tag line (must be approved) if you choose.
Example:
John Realtor
REALTOR®
LIVING GREAT REAL ESTATE
22-24 Morlot Ave
Fair Lawn, NJ 07410
c. 777.777.7777
o. 201.777.1088
f. 201.693.4056
JRealtor@LivingGreatLLC.com
· Calendar
· Docs
· AGENT Checklist
ZIPFORMS PLUS
ZipForms® is a web-based transaction management tool designed specifically for real estate professionals. It allows agents to manage and track their transactions, share and store documents, collaborate with team members and clients, create contracts, generate reports, and more.
I have read and understand the above manual and will abide by the POLICIES and PROCEDURES set forward.
.
________________________________ ______________
INDEPENDENT CONTRACTOR DATE
________________________________ ______________
MANAGING DIRECTOR DATE