Producing A Basic Policy Manual For Your Real Estate Business
The real estate business has a lot of ins and outs that are fairly unique
, and your company policy should be specific to those needs. Here is a list - by no means complete - that should be able to get you started in creating an effective policy manual.Forms:
Your policy manual should include a form that your staff can read and sign acknowledging that they have read, understand, and will abide by the rules and policies that are included in the manual.
Basic Procedures:
Here is where you can get into the nitty-gritty,and set the standard for the future of how you would like to see your business operated. You can include policies on how offers are to be presented, how and when paperwork is to be delivered, as well as what your system is for managing lockboxes, keys, disclosure paperwork, and open houses. You can also include subsections on how performance reviews will be conducted, to what extent your sales force will be insured against liability, and set a policy for client and listing retention when sales people leave for other opportunities.
Communication:
Here you can set clear boundaries on how you, your agents, and you clients communicate. When it comes to email, you can make sure that all of your sales staff know what the rules and regulations are regarding spam and unsolicited telephone contact of potential clients, as well as how you would, and would not, like to see your company's name and logo used. This would also be a good place to mandate certain aspects of computer security, both internet and interoffice.
Various Expenses:
Here is where you want to make clear whether it is you or your sales force who is responsible for various overhead expenses, including telephone bills, photocopying, and other related costs. You should also make clear in this section whose responsibility it is to pay dues, fees, and costs for evening education and seminars.
Commissions, Fees, and Legal Help:
Another place to get to the nitty-gritty in order to prevent future disputes. You should include bonuses, splits, referrals, and your plan for conflict resolution in the case of disputes. If your sales force is made up of independent contractors, here is where you clearly state that fact, including making it clear that they will be compensated solely via commissions, and that the contractor agrees to conduct business according to your company policies and also, of course, according to state and local laws. It might also be a good idea to have them sign a waiver protecting you from as much future litigation as is possible, as well as any other claims against them. In some cases you will, of course, make legal help available members of your sales force. Here is where you state how and to what extent.
Ethics and Complaints.
It would be a great idea to provide all of your staff with both a printed copy NAR's code of ethics, as well as a link to the PDF version on their website. They should also have a clear and stated method of filing an ethics complaint without repercussions.
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