When giving bonuses to agents, should I give the bonus in a cash envelope, or should I deposit the money directly in the agents account?

Ruth

What do you mean by a bonus?

If you are paying for services that you have received then payment into their account or cheque. Once you start talking about cash you open up the delightful world of tax investigations for all parties concerned.

Don't take this the wrong way but I feel you should be careful about some of your posts on a public forum.

Hi Ruth,

With any type of payment, I would always suggest you need to document it properly in order to avoid any issues in the future - especially if you pay by cash.

If you send the payment via BACS there is of course a clear record of the transaction, but do make sure you have an invoice stating what the amount is for.

If paying by cash, you should have an invoice and also insist on a signed receipt that is dated and is on the company letterhead or has a company stamp.

Thanks,

Liya @ MeetMyAgent

Excellent - I just spluttered into my coffee. I love it when a post makes me do that.

The 3 golden rules are......

1) Make sure the envelope is the traditional brown one with no markings thereon . No cheap white ones please.
2) The handover should be at precisely 2329 hrs in a busy popular city pub with either the words `Dog` or `Duck` in the title
3) Before handover - two mandatory furtive sideways glances should be made to ensure the tax man is well and truly tucked up in bed

Good Luck

@ Jonathan ... LOL!

Joking aside, I find this question a bit disingenious to be honest.

Why are you paying an agent a bonus?

Why would you need to unless you are rewarding someone for exceptional service .. and then you might send them a card and some M & S vouchers ...

Perhaps Ruth could clarify what she is trying to achieve here?

Having read this post. I am thinking twice about the box of chocolates for the estate agent who did a tremendous job in my recent purchase. intentions were simply to build good relations with local agents……

not the same as a bonus i hope ?!??

The laws are strict as far as the property is concerned. So if you want any modifications in it, you need to give a written complaint.

the purpose would be to get properties before anyone else from the agent

(24-10-2012 05:03 PM)vanessa warwick Wrote:  @ Jonathan ... LOL!

Joking aside, I find this question a bit disingenious to be honest.

Why are you paying an agent a bonus?

Why would you need to unless you are rewarding someone for exceptional service .. and then you might send them a card and some M & S vouchers ...

Perhaps Ruth could clarify what she is trying to achieve here?

.

(24-10-2012 11:21 AM)Ruth Alister Wrote:  When giving bonuses to agents, should I give the bonus in a cash envelope, or should I deposit the money directly in the agents account?

(27-10-2012 10:55 AM)Ruth Alister Wrote:  the purpose would be to get properties before anyone else from the agent

Hmmm.. I'm thinking you could easily pass for a distant relative of another forum member Ignatius?

I once knew a girl who had failed her driving test 4 times. She was quite attractive and told us she had worn the same smart business suit (with trousers) on each occasion. I'm not sure what difference that made as she was a crap driver regardless!

Anyway as each tester had been a red-blooded male I suggested maybe she might be better to try a sexy short skirt next time, after all what had she got to lose? Even though I was of course joking, she went ahead and wore something that might keep the testers eyes away from the mirrors and roads.. and she passed!

It's honesty a true story Ruth so forget the envelope idea and instead have a good rummage through your wardrobe over the weekend.

I met with a foxtons agent the other week, and I could sense that he was interested in more than just showing me the 3 flats for sale.

I always wear my shirts below the knee, but I am seeing him again this week for 3 more viewings. So, maybe I'll experiment with my wardrobe. Although, I believe that it's more about whether the client accepts my low offers than impressing the agent with my curves and cleavage?

Ruthie.

(27-10-2012 11:29 AM)pat_flatley Wrote:  .

(24-10-2012 11:21 AM)Ruth Alister Wrote:  When giving bonuses to agents, should I give the bonus in a cash envelope, or should I deposit the money directly in the agents account?

(27-10-2012 10:55 AM)Ruth Alister Wrote:  the purpose would be to get properties before anyone else from the agent

Hmmm.. I'm thinking you could easily pass for a distant relative of another forum member Ignatius?

I once knew a girl who had failed her driving test 4 times. She was quite attractive and told us she had worn the same smart business suit (with trousers) on each occasion. I'm not sure what difference that made as she was a crap driver regardless!

Anyway as each tester had been a red-blooded male I suggested maybe she might be better to try a sexy short skirt next time, after all what had she got to lose? Even though I was of course joking, she went ahead and wore something that might keep the testers eyes away from the mirrors and roads.. and she passed!

It's honesty a true story Ruth so forget the envelope idea and instead have a good rummage through your wardrobe over the weekend.