How Fast to Release?

J Philip Faranda January 21, 2010

Back in December I wrote a blog post aimed at my fellow broker owners asking them how fast they paid their agents once a deal closed. The post was featured and got over 100 comments. It was gratifying to get input from my colleagues across the country. 

Today I have a new question, and this is also seldom discussed. When an agent resigns from your company, how long before you formally release them with the state? Here in New York, additions and terminations are done online on the Department of State website. One particular agent resigned yesterday, via email, and asked to be terminated right away. I responded that we needed to get our affairs reconciled and then I would do so. However, he was not able to meet with me until 2 days later (we are meeting tomorrow). We have a few things to discuss, and I don’t want to give him his release without clear understandings on pending business, the return of signs and lock boxes, and some other housecleaning. 

I don’t think it unreasonable to have company property returned prior to issuing the release. I don’t want to trust the guy to do the right thing, especially this one, only to end up schlepping all over the place to pick up signs and lock boxes myself. That isn’t right. If he had come in, spoken with me personally and returned the things I would have released him right away. However, today, 24 hours after his resignation email and prior to anything being returned, he sent me a critical email for not releasing him yet, with the clear suggestion that I was obstructing him. I think he’s out of line there, but then again, we won’t miss him for those very reasons. 

When he joined our company, things moved at a glacial pace. I didn’t quibble about it. I don’t see why I’m judged by a different standard than his last broker. To give you a little context, his next firm will be his 3rd firm in less than 7 months. He was here all of 180 days. 

Would you grant a release with loose ends untied? 

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