Performance a Must at Jones
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Things have changed at EJ folks. Used to be if you ran a legal, ethical and profitable office, you had a job no questions. That’s the way it has always been sold to new brokers. Well guess what, that was a lie. Now you must be above the “meeting expectations” line on the performance chart. The other three are no longer what keeps you in a job.
Wake up underperformaers at Jones, you better be beating expectations soon or you will be called on the carpet. It's a new day at Jones.$18m is now beating expectations??? For a 5th year broker or ongoing? If this is the ongoing #, I just giggled a little.
I pretty much thought to be profitable you had to be at that number anyway. Wouldn't legal, ethical and profitable keep you above that line anyway?
I understand that perhaps they are cracking down more, but I believe the old saying still holds true more or less.
[quote=Dark Knight]
I pretty much thought to be profitable you had to be at that number anyway. Wouldn't legal, ethical and profitable keep you above that line anyway?
I understand that perhaps they are cracking down more, but I believe the old saying still holds true more or less.
[/quote] More or less? Not sure what that means. It is either true or a lie.I a person gets fired for being under the meeting expectations line, yet is doing the other three, that is not more or less. Jones from what I am hearing has renigged on the old hook legal, ethical and profitable.18K is MINIMUM expectations after about 4.5 years. That is not the EXCEEDING expectations line. Nobody is going to get canned for not EXCEEDING expectations. And I know several people at or slightly below minimum for many months that are not in danger of being canned. They raised the bar from 14K per month, as 18K is around the average threshold for an office to be profitable. I think OldGuy needs to get his facts straight. If you can't do 18K per month after 5 years in the business, you probably don't belong in the business. Or you should be in some little one room office with a laptop and a printer.$18m is now beating expectations??? For a 5th year broker or ongoing? If this is the ongoing #, I just giggled a little.
My point old guy, is that few offices can stay under that line and even be profitable (and even less can for any extended period of time). So if you are profitable you are probaly above the minimum anyway. So Jones hasn’t really changed, they’ve just upped the line and been a little firmer to their own policy.
You guys missed my point.
Point being that "legal, ethical and profitable" is no longer the baseline. That is what was told to many people as they went through KYC etc. Are you getting the point here? Please don't ad more of your own insights. Stick to the main point please. A lie is a lie is a lie. No matter how you spin it. If I lied to my clients I would be fired or worse. Period.[quote=oldguy]You guys missed my point.
Point being that "legal, ethical and profitable" is no longer the baseline. That is what was told to many people as they went through KYC etc. Are you getting the point here? Please don't ad more of your own insights. Stick to the main point please. A lie is a lie is a lie. No matter how you spin it. If I lied to my clients I would be fired or worse. Period.[/quote] You are correct, OldGuy. Legal, ethical, profitable. And over time, costs creap up, and the number you hit for "profitable" has to grow.What you construe as a lie is, in fact, not a lie at all. I don’t know of a single office that can meet profitability at $14K gross on average. Certainly none in my region. For most offices the number is going to be something like $21 - 22K gross, just to get to a meager profitability number. Mine is somewhere around $22K. And Jones hasn’t abandoned the legal, ethical, profitable mantra at all. The numbers just get adjusted from time to time.
But maybe the expenses in your office NEVER change. Maybe you bought a bunch of $.29 stamps years ago and the post office is still letting you use just one of them to mail a letter. Maybe you bought a bunch of toner cartridges and have them stockpiled. Maybe your rent is fixed forever and won't ever go up. Maybe the cost of paper doesn't change at your Office Max. Maybe you don't give your assistant a raise every year. Who knows. Maybe your office is somehow immune to inflationary pressures. If so, could you teach us all how to run our businesses like you?The oldguy is obviously dense. We can try to explain it to him 10 times. He still won’t understand.
[quote=Spaceman Spiff]What you construe as a lie is, in fact, not a lie at all. I don’t know of a single office that can meet profitability at $14K gross on average. Certainly none in my region. For most offices the number is going to be something like $21 - 22K gross, just to get to a meager profitability number. Mine is somewhere around $22K. And Jones hasn’t abandoned the legal, ethical, profitable mantra at all. The numbers just get adjusted from time to time.
But maybe the expenses in your office NEVER change. Maybe you bought a bunch of $.29 stamps years ago and the post office is still letting you use just one of them to mail a letter. Maybe you bought a bunch of toner cartridges and have them stockpiled. Maybe your rent is fixed forever and won't ever go up. Maybe the cost of paper doesn't change at your Office Max. Maybe you don't give your assistant a raise every year. Who knows. Maybe your office is somehow immune to inflationary pressures. If so, could you teach us all how to run our businesses like you? [/quote] Exactly, at my office the gross has to be $24,500- $25,000 to reach profitability.. Kinda sucks but hey that is a metro area for you.. Rent is expensive, My assistant is expensive and my marketing is.. Oh well.. Miss J[quote=MISS JONES][quote=Spaceman Spiff]What you construe as a lie is, in fact, not a lie at all. I don’t know of a single office that can meet profitability at $14K gross on average. Certainly none in my region. For most offices the number is going to be something like $21 - 22K gross, just to get to a meager profitability number. Mine is somewhere around $22K. And Jones hasn’t abandoned the legal, ethical, profitable mantra at all. The numbers just get adjusted from time to time.
But maybe the expenses in your office NEVER change. Maybe you bought a bunch of $.29 stamps years ago and the post office is still letting you use just one of them to mail a letter. Maybe you bought a bunch of toner cartridges and have them stockpiled. Maybe your rent is fixed forever and won't ever go up. Maybe the cost of paper doesn't change at your Office Max. Maybe you don't give your assistant a raise every year. Who knows. Maybe your office is somehow immune to inflationary pressures. If so, could you teach us all how to run our businesses like you? [/quote] Exactly, at my office the gross has to be $24,500- $25,000 to reach profitability.. Kinda sucks but hey that is a metro area for you.. Rent is expensive, My assistant is expensive and my marketing is.. Oh well.. Miss J[/quote] Are you kidding me? Wow. I'm taking bets on the next EDJ'er to go indy! I only need to do about 16-18K, and I thought I lived in an expensive area. How much is your rent?Miss Jones, I would charge you 1/2 that…and pay the utilities. Of course…there would have to be other compensation…to forgo the cashflow. Think about it…and let me know.
Geez, that's gotta be like $35-45/sq. ft.?? I'd take Spears up on his offer.Rent is $3,500 not including Utlities.
I had to gross about $25K/month to be profitable. I had high rent and high BOA salary, but that stupid allocation calculation is what killed me.
The oldguy must have dementia. If you aren’t pulling 18k numbers by year 5 reasonably consistently, move to a bank. Who cares is 10 offices out of 10,000 can be profitable at 14k. Simply moving the line up by inflation puts the minimum expectations about the same spot they were 10 year ago anyway. This has got to be one of the most idiotic threads I have ever seen on this board. If you aren’t striving to do more than 250k gross a year, move to a different firm.