The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-06-04
REAL ESTATE FIRMS
WILL JOIN EXCHANGE
Forty Representative Dealers Attend Meeting,
lndorse Plan and Pledge Their Hearty
Support-Want Big Membership

After twenty years of intermittent
effort. forty representative real estate
firms yesterday agreed to form and
maintain an Organization to be known
as the Richmond Real Estate Exchange
The percentage Of dealers who attended
the meeting was enough to insure tho
establishment of an exchange. but be-
cause number OF others were unable
10 be present. it was deemed best that
the organization be not completed un-
III future meeting, when every man
legitimately III the business shnli have
received copy of the bylaws adopted.
Meanwhile y. herbert Funston. WIN
presided yesterday. Will remain as tenn
porary chairman ana 3. a. Jacob as
temporary secretary.
The committee on organization. which
drafted the bylaws. was rcappointed
as committee on membership to have
signed up those members of the trade
who did not attend this meeting. II
! consists OF William Todd Leroy l..
Brown. b. a. Jacob. J. j. Pollard X.
K. Harrison and j. A McCudy. This
committee is to rcpsrt 10 Mr.. Funston,
who Will then call another meeting fer
the election of officers and the pcrfec-
ton OF plans for the exchange. The
utmost harmony prevailed throughout
the meeting. and there was not u
change of consequence made in the by
, laws as submitted by the organization
committee. although IL was taken UP
section by section. Even the annual
fee of 500, which Is larger than that
| charged in other commercial organ
izations. brought out no adverse com
ment. Every one present signed up as
member. and many OF them stated
, that II the exchange accomplished the
! purpose for which II was designed II
would be many times worth the price
or membership.
Purposes OF the Organization.
When the Office of Business Manager
Dabney, OF the Chamber OF Commerce.
where the meeting was held. was about
| hlled with prospective members OF the
exchange. Mr.. Funston, who had been
named as temporary chairman at u
previous meeting. outlined the purposes
or the organization, in part as follows:
ITO secure uniform rates OF broker
| age in real estate transactions
| TO promote harmony and good feel
ing among real estate and money bro
kcrs of each city.
ITO provide and maintain Il place
where members may meet and eXchang,
! IDEAS upon such subjects as may inter-
est them.
ITO protect the business from the
encroachment OF unlicensed and undu.
thorzed persons.
ITO maintain practices of honesty and
fair dealing in the operations OF afiil =
ated real estate brokers.
To stimulate greater activity in real
estate by joint effort in effecting sales
and transactions. rather than by scat
| tered individual work.
! TO discourage the unfair division
| or brokerage and commissions by per-
sons not in the business
To maintain the real estate broker
| In his position OF dignity and respon-
20
made, and to initiate measures to keep
the business upon a foundation of in
huence and permanency.
To bring the influence of the or
ganization to bear upon municipal and
state legislation in matters pertaining
to real estate.
by joint effort OF our active mem
pers and cooperation with other or
CARNATIONS, TO bring factories and de-
sirable enterprises to our home city
| TO promote and protect real estate
interests In our city and its suburbs
ITO better enable It's members to
transact their business connected with
the buying and selling. renting and
caring for real estate and the loanins
OF money upon the same. by the adop-
ton OF such rules and requirements us
they may deem proper and for their
common good. and by such other means
as may be determined upon by It's
members"
Question OF Fair Rntes.
In closing, Mr.. Funston said:
we all want the business You
want your share and your connect
tors want theirs. Not only do you want
1t, but you expect Il fair and reason
able remuneration for services rem
dcred. Where standard rates are es.
tablishcd and lived up to by an or
Ganlzed body OF agents the uniformity
OF CHARGES asked In every Office pre-
vents the slashing of rates, and at
once impresses your clients or pro-
spective clients with the absolute fu
tility of trying to get dollars wortI:
OF work for IS cents. 1t adds to the
dignity of your position not to be
Obliged to hagglc over your rate of
pay, and at once puts agent and prin-
cipal at case in reference to what
might he an emba rrassing subject for
both.
AN examination of the rates
charged in 100 American cities shows
commissions varying from / per cent.
to per cent. for apparently the same
class OF work, and minimum charges
varying from SIS to $50. This would
seem 10 indicate that some communi-
ties expect their real estate men to
work for very small pay. Only by
thorough local organization can fair
ratio OF commission be enforced"
To BE Ably Managed.
The by-lews adopted are similar ia
those of other organizations of the
kind. The government and manage
ment Will be vested in a president
first and second vice-president who
together with board of directors
consisting of ten members, of which