What is your policy when it comes to getting a retainer from a client?

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MIXMASTERMACHOM

MIXMASTERMACHOM

Mac Daddy DJ
ODJT Supporter
Oct 16, 2011
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I put down retainer instead of deposit because that's what our contract says. I wanted to ask this question not only for me but hopefully this will help others too.

So when it comes to get the retainer from a client what do you do? Lets say they have signed the contract. How do you handle getting the retainer from a client after that? Do you require that they pay that as soon as they sign the contract? If not how much time do you give them to pay the retainer before the contract is voided out and you move on? Do you allow a client to pay the retainer in peices or do you require it to be paid all at once?

I ask these questions because depending how much the retainer is how flexable are you? For us the retainer is 50% of the total price we charge the client. Now for example what would you do if the retainer is $500.00? So lets have at it.
 
In order to even book the date, a booking fee of $100 is required with a signed contract.
 
MIXMASTERMACHOM said:
....So lets have at it.
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Most of the senior members have had at it dozens of times. If nobody chimes in, you can search the archives. Ultimately, everyone just does what works best for them. Different strokes for different folks.
 
Hank Davidson said:
Most of the senior members have had at it dozens of times. If nobody chimes in, you can search the archives. Ultimately, everyone just does what works best for them. Different strokes for different folks.
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Sorry i've been on this site a short while and never saw this question being asked.
 
If It Is My Client - I get Paid in full before the date.
If It Is My Agency - I get my cheque by the following Tuesday-Wednesday
If It Is A Club/Bar Owner - At the end of the night/gig.
 
Our policy is spelled out in our contract very plainly. 25% retainer holds the date for DJ services.
 
In my opinion, 50% is way to much money to be the Retainer. I like to get paid at the back end so that I have more to show for the work that I've done. Plus, I may not be the only one who who agrees that if the Retainer is too much of a percentage of the overall fee the prospect may not hire me.

I require a flatt $125 as a Retainer. The Retainer holds the date until a Contract Agreement can be prepared and executed. The Retainer is then deducted from the agreed upon fee and the balance is due one week prior to the event date. There are exceptions, however, like contracting with the military. They pay the day of the event...always.

Sometimes the Retainer and Contract are executed the same day. But the Contract always states, "The $125 Retainer was paid on xx/xx/xx (date). The balance of $$$ is due prior to xx/xx/xx."

I always provide a Receipt for the Retainer. Most of the time the fee has already been determined, so the Receipt shows the total due, less Retainer, balance due.

Now some here may disagree that prospects don't like to pay a Retainer sight on seen, but it works for me. But, by the time the Retainer has been received there have been plenty of email exchanges, telephone contact or both. However, I always will meet with the Bride & Groom to finalize the "draft" wedding reception program.

Hope this helps.
 
I like the idea of $100.00 to get the ball rolling. I still want to keep it at 50%. That means if they pay the $100.00 fee at the signing of the contract it will let me judge who is serious about our company being their entertainment at their event. That doesn't mean automatically the date is locked because they pay the $100.00. Once they pay the retainer then that date is locked in.

I also like the 2 week thing about people putting more money down on the retainer. If it's far in advance then it can be 30 days. I have a meeting with a guy about July 7th. A DJ friend refered me.
 
at 100 dollars it doesnt allow a client to consider the contract a big deal if they chose to change their mind. I cant hold one of my DJs when other gigs pass by. We do 50% and gain final 2 weeks out . Often the clients pay at our final planning meeting around 1 month before. We book around 200 per yr so I guess it works for us.
 
If I know them..... no deposit......full pay at the end of the gig..

If I don't know them.....25% due at signing....non refundable.....100% before the first piece of gear comes off the trailer.
 
I guess I'll add on with ours, the remaining balance is due 7 days prior to their event. Also, we find the $100 to be the right price for a booking fee. We deal with a lot of middle/working class folks, so $100 isn't bad for them to come up with on the spot. Also there are several venues around us (that we go to) where we're almost as expensive as the venue.
 
Me, most cases 50% up front then the balance due at event. With my bar accounts, they pay me at the end of the week. I mentioned once on that "other" forum I did it this way and was blasted by many of the snobs over there.
 
No offense, but I think a lot of guys miss the boat by doing a minimal retainer. Like Jon said, too little and they don't take you as seriously and it sets the tone that you'll wimp out on price if pushed. I do half-down, half by the event date and in the past three years I've lost exactly one date due to the size of the retainer. While I understand the argument that some like to get paid more the day they work, from a business perspective, it's foolish. When a client has money for you, rule #1, take it. Take all of it. If you don't have the fiscal discipline to keep the money in your account, learn how to develop that discipline. Don't carry on a bad business practice to make up for your bad personal habits.

My .02.
 
rickryan.com said:
No offense, but I think a lot of guys miss the boat by doing a minimal retainer. Like Jon said, too little and they don't take you as seriously and it sets the tone that you'll wimp out on price if pushed.
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But from a different viewpoint, our $100 booking fee is small enough that a couple can easily write the check out on the spot (if they like us). At the same time $100 isn't something most folks are going to part with easily.

If someone has a problem with not being taken seriously and giving the impression that they'll wimp out on price, it's not because of the retainer/booking fee; it's because of the individual DJ doing the selling.
 
Kirby Ball said:
Our policy is spelled out in our contract very plainly. 25% retainer holds the date for DJ services.
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Full balance due 10 days prior to event. (If they add photography then a total of 50% is due 30 days before the event and they pay the balance when we deliver the pictures.)

Works for us and we've only had a couple of "issues" in the last 8 years. IMHO everyone needs to do what works for them.
 
DJ J Mac said:
But from a different viewpoint, our $100 booking fee is small enough that a couple can easily write the check out on the spot (if they like us). At the same time $100 isn't something most folks are going to part with easily.

If someone has a problem with not being taken seriously and giving the impression that they'll wimp out on price, it's not because of the retainer/booking fee; it's because of the individual DJ doing the selling.
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Valid points and I respect you doing biz the way you see fit. Let me ask you though, how many of those who dug your $100 deposit were "big money" clients? Guess I'd forgotten, part of my reason for upping the deposit was to help weed out the cheap-a-zoids that take too much time/energy.
 
rickryan.com said:
Valid points and I respect you doing biz the way you see fit. Let me ask you though, how many of those who dug your $100 deposit were "big money" clients? Guess I'd forgotten, part of my reason for upping the deposit was to help weed out the cheap-a-zoids that take too much time/energy.
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We don't discriminate between "big money" and "little money" clients. If someone can afford our rates then they are a potential client. We're not in this for the money, we're in it for the people.
 
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