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Archive for the ‘real estate ethics’ Category

Your Real Estate Agent Did WHAT?

Friday, April 20th, 2012

Real estate agents or any professionals, take heed: Do you edit everything you send out? Do you read EVERY document the other side sends over involved with a sale? Do you read the contract (even better yet, have you EVER really read the contract in it’s entirety)?

In the real estate profession, as well as many others, there are those who are detail oriented, those who are completely sloppy, and just about all kinds of people somewhere in between. But it will never cease to amaze me when agents do not check their work product before sending it out. There is absolutely no excuse, as you are dealing with contracts that have legal ramifications.

If you represent somebody in a legal transaction, you better make sure you do the following – not only is the risk of a lawsuit great, but your entire reputation is on the line. As an agent, you are required to represent your clients to the best of your ability. If you cannot do so, you may need to seek another profession.

Representation Basics:

1.  Read. This is so basic a requirement, yet it never ceases to amaze me how many agents do not read contracts, both before and after they have written them. First of all, if you have never read the required forms, you should! Once you have filled it in on behalf of a client, make sure you go over it with a fine tooth comb and fill in items you may have missed, change those that need changing, etc. If you forget to check or uncheck a box, it could cost your clients money, heartache, loss of a sale or subject them to a lawsuit. They are trusting you!

2.  Explain. It is important to go over the contract with your clients before and after it is written. Explain to them what the terms mean, and make sure that you have conveyed their wishes properly.

3.  Proof/edit. This instruction applies not just to a contract or other document you have written, but to everything you do. I am often dumbfounded by some of the marketing pieces I receive in the mail from real estate agents – typos, improper grammar, unfocused photos, blurry words…I would never send anything out like that! Even some big agents in my area do, and it usually makes me both laugh and feel angry…after all, it doesn’t raise the bar too high for the rest of us, does it?

4.  Put all communications in writing. As a lawyer I know how important this is – even if your client is your family member. If you have a conversation with a client, make sure to send a message referencing what you discussed, and keep all communications in an email folder. If anything happens down the road, like a lawsuit, this is the only way you will be able to prove what was discussed.

5.  Admit when you don’t know the answer, and get help or advice! It is ok to not know the answers sometimes – we all face this issue, and we are only human. Admit that you do not know and then find someone who does. This applies to tricky situations too, where you have to make a call. Getting the feedback of another whom you trust (like your broker, or if you are the broker, another trusted broker or attorney) could be a major difference in the outcome. The California Association of Realtors (C.A.R.) has a free legal hotline for members, as most associations do – take advantage of it.

6.  Do your homework first. No matter what you do you need to investigate before submitting any offers, taking any listings, or venturing into a short sale or lender owned property. Contact your title representative and find out if title is clean and find out about liens on the property. Contact the listing agent and make sure s/he knows what they are doing if it is a distressed property. Pull up the assessor record. Don’t ever jump into something blindly without knowledge of what you may be getting into – it simply isn’t fair to your clients.

7.  Always act professionally. This applies not only to your interactions with your clients, but also to fellow real estate agents and brokers. There are too many people in many industries who do not treat others in a professional manner. Eventually you will sink yourself with a bad rap if you can’t be a true professional. Real estate agents all know whom they don’t want to work with in their area…you don’t want to be that person.

As in any profession, there are always bad seeds who will tarnish things for the group as a whole, but if we all make sure that we do right by our clients, colleagues and by ourselves, we will not only make others happy, but we will also feel happier and have a productive career.

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Four Traits Every Realtor Should Possess

Monday, December 5th, 2011

No matter what business you are in, if you work with people there are some things you should always do if you want to be successful. By successful I don’t mean financially, although if you do possess these qualities that will follow, but successful in making your clients truly feel well cared for. For Realtors, it’s not just about closing the sale, but making sure our clients are represented properly, are informed throughout the process, and that they have a strong partner and watchdog from beginning to end.

If you want to make sure you are giving your clients the best,  you need to possess the following traits. This by no means is the entire list, but those which I feel are the most important.

1.  Listening skills. If you cannot truly listen to your clients than you may want to find another business. Listening is key to understanding your client’s goals and desires, their fears and insecurities. There is nothing more important than being a good listener, since you are representing your client’s interests. It will also give you an understanding so that if you need to tackle tough issues you know how to approach them without offending your client, creating anger or stress, or coming across like you do not care. In our fast-paced world it is easy to want to move along quickly, but take the time to really listen…you will be amazed at how much easier it makes your job, AND how much happier your clients will be!

2.  Honesty and humility.  Honesty and trust must be earned, and that is especially true in fiduciary relationships, like Realtor-client. Explain everything, take time to point out the possibilities and consequences of each action, even if your client is an experienced home buyer or seller. If a client asks to do something that does not feel comfortable, let them know. Trust your instincts. Always be humble and use praise as a tool – compliments are wonderful, and you should be happy. But also tell yourself that you need to keep learning, keep educating, so that you can continue to provide the best service as the market fluctuates and needs change.

3.  Accessibility. Nothing makes me more frustrated than a representative who is inaccessible. If you are helping me through  something, you better be there when I have questions or need something! So many Realtors do not heed this advice, and I think this is one of the biggest mistakes one can make. You surely are not helping your clients or colleagues if you don’t answer your calls, emails, and texts in a timely manner.

4.  Respect for colleagues. It’s not just about your clients, but also your colleagues – other Realtors, escrow officers, mortgage professionals, title reps and others with whom you work. If you have a listing you need to call people back, provide information that is requested. Not doing so has a big impact on your own clients, and on your reputation in the industry as well.

None of the above traits are any you have not heard of in the past. But it is important to remind ourselves, especially in such a crazy world and an evolving market, that beneath it all we are simply human. Sure, we all want to make a living, but the only way we will survive this business is by putting our clients first and treating everyone with respect (even those peers who don’t seem to deserve it), including ourselves.

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You’d Better Watch What You Say

Friday, February 25th, 2011

With the world online it has become harder to uphold reputations and maintain your desired degree of professionalism…you actually have to work at keeping them in check. Clients and colleagues can check up on you in an instant, so what you say online and in person needs to be well-thought out. Realtors are no exception; in fact, they probably have to be more careful than the average person, for fear of violating a myriad of laws or regulations. For some tips on how to keep your reputation untarnished read more at http://realestateandwomen.net/2011/02/23/the-importance-of-watching-what-you-say/

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Professionalism in Real Estate: Back in Style

Monday, January 10th, 2011

Actually, it never went out of style, but judging from the behavior of some professionals in the real estate industry you wouldn’t know that. To be fair, this can be said of any industry‚Äîthere are always those who slack off, try to get more done in less time at the expense of the details.

The fact of the matter is that with the addition of technology the real estate sales industry has become a more difficult playing field. Buyers and sellers often do a lot of work before they even contact a Realtor. Gone are the days when you stuck a sign in the front yard and waited for offers to flow in, or when you picked a few homes to show in the area to a client who relied solely on your advice. Nowadays clients know the areas, neighborhoods, floorplans. They understand the comparables and why one property may command a higher price than the one down the street. You have to be savvy and actually keep up with them to succeed in real estate now.

Yet, despite all the knowledge available at customer fingertips there are still many agents who throw professionalism out the window on a daily basis. I have heard it from many clients and from the agents themselves! I have seen it on offers written by agents that were clearly not checked over and over again before being submitted.

Here is my list of simple ways to strive for more professionalism in the real estate industry.

1. Return phone calls, including those to other agents. I cannot tell you how many times I have heard or read of buyers who say they called a listing agent with questions, only to never receive a call back—unbelievable! This could be the person that presents an offer on your listing, or uses you to purchase another home, not to mention this is a violation of your fiduciary duties to your client/seller.

Oftentimes agents call other agents with questions on listings on behalf of their clients‚Äîreturn these calls immediately! If I don’t hear back in a reasonable time I won’t show your listing. This just happened to me a few weeks ago with a pretty big area brokerage‚Ķno call back. Well, they lost a showing with an all-cash client. It is about your reputation with clients AND within the industry, and believe me other agents know who are the non-responsive agents. Do you want to have this reputation?

2. Make sure you proofread all your emails and communications. This seems so simple but spelling and grammar errors are a reflection of YOU! This should also be applied online when writing blogs, commenting on other blogs or posts, and even with social media. Again, what you put out there in internet land is permanent and is a reflection of you! Use spell-check and grammar check programs on your computer.

3. Proof your marketing materials, people! You may say, “duh!” but I get flyers and materials in my mailbox almost every week from other agents that are filled with typos, grammatical errors and terrible, grainy photographs. Again, if you are trying to get new clients this way and you send out pieces that look bad, why would they want to call you? Personally I would rather not send out any materials than send out those that look bad.

4. Look professional. This one is a no-brainer. True, everyone has his or her own style. BUT you can dress casual and still look professional . There is a difference between dressy-casual and the ‚Äújust came from the gym‚Äù look. Again, how you present yourself makes a statement about who you are. You don’t have to wear Armani or Prada but you should look like you take your business seriously.

5. Send a hand written thank you card to the client, other agent and escrow officer at the close of escrow. This is often overlooked in the age of texting and instant messaging, but honestly a handwritten thank you is still the best compliment you can offer. Those agents will remember you next time they show your listing or receive an offer on their listing from your buyer.

It really doesn’t take much extra effort to be professional, but if you don’t have time to do these and other things to maintain your professionalism you need to rethink your goals, expectations and your career path. Not only do our customers expect us to be professional, they deserve it.

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Real Estate Ethics

Thursday, July 8th, 2010

Ethics play a big role in every profession. Not only does it say a lot about who the individual is as a professional and as a person, but it can make or break any transaction or negotiation. Those who do not adhere to high ethical standards let down the others in the profession and taint their image. More importantly, their actions can hurt others and create legal consequences. As in many professions, there are unethical Realtors in every market. What can be done to help place more emphasis on high ethics? To learn more please click here: http://www.moneypress.com/real-estate-and-ethics-part-1.htm.

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