You Can't Be an Expert in Everything



Does it ever amaze you when you read a blog post or a real estate ad and the agent claims to be an expert on everything related to our business? They know every neighborhood in the area or know how to handle every type of transaction. 

Recently I got a call inquiring about a piece of commercial property listed for sale in Prince William County.  Even though I'm working with a developer on selling a mixed used development (Marina Landing) in Belmont Bay I know my limits and partnered with a commercial expert to handle the leasing of the commercial space.  I knew immediately when I got the call that trying to answer the prospects questions could lead to trouble.

The prospect was referred to my commercial "partner" who I knew would be able to answer their questions and put together a contract that would protect the client’s best interests.   The property includes a build out and when it is all done I will be more than satisfied with the referral fee.

When I talk to residential agents and hear them say they are looking for commercial space for a client I cringe.  A triple net lease is not the same as a year lease on a residential property.  Buying a commercial space that needs a build out is not the same as buying residential new construction.  In fact most commercial properties are not listed in the same MLS and so without membership to the commercial databases chances are they aren't finding all of the available properties.

Knowing when to pass on a lead and when to admit that you aren't an expert in everything related to real estate is one of the keys to success in this business.  Finding a commercial agent to refer business to should be on your 2011 business plan.

 

 

 

 

 

 

 

 

                No Hassle-No Pressure-Just Straight Talk About The Northern Virginia Real Estate Market

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and CJ Realty Group, Inc a call at 703-346-2213. 

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.
CJ Realty Group Woodbridge VA 

Licensed in Virginia



 

 

 
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53 Comments on Are You An Expert in Everything Or Do You Recognize Your Limits?

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DEC
19
2010

Cindy,

Like you, I'd rather refer to a true expert than try to "wing it" and provide less-than-stellar service.
8:57am • #34
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Irene-I figured out "winging it" didn't work pretty quickly in RE.  Now I stick to what I know and send out referrals on everything else.
9:33am • #35
1,346,816 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Cindy - anyone that attempts to service BOTH is not doing anyone a service since they are two completely different situations with totally different contracts and rules. Our brokerage has a commercial division that we can refer clients to.
10:10am • #36
702,257 Points 39 Featured Posts Outside Blog Called Shot Master

Agree, too bad these know it all's aren't listening. I hear this all the time 'why not'? Well, because you don't know what you are doing!
11:15am • #37
569,544 Points 1 Featured Post Localism Sponsor Outside Blog

Hi Cindy,  I totally agree !   I laugh when I see the agents who claim to specialize in... and then name every location in 2 or 3 counties.  Do you think people fall for that ?   Hope your Holiday Season is the best ever !
1:41pm • #38
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Barbara Jo-I've only known one or two agents who I thought could handle both. 
2:22pm • #39
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Lyn-I'm sure the "know it alls" are to busy trying to negotiate a triple net lease with no understanding of how it works.
2:23pm • #40
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Bill-you are right on.  Happy Holidays to you and yours as well.
2:24pm • #41
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Cindy,

An excellent post.  Doesn't work here in small town America Idabel Oklahoma...  I have Commercial, Industrial, Residential, Waterfront, Recretional, etc etc.  I'm always studying..  always calling my attorney to help with details..I sure don't try to know it all but I do call on experts to help so that my clients are taken care of.. :)

 
2:30pm • #42
484,084 Points 59 Featured Posts Outside Blog Called Shot Master

Cindy - I don't claim to be an expert on anything except whicht foods give me heartburn and which ones don't. I like to stay out of trouble.
8:06pm • #43
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Agreed, there are many different avenues of real estate, and it's good to have contacts in different places so that all opportunities are not lost, but referred to a knowledgable and credible source.
8:48pm • #44
Outside Blog Attended Rain Camp

Thanks for the post, I see agents all the time marketing "For All Your Real Estate needs contact me, me, me". You are so right, stick to what you know and refer the rest.
8:51pm • #45
970,267 Points 245 Featured Posts Localism Sponsor Outside Blog Called Shot Master

I pass plenty on for commercial real estate ...why? Because I know my limits :)
10:16pm • #46
DEC
20
2010
1,527,141 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Judi-there are of course exceptions and you've shown why.  Thanks for your ocmment.
1:23pm • #47
1,527,141 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Cynthia-I'd agree even though I still eat the ones that give me heartburn because they taste good :-)
1:23pm • #48
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Tamara-an opprotunity lost is money lost as well.  Hope you are gearing up for a wonderful Christmas.
1:24pm • #49
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Melinda-those must be the same agents who are available 24 x 7 as well.
1:25pm • #50
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Sally-I'd expect nothing less of a professional of your calibier.
1:26pm • #51
492,837 Points 46 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Amen.  Sometimes it seems like we SHOULD be able to do everything, but it is better to master your area of specialty and rely on folks who know their own specialty area. Great reminder!
2:19pm • #52
1,527,141 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Holly you are right there are days when it seems we are asked to do just about everything under the sun.  We have to remember to back off and call someone who knows how to handle what we don't.
4:03pm • #53

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Cindy Jones-Northern Virginia Real Estate & Military Relocation Services

Woodbridge, VA

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