Losing a listing to vendors?

I am always prepared to provide contact information to the consumer for vendors that I find to be reputable and do quality work. Whether it is a home inspector or painter, flooring cabinets etc. I do not want the liability of a project gone wrong.

I would further suggest consulting with your Broker as to how much liability they would suggest you taking on as it ultimately comes back to them.

Thanks for sharing, Great post Lyn Sims 

Thought provoking post Lyn Sims   "Do you offer this 'concierge' service to your sellers?"  No.  That's a Seller responsibility.  While we have no quibble with those that do, it appears to be a bundling of several "services", all of which require different skill sets, for the price of one.  Is that a good idea for the agent from a liability perspective?  If they truly have the skill set in multiple areas, why not charge for the various services separately?  Without doing so, it would appear they "dilute" their "net hourly rate".  Just my 2 cents - and - re-blog!

It depends on the circumstances and the relationship to the seller. For instance, it's important to know the time-line and financial participation of the seller. I've completed transactions where I got reimbursed at COE for repairs, staging and upgrades.

Busy sellers, especially business owners just want to get it done without spending their valuable time on a transaction so it simply depends on the circumstances.

I am working with a seller who will be putting his property on the market this summer. I gave him a list of inspectors for pre sale purposes to give him an idea of what needs to be done and brought up to code. I believe he will be surprised since he's done nothing in the 19 years he has lived there.  No harm in giving a list of inspectors but that is as far as I go until they've signed the listing agreement.  

We provide lists of lenders, contractors, home inspectors, attorneys, etc. If I am asked about any I will tell them the truth.

Just came back from looking at a potential new listing where I gave my advice to what would make it more saleable. Luckily, they have their own vendors so I don't even recommend any. I have thought of putting a team together to provide that concierge service with a licensed contractor. This would work in my markets where there are a lot of absentee owners.

Lyn, I do offer that service ... most especially for out of area owners. They need my feet on the street to manage the entire process.  It is a lot of work and in theory I should charge more for it ... but I don't.

In Portland, some of the most successful listing agents do offer to coordinate getting quotes from "their" preferred vendors.  They sell this as a value-add to save the sellers from having to research everything.  Many of these agents are very successful and are also very productive.

A referral is one thing.  Offering to be a general contractor where you my be hiring licensed persons, is way off the duties of a realtor.  Not only could you be on the hook for a bill, you are on the hook for a vendor, with a license, to lien the property and sue you in the process.    I can't imagine brokers endorsing this.

Hi Lyn Sims ,  I have not had this happen to me and haven't heard of it in our area.  I will have to keep my eyes and ears open though.  Congratulations on your Feature.

YIKES! There is too much liability and risks associated with this one! 

FACT - Buyer can't move in and start renovations or remodeling before property is sold, why would any Realtor think they can without repercussions?

Here in TX, an Agent can file an anonymous complaint to the Texas Real Estate Commission and they can always file a complaint with the Brokers too. I'd investigate further and take action Lyn Sims. If this agent did it to you, they will do it again or has been doing it for some time. You really won't know unless you find out and I would love to know how it turns out.  

Times are a changin'. This is exactly what Renovation Realty is doing: Renovation Realty

It's a new angle. I'm sure the contract the seller signs is iron clad--no backing out--ever...

Also certain that somewhere down the trough, the client will get screwed just before close. Just another gimmick. We need to figure out their weakness and be prepared to deal with it should the topic come up with a client...

Lyn, I suppose some people like the simplicity of that option, but I believe most prefer to make their own selection of vendors, particularly for the cost.

I help out but that approach is WAY too much liability. 

Our Team has the ability to update a property with our own vendors…not necessarily our employees but our contacts. Prices are competitive and our project manager (one of our Team members) designs the project, coordinates the work, orders the products as needed, oversees the vendors and makes sure the work is done to the satisfaction of the owner/seller. Sellers pay for the work. We do not charge for this service but it cements our relationship forever, increases the sale price of the property which benefits the sellers and us and results in more referrals. When done, we stage the property to further enhance the attractiveness of the product.

I have an extensive list of referral partners, I refer then to clients on a regular basis, they always make me look good. Your thought process is very good.

Lynn, congratulations on your feature!

I agree with many here - I have vendors to do work, but one bad job sure would blemish my expertise!  

I personally wouldn't want to put myself out there like that. What if something had happened and the daughter didn't like the work? There's too much risk involved. 

Hi Lyn,

We have a great team of "vendors" that we network with regularly.  We will always give sellers a choice of vendors.  If asked we'll give our opinion, but we leave the decision to spend the seller's money to the seller.