It isn't easy to decide which one of the many lessons I have learned in real estate is THE lesson. I seem to be on the learn-as-you-go plan in life. However, because of a discussion yesterday with a client, one lesson is standing out for me. It may not be relevant to others, and there are tons of other important lessons I have learned over the years such as:
-
Wear comfortable, weather appropriate shoes - ALWAYS carry an umbrella
- Carry a flashlight
- Keep boots in the trunk
- Keep a baseball cap in the trunk in case I have to go into a spider filled basement
- During a hot summers day, stay upwind of the septic inspection
- Never assume someone isn't in the home
- Get it in writing
- Recap a phone call with an email
- Save all emails
- Put it in my calendar, immediately
- Check, double check and then go back and check again when writing an offer for a buyer or when reading an offer from a buyer
- When showing a house never, ever comment on the decor or style of the home
- Make sure all appropriate forms are signed at the appropriate time
- It ain't over till the fat lady sings so don't spend that money until then
- and more....
But for now, this lesson stands out!
I know many agents across the country don't do rental listings. Policies and customs make it different across the board. However, here in CT the owner pays both sides of the commission.
I have a few, longstanding clients I list rentals for. Over the years many lessons have been learned concerning rentals. But one stands heads over all the other lessons.
I do not accept credit reports that have been generated by the tenant.
No free credit reports, no explanation that they have this credit report that was done by another agent who they are no longer working with. Nope, not happening.
Because I believed a person, took them at face value and passed the credit report on to my client.
The credit report looked legit, and there were as many pages as should be. You know, the page numbers were consecutive, the beginning and end made sense.
Copiers, printers, scanners and certain computer programs make altering credit reports easy peasy.
What was discovered after they were in was that they were not reliable people, there was much missing from the credit report. It was a long, long year for my client. At the end of the year we put the house on the market and were able to sell it quickly. She is done with landlord stuff. At one time she had owned a few rental properties, but had never been burned this bad! What happened could have cost her the ownership of the house, thankfully it did not.
Since then I have become a beast. In the public remarks, before I even begin a description of the property, I am very, very clear that good credit is a must, that a professional credit check must be done either by the company I use or a reputable company and must be ordered by and delivered to me by their agent. This is true for all adults who are going to live in the home. And in the agent to agent remarks I reiterate this, and add that my client does not want to hear any stories about why the credit report is not good.
Recently I had an agent call me on a rental listing. I always ask, before wasting my time, how their clients credit is. I started to hear a story... and it sounded like it was going to be a long, sad one. I asked the agent if he read my agent to agent remarks in the listing. He hadn't, so I suggested he go read them and call me back if he had questions. I never got a call back.
And over the years I have heard some stories. Heart breaking stories, fact and fiction. My response to those in need is to contact the town social services department. They do that for a living, I'm just a real estate agent.
Yes people need a place to live, yes things happen, yes I feel bad, but protecting my clients is paramount in my book. It takes precedence over any emotions I may feel.
My clients appreciate the rental beast I have become.
So on the learn-as-you-go plan of life, this one stands out for me. At least at this moment in time. Tomorrow I may have learned an even more valuable lesson.
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