Today I'm going to talk about something very key, whether you are listing properties, refinancing people, or buying houses...
Don't make their problem your problem!
Did you get that? What I mean is don't buy into their "story" and end up taking on a "project" client. When I owned my mortgage company, one of my loan officers was always getting caught up in the clients' story...unfortunately, when someone hits hard times, sometimes it takes a while to come back, and lenders aren't willing to loan to them until they know they are back on their feet...I know it's sad, and you feel bad for them, but if you spend all of your time trying to help them out of an un-solveable situation, you will end up in that situation yourself!
Same thing when you are buying houses...if you take over their house payments because they can't get it sold or rented...unless you have an exit strategy to solve the problem, you've just made it your problem! Now YOU'RE paying $2,000 a month on a vacant house you can't get sold or rented!
Keep your own financial well-being always at the top of your mind, and...
Don't make their problem your problem!
5305573559 - Grass Valley, CA
Sierra Foothills Realtor
You are right! We found we were giving out a lot of advice and helping folks create financial plans when it did not result in a paycheck. So we created a program so we could help these leads create a budget and financial plan and charge for it.
May 01, 2008 03:07 PM
Pure Realtors - Dallas, TX
Good advice. I am always feeling that maybe I can purchase their home as an investment when it just won't sell. I have not made that mistake, but I think about it. Sometimes you have too much heart and you feel sorry for them. You want to be their saviour.
May 01, 2008 03:25 PM
Blue60.com - Oswego, IL
Blue60.com Directory, For Real Estate Pronulls
Hard not to take on those problems. At least on an emotional level. I know agents that will recarpet a property, have it painted, staged, etc. And this seems like a lot of financial risk to take on for a client. I think some agents will even do this and then place a mechanics lien on the property. Anyone ever do this?
May 01, 2008 04:52 PM
Rainmaker
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Andrea "Andy" Tolbert
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