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Agents: Read Your Contracts Carefully

This is just my rant to let steam off:

Agents: Remember that when you represent your clients, you are suppose to read everything that it says clearly and carefully. Do not NEGOTIATE HALF-HEARTEDLY. It is a pet peeves of mine. Urrgggghhhh!!!!

When we negotiate, we do not only discuss the price. Closing date, possession and contigency dates and other dates that affect title commitment, survey, option, etc. ALL come into play when negotiating. The term, "All others are okay" would really mean OKAY. Not after the contract is finalized, then right upon execution, you find one date you don't think it's appropriate. Another urrrrggggghhhhh!!!

I have had experiences like this before where the other agents are so focused on price negotiations only. They lose sight about everything else, simply saying "okay to everything else". To me, that really means Okay. Because I have learnt from one bad experience, before I send a finalized contract over for execution (upon agreement to both parties - with everything else okay), I usually first type out a short summary - just for both agents to go through very quickly to make sure we are still good on what we have discussed. Agents: Know that I have to jump through hoops to get contracts signed - at wee hours in the morning, or till midnight at night (anything convenient for my client). So, do know that! My time is very limited and valuable. I wish there is a complaint board to can send UNPROFICIENCY to ......

Urrrrrrggggghhhhhh!!!!

Did I say that I HATE negotiating with unproficient agents? It really bothers me. Your inefficiency affects me. And in some ways, affects my reputation too. Crud. Read every word. Every date. Everything carefully. Strike when you don't like it right from the beginning. I have no problems with that. Dont agree to something half-heartedly, then come back and say, we have a problem here.

Posted by Loreena Yeo - Broker|Realtor(R) of Frisco-TX-Homes (214) 783-2210 on 07/23/2008 05:12 PM

Comments (13)

ramblings of a frisco realtor

Originally posted at: faithfully frisco tx homes for sale: Agents: Read Your Contracts Carefully

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13 Comments on Agents: Read Your Contracts Carefully

JUL

2008

Loreena, I liked your short summary idea you mentioned. Very creative.

That is right many Agents don't look into the whole picture right away...... That slows down the whole process for all of us..... I have a deal now that I am CTC on but can't close because the buyers Agent didn't make sure that the repairs were done when they were promised.... Those are the kind of things that make me upset I bust my tail to get it ready early like everyone likes then I have to wait for the seller to make the minor repairs that were arranged originally.

Loreena--I write a short summary that I send with the P/A to the listing agent reminding them of the points of negotiation. Of course I don't get these when I am the listing agent. I like your idea of sending a short summary back...Makes perfect sense!

If you do not mind, I am going to use that with some agents here. It's a good idea to send a short summary, if they are not already doing it today. Thanks for sharing.

Loreena, I like that short summary idea also. I have had a couple of transactions with new agents this year and that would have helped. The way it was I felt like I was doing both sides of the transaction; maybe this would have helped. I will have to remember that the next time I'm dealing with a new agent. Did you make a form?

Marchel: I just started doing this and I did it via email. But I would create a form since I do think it's a good idea.

John: Feel free to share any ideas you feel that will help. After all, I'm about making things easier for everyone and who knows that I might do a deal with one of your agents too!

Gary, Teri: I'm glad you like the idea.

Frank: Dont the inefficiency of others really bugs you? It does me too!!!

JUL

2008

Loreena great blog topic.

Another reason to review contracts carefully is because of some unprofessional agents slipping in bonuses here and there to themselves into the contracts. We have had a few incidents of this happening in our area, and now I check everything carefully.

JUL

2008

Loreena, first, I better say YIKES! to what is happening in Mike's area. In Birmingham, we are told not to mess with commissions because they are predecided before buyers enter the picture. Now, back to this, part of our job is negotiation. If we are neglecting to read everything then we are not doing our job. We all know surprises happen, but failure to read a contract should not be one of them.

Loreena, I am constantly amazed at how many agents there are like you described. I believe it is one of our profession's biggest problems.

Ron

JUL

2008

Loreena

I liked what you presented in your overview about negotiating. As professional negotiations is far more the just price. You are correct most sale associates concentrate far too much on price and fail look at the negotiations through the eyes of the customers.

Good luck and success

Lou Ludwig

Another reason to review contracts carefully is because of some unprofessional agents slipping in bonuses here and there to themselves into the contracts.

Wow. That's crazy! Are these agents from reputable brokerages?

Okay I will,

Thanks

JUL

2008

That is so true - you have to review ebery point with your client, not just the price, before yoy ucommit to a writing.

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