A recent real estate transaction reminded me of a few things we need to keep in mind whenever we deal with the public. This deal was a simple purchase, but it turned into a nightmare right up to the closing table. Ironically, it has made me a better Realtor. Here's what I learned that might help you in your business:
- If you are a Realtor or a real estate broker, that's all you are, period.
- You are not a contractor. Ironically, I am a licensed contractor, so seeing something and talking about it is something I can chose to do, but if you're not a professional in two fields, please keep quiet. It can come back to bite you.
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You are not an attorney, unless you're licensed to practice law. If you don't have a law degree, don't give legal advice, ever! Refer, refer, refer.
- You are not a mold remediation specialist. Don't even say, "That looks like mold, if you're not 100% sure." Save yourself and zip it, and refer to the professionals.
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You are not a plumber, electrician, HVAC technician or a builder unless you're licensed to prove it. Don't offer any THOUGHTS or ADVICE in these fields if you don't know 100% what you're talking about. It's for your own good.
- Don't agree with, or contradict, a buyer when they are ranting. It will only cause you pain.
- Don't promise to do anything you're not 100% willing to do.
- Don't voice your opinion about a property unless there is good reason or tangible verification of your view in the property. Don't say, "Well, I don't think a gas fireplace is supposed to act like that," if you're not a gas fireplace specialist. Just say, "That's not my area of expertise, but if you're concerned, you may want to have a professional look at that."
- Don't speculate. Never say, "I think the seller will fix . . . ."
- Don't offer advice on price. Let the buyer decide what they are willing to offer for a property. If they say, "Do you think they will take $. . . . .?" You can always say, "Well, let's write it up and see how they respond." Share your comps and let them decide.
- Choose your words very carefully. In our litigious society, don't ever say anything that you will have to defend in court. Your license is not worth a few dollars. One mad client can ruin you (and it doesn't always take much to make one mad).
- Be careful, always.
There were constant threats of legal action in the transaction mentioned above. I can't think of a single thing that would have generated a lawsuit, but that's not the issue. How much money do you want to spend to prove that a lawsuit is frivolous? It's better to keep a tight reign on yourself rather than fork over your hard earned money proving you did nothing wrong.
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