The rest of the story . . .

By
Real Estate Broker/Owner with Cornerstone Business Group Inc 0225086119

In a blog last week, I detailed working with a very green agent who was trying to submit an offer on one of my listings. It took five days to get a worthy contract in our hands. That ended up being six versions of what ultimately became a sign-able contract. There was a little negotiation back and forth, but it was finally ratified.

Four days into the contract, the buyer's agent scheduled a home inspection. Three days later, she sent me a book of repairs. When she called to ask if I received it, I reminded her that the property was listed "as-is" and the seller was unlikely to do any repairs. She didn't know that. She hadn't read the listing thoroughly and had missed the "as-is" clause in the legal section of the listing. Therefore, her clients went into the deal thinking they could get anything and everything repaired with a simple request. They were wrong and it was their agent's fault. 

The home inspection removal contingency addendum started another round of negotiations. My client has already given them a nice discount on price and closing costs assistance. Now, they were asking for another kidney to get the deal across the finish line. He made an offer that they rejected and the deal died.

My advice for new, green agents is this:

1. Read all documents thoroughly before submitting them to your clients or the other side of a deal. When you don't, it makes you look foolish. Make sure you understand them. If you don't, ask your broker. This isn't rocket science, but it is a legally binding situation which can ultimately come back to bite you or your clients.

2. Make sure you have all the right documents when you submit an offer or when you create a listing agreement. Again, the last thing you want is for your clients to wonder if they picked the right agent. 

3. Find a mentor who will walk with you through your early deals. That may be, and probably should be, your broker, but at least find someone with a lot of experience who can help you know what docs you need for each circumstance. Learn the process of submitting offers before submitting offers. What you learned in your salesperson class does not prepare you for the activities of the business. That comes after you have your license. Find a mentor.

4. Always be gracious. If you want others to be patient with you, be gracious to others. One day, you'll be the experienced agent who is confronted with a green agent. Be kind, be patient and be helpful. 

I feel badly for my sellers. Most of the hiccups in this transaction can laid at the green agent's feet. She made a lot of mistakes that cost her clients time, heartburn, and money and my client's time off the market. 

Brokers, please make sure your newbies are ready for the game before you turn them loose on the world. No one in my office is allowed to submit an offer, sign a lease, or listing agreement, addendum or contract release without an office review. We've never had this happen, and hopefully it never will. A little oversight on a new agent's actions would have prevented this. And, as Paul Harvey would say, "Now you know the rest of the story . . ."

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Rainmaker
1,211,125
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good evening 

Thank you for sharing your information with us 

Have a great day.

11/20/2018. 

Nov 20, 2018 05:30 PM #1
Rainmaker
3,984,945
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

The advice given to the green agent is great advice to be taken by all agents

Nov 20, 2018 05:48 PM #2
Rainer
64,586
Leif Price
Chirpy Home - Portland, OR
Blogger at Chirpy Home

Reading every clause of the statement is crucial, especially in dealings. It can save you a lot of time from troubles. A great advice to come by once in awhile.

Nov 20, 2018 06:03 PM #3
Rainmaker
2,655,824
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I agree with the comment #2 left by William Feela.  "The advice given to the green agent is great advice to be taken by all agents."

Nov 21, 2018 01:23 AM #4
Rainmaker
3,068,920
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Mike.

I remember the first time I wrote an offer. No help whatsoever, from my broker.  I had to read the contract word for word.    It was a true learning experience.  I then read every contract, addendum's and so on for all the contracts.  Won't happen again

Nov 21, 2018 03:58 AM #5
Rainmaker
3,779,282
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Mike. This is so telling and so true. So the big question: did the buyers go forward with the transaction?

Nov 21, 2018 06:33 AM #6
Rainmaker
3,779,282
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Bummer Mike. Sorry but hope it sells again quickly and at a better price.

Nov 21, 2018 06:51 AM #7
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Rainmaker
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Mike Cooper, GRI

Your Neighborhood Real Estate Sales Pro
Winchester has a place for you! Call me.
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