Complete Files... Please!

By
Real Estate Broker/Owner with Classic Realty Associates

A good paper trail is so essential these days. Despite how honest most agents really are..we all make mistakes. The insurance companies like to refer to them as errors and omissions.  Errors and omissions are not the same as intent to fraud  someone.. 

Complete files on every closed transaction and complete files even on those deals that cratered, are so necessary in being able to defend our good intentions and actions..

Always keep EVERYTHING that has to do with your daily business transactions.. You won't regret it!    :)

 Have a Great Week!

 

www.researchvalleyhomes.com

 

Comments (13)

Paula Swayne
Dunnigan, Realtors, Sacramento (916) 425-9715 - Sacramento, CA
Realtor-Land Park, East Sac & Curtis Park -Dunniga

We just learned recently what "everything" means...it also includes any offers that were received and not accepted. We beg our agents to dot every i and cross every t....because it will be the one file that wasn't complete that will be the one to get you in trouble!

Jun 12, 2008 05:18 PM
Jo Olson
HOMEFRONT Realty - Kettle Falls, WA
Retired - HOMEFRONT Realty @ LAKE Roosevelt

I learned this from an amazing Broker and I can tell you that all of my files have every piece of paper generated - even post it notes and scrapes of napkins :)

Good Reminder

Jun 12, 2008 05:22 PM
Karen Turney
Homesmart - Phoenix, AZ
Phoenix Real Estate

I like to keep a running log of all conversations with a client.  It might be as simple as 1/2/08 "spoke with clients about the commercial construction site near the property they are interested in"  This way I know that I have covered all my bases and have a record of doing so. I have done this for so long that it is second nature to me now.

Jun 12, 2008 05:26 PM
Associate Broker Falmouth MA Cape Cod Heath Coker
https://teamcoker.robertpaul.com - Falmouth, MA
Heath Coker Berkshire Hathaway HS Robert Paul Prop

This has become a nightmare for the lending business.  because they put most loans into mers now, which is only an electronic registry, the actual papers are getting lost.  that makes it hard to foreclose properly.

Jun 12, 2008 05:34 PM
Kimberly Underwood Kostescu
Coldwell Banker Crampsie Realty - Windsor, ON

Excellent advise !  I'm a nit pick for details anyways but admit I don't keep everything !

Thanks,

Kimberly

Jun 13, 2008 07:59 AM
Sondra Meyer:
Colorado Springs, CO
See It. Experience It. Live It.

Good post Brent.  As a former auditor, I'm huge believer of keeping the files just like Paula suggested. 

Jun 13, 2008 11:32 AM
Classic Realty Associates Brent Riethmayer and Trey Thurmond
Classic Realty Associates - College Station, TX

Paula

You are so right on this one. We actually had this same discussion in our monthly risk reduction meeting this week.

Jun 13, 2008 04:43 PM
Steve Shatsky
Dallas, TX

Who ever knew that being a lifelong packrat would payoff in this way???  Great advice!

Jun 13, 2008 04:56 PM
Classic Realty Associates Brent Riethmayer and Trey Thurmond
Classic Realty Associates - College Station, TX

Steve

We have 2 warehouses full of so much office stuff!

Jun 14, 2008 04:23 PM
Classic Realty Associates Brent Riethmayer and Trey Thurmond
Classic Realty Associates - College Station, TX

Jo, we are  bad abot keeping things like napkins too!  ;-)

Jun 14, 2008 04:26 PM
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

I agree - I've taken to making notes on every conversation I have with buyer and sellers in my day timer to have written history - more for my clarity and sanity, but still, it serves as a date and time stamp!

Jun 15, 2008 03:51 AM
Tina Farinas
Fusion Real Estate Network, Inc. - Roseville, CA
REALTOR, ABR, GRI, SFR, CHS, e-PRO

Thanks for the advise.  I try to be on top of things, but you are right even the most honest Realtors can miss a thing or two.

Jun 15, 2008 07:18 AM
Diane Bell, Hilton Head Real Estate, Bluffton
Charter 1 Real Estate, Hilton Head, Bluffton, SC - Hilton Head Island, SC

Good Advice--this is why I really like email because I just print a copy of everything to put in the files. 

Jun 15, 2008 07:20 AM