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Advice For Newbies (And Seasoned Agents) - (Part 2.5) Contracts

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Real Estate Agent

I learned (still learning) my craft the hard way.  Trial by fire.  I wish I had a mentor or someone who was there to give me the real poop.  Alas, it was not to be so.  I wanted to help those who come behind me by teaching some of the lessons that I learned the hard way.  You may want to start by reading part 1 & part 2 of this series

http://activerain.com/blogsview/644343/Advice-For-Newbies-And

http://activerain.com/blogsview/648964/Advice-For-Newbies-And

Todays post is an "oh by the way".  But I felt it was too important not to mention now. I will continue later with part 3 of my series.  For now, I hope you enjoy part 2.5

LEARN YOUR CONTRACTS!

LEARN YOUR CONTRACT!

LEARN YOUR CONTRACTS

LEARN YOUR CONTRACT!

LEARN YOUR CONTRACT!

LEARN YOUR CONTRACTS!

 

I repeat this so many times because it is extremely important.  While you are new and don't have any deals, now is a great time to go through your contract for sale.  Read it line by line.  Highlight sections you don't understand.  Google what you don't understand.  Ask your mentor.  It is IMPERATIVE that you know what each item means and what each date means. 

If you learn in the fire like I did, you will not understand your buyer's right of recission.  You will perform an inspection and turn in a list of requested repairs outside of the alloted period of time.  Your client will want to cancel the deal and you will have to scramble trying to undo the mess you made.  That's the hard way.  Take the easy road out.

LEARN YOUR CONTRACT!

Good Luck and Have a Great Day

Leander

Click Here For Part 3 of the Series

Comments(11)

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Retired Notworking
Tallahassee, FL

I couldn't agree more. Taking the contract classes at the local Board was a turning point in my confidence and competence.

Aug 25, 2008 05:06 AM
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Great advice Leander. It's very important to provide a qualified professional opinion as to customers' rights.

Aug 25, 2008 05:07 AM
Robert Worthington
Worthington Realty - Manitowoc, WI

Leander, great blog post.  As a younster and newbie I will follow your lead.

Aug 25, 2008 05:11 AM
Charlie Harden
Columbia, SC

Leander, I had an instructor in real estate school that banged this idea into our heads each night, also.  He was a pretty funny fellow, wore overalls, called himself and country boy, but I guarantee you that the old country boy knew that contract backwards and forwards and sideways.  Thanks for the reminder

Aug 25, 2008 05:21 AM
Lewis Beynon
CENTURY 21 Triangle Group - Raleigh, NC
Lew B Realty

Thanks for the blog and the following comments.  I feel comfortable with contracts but made me think that I could use some practice on CMA price recommendations.  Thanks again.

Aug 25, 2008 05:36 AM
George Wilson
Raleigh Cary Realty - Raleigh, NC
Raleigh Cary Realty 919 439 0965

As you said now is the time to learn it.

ANOTHER great tip is to go over that contract with as many people as you can as if they are the clients.  Friends, family, people who are not in the industry so you can see what questions they have when you go over it.

Aug 25, 2008 07:34 AM
Latonia Parks
Top Bragg Realty, Fayetteville NC, Home of the 82d ABN DIV - Fayetteville, NC
Certified Military Relocation Expert

I am still learning those contracts.  Now that the new one is here, I am focusing on it through some special training classes being taught by our assoc.  Not knowing can be dangerous as you have seen.

Aug 25, 2008 08:26 AM
Dawn Isenhower
Sibcy Cline Realtors - Milford, OH

Great advice for all of us who are new. Thanks.

Aug 25, 2008 03:05 PM
Deborah Lint
Realty Associates - Meriden, CT

Great Post! Everytime I write up an offer, I get a hot flash! I am a new agent and have writtne up 3 deals so far, each time I freaked out. I studied the contract, but I guess I did not learn. One thing I was curious about and have not come across it until today-  When writing up an offer for  probate sale, foreclosure, short sale- is there any differences when completing the contingency dates? Mtg comt, insp, etc. and close date?-

Does anyone know where I can find this information?  I have been searching and found nothing so far. Thanks!

Aug 25, 2008 03:23 PM
Kiemmy Roberts
Highview Realty - Queen Creek, AZ

YOU INSPIRE  NEW AGENTS LIKE ME.  THANK YOU FOR TAKING THE TIME TO SHARE YOUR THOUGHTS AND EXPERIENCE.  SHARING IS CARING. YES, I WILL READ, READ, READ!

Oct 10, 2008 05:46 PM
Joshua Miller
YesWeCan Realty, Inc. - Randolph, MA
REALTOR, Broker

Leander, you are right when you talk about unscrambling the mess you made.  I'm sure you would agree it is much better to be prepared and learn those contracts inside and out.

Oct 29, 2009 11:08 AM
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