Business Philosophy
Recently I read an article in Realty Times. The article by Denise Lones titled What's Your Business Philosophy? The article got me thinking about some changes in my current firm. In times of change such as this real estate market is seeing we need do need to make some changes. Some changes may include not taking over price listings, disclosure (in this or any market) ALL know problems of the property. In times like this do we change our principles - NO! Is our business philosophy a reflection of us? YES.
Higher standards need to be practice not only with Sellers, Buyers but also the Broker whose Client is - The Realtor.
I have many guidelines I live by in business.
In investment property (these apply for me as well as my client):
•1. In Southeast Louisiana I will not purchase a property with a flat roof.
•2. Unit with less than 3 bedrooms
•3. With a negative cash flow
In the Real Estate Brokerage:
•1. I will not accept over price listing
•2. I will be in constance communication with my clients, usually via email
•3. I will not drop what I am doing just to go see what a Client needs. I have one client in the past that wanted to call me at 11PM just to see what is going on with their listing.
•4. Cut Real Estate Commission.
•5. I will Disclosure all know defect of a property. Recently this is happening, more and more. During inspection such defect are noted. The buyer backs out of the deal. The Seller then does not want to disclosure the know defects exposed.
Whether these points fit you or not is not the point but you need to stand for something and this is where your philosophy will help you. You need to be flexible and change with time but not with the wind.
In addition, part of my philosophy is staying current with technology. I feel we all can relate to this one.
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