I sometimes think one of the greatest failings in real estate is pride. I've been in real estate long enough to know that I do not have all the answers. Every deal is similar, and yet every deal we do in real estate is different. We have a different mix of personalities, skill levels and personalities to deal with. So when something arises in your daily routine: a counter, a question, an amendment that you do not have the answer to...arises I have a little advice "DON'T FAKE IT UNTIL YOU MAKE IT!"
Unfortunately, this is a daily occurrence in our industry. Instead of an agent checking with their broker a lawyer, an inspector, county zoning, other real estate agents, a mortgage officer or all of the above...the agent tries to fake it with bravado. That is a recipe for disaster in real estate, and it places your buyers, sellers and all parties in the deal at risk. A hasty response is all too often lacking in details, full of emotion and is reckless in delivery. It is like someone playing "Hot potato" with a grenade with the pin already pulled out! The sad thing is that there is no reason that anyone has to give an immediate answer. That is just being foolish. There are many things to consider when a situation arises and sometimes the best advice is to step back, gather information and then act. The advantage of this is that cooler heads prevail, and your emotion has leveled out. When you are informed, you are less likely to panic, or act on a resentment. When you've done your work correctly, you can proceed with self assurance that you have carefully thought through the consequences each possible scenario will raise. Think about it! When an offer comes in... is there a reason why the counter has to be back immediately? If the other party gave you 48 hours for a response...why would you respond in two hours? If a bad inspection report takes you off guard...is it smart to dismiss the entire deal?
I've had a license in real estate since 1979, and I am currently licensed in 3 states. I do not have all the answers. However I am not afraid to ask others for explanations, or insights. I do this every day. I never proceed without being informed.
- Don't let your emotions kill the deal! Let go of your ego!
- It's OK to say "I don't know, let me get back to you!"
- Think the consequences, and scenarios through!
- Buy time and gather information and start with your broker.
- Have a list of local experts that can assist you: Lawyer, broker, inspector, loan officer, electrician etc...
- Get an extension of the contract when needed.
- When in doubt do not proceed forward.
- All agreements and explanations should be in writing.
- Have clients sign off when they decide to proceed forward and there is a determination of risk involved with that decision.
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