I am sure you have heard the term “The
best offense is a better defense” right? Today’s topic is regarding how we
handle transactions with the co-broke associate and for our
clients.
Since the 1990’s when Seller and Buyer
Agency was introduced into North Carolina Real Estate transactions we have seen
the growth of transactional confrontational agents (TCA). It seems some licensees take it upon themselves
to wield a sharp and swift sword for their clients…sometimes with… but most
times without the client’s best interest in mind and/or even without their knowledge!
Example: A TCA listing associate takes it upon themselves
to “fight” for the sellers to not make a minor repair requested by a buyer…or a
TCA Buyer’s Agent who verbally “demands” a seller of a 35 year old home make
every repair and “FYI” observation on the inspection report without having a
formal due diligence request signed by the buyer. ..or even going over the details
of the report with the buyers.
As a Broker In Charge I get to witness
all the dirt in a transaction up close and personal… Agents don’t come to their
brokers for assistance when everything, and everyone, is Happy, Happy, Happy!
“The Firemen” get called upon when the
barn is on fire and the buyers, sellers and agents are all running in circles
screaming “the sky is falling…the sky is falling”… Hence the term “putting out
the fires”.
What we see most often is a situation
where if the two agents would have allowed the buyer and seller to work out a compromise
between themselves… the small spark which started the conflagration could have
been easily extinguished early on… (And more often than not)… the cause of the
disagreement was a misunderstanding caused by one or both agents verbal or
written “delivery” of sensitive news to their clients.
Five Tips on Keeping Peace in a Transaction:
1)
Explain the
process and Educate your clients before and during the transaction…prepare them
for the requests and road blocks they may face so it will not come as a
surprise when it occurs…this comes under the category of “Do Your Job” better
up front to avoid “Bad Press” later.
2)
Put everything
said….and I mean everything… in writing. If it was spoken of in a phone
conversation or face to face…send a follow-up clarification email…if it is in a
voice mail…save it…Once it is in writing… file it. Once filed keep it safe.
3)
Never make
assumptions… Never assume what your clients answer will be… with the proper explanations
and education as in #1 above you may be surprised how agreeable people can be.
Also never assume the other agent or client will do the right thing…follow-up
to ascertain things promised have been done.
4)
Put all requests
in writing…don’t just hand an inspection report to a listing agent and say the
buyers want everything fixed. Follow the proper procedures and ask for
specifics…how to be repaired and by whom. If left open the repairs may be done
sub-standard, without required permits, or even “cosmetically repaired” just to
pass a visual re-inspection.
5)
Finally…BE NICE! In
the movie Road House... "Dalton" (Patrick Swayze) told his security staff at a rowdy night club to be firm…but be
nice. These are great words to follow during a transaction. Negotiations don’t
have turn into a Stanley Cup Final Game Brawl. Most times being nice
will take you much further than swinging a heavy sword and screaming a battle
cry. Dalton was hired by the night club to be a "cooler"... that is the REALTORS job in a transaction...BE THE COOLER!
We hope these tips will help you to have
more enjoyable transactions and happier clients…and happy clients are more
likely to send you qualified referrals to grow your business!
Eddie Brown ©2013
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