Be a Professional

Most real estate agent get themselves into trouble when they get outside their area of expertise and DON'T GET HELP.  I cannot begin to list the number of inquiries I've had from (otherwise bright) residential agents asking for help in a commercial transaction. 

I recommend that they partner with or refer to an experienced commercial agent.  "Will I have to pay them anything?" they ask.  When I explain that they will and it will be more than a referral fee (think of it as tuition!) they back away and ask if I can give them a bit of advice over the phone or email.  Translation: free.  This is OK if it's a small item or a detail, but when it's a "what's important to look at in a commercial lease?" more help is needed.  THIS IS UNPROFESSIONAL! 

Clearly the agents contacting me do not know how to competently proceed and clearly these agents do not want to refer the business.  Apparently they want to incompetently work with a client, most likely without disclosing they don't know what they are doing.  Not only does this violate the REALTOR Code of Ethics, but it also violates licensing laws.  Everyone's licensing laws require us to work in the client's best interest and be competent.  Does this sound like the agent is working in the client's best interest?  Sounds like breach of fiduciary duty to me.

Be a Pro!  Get help when needed and be ready to pay for it, because if you don't, you'll end up paying for it another way and you won't like it - neither will your ex-client!

re: Be a Professional

re: Be a Professional

Amen! One of my specialties is farms and land. I am constantly having agents call and ask me how to do this and that.  I too suggest that they refer their client. Most don't realize that their chance of success at something they know nothing about is very slim. Their chance of getting a payday increase considerably when they enlist the help of a pro. Recently I paid a $12,000 referral.

I would like to share a recent example. A new agent who knew nothing about land lists 60 acres from an elderly woman entering a nursing home. The price was 33% of what it should have been. It sold within 2 hours. 3 guesses as to who the buyer was. You are right! It was another so called Realtor who hid behind an LLC. Now the new owner is flipping it for a healthy profit. In my opinion, the elderly seller was cheated out of almost $250,000 by those ingnorant of the real value and those who took advantage of a shady deal. We wonder why our profession has such a bad name. It is imperative that we stick to what we know.

re: Be a Professional

Cindy

Great thoughts, Nice to see you blogging!!