Choose your Real Estate Vendors Carefully
I never know what to call that group of people that agents work with during a transaction ― the title company, lender, trash out guy, contractors, etc.
I’ve heard some agents call them “vendors,” but I think “affiliate” is closer to the truth. I know that I had an entire team of these people and it was great to have a list of folks to call on when I needed them.
Whatever you call yours, have you taken the time to ensure that these people are representing you in the best light?
Their Incompetence is YOUR Problem
After my parents passed away I was charged with selling my childhood home in Hawaii. Despite knowing better, I chose my agent for the absolute worse reason ― I have known her personally for decades.
In all fairness to moi, though, I did check to see how she was doing in real estate and it turns out she’s one of the top agents in town.
My sister, who lives in another state, was the joint seller of the home. She, as the head of nursing for a national hospital chain, works crazier hours than I do and lives about three hours from her job. I know, right? She’s never been normal.
Anyway, the only time she can see a notary is on the weekend. So, there we are, on the day we’re supposed to close, and the papers sent to sis to sign in front of the notary are the wrong ones.
Ms. Escrow Officer had known about this for the entire week. Did she overnight the correct papers to my sister? Nope.
Did she answer my calls about when she’ll be doing so? Nope.
I called three times in one day and she just can’t seem to find her way clear to respond.
Sadly, she was like this throughout the entire transaction. She never returned even one of my phone calls.
It’s not my agent’s fault that this woman is absolutely incompetent, uncommunicative and downright S.L.O.W.
But, it is because of this escrow agent that I will never, ever use this real estate agent again.
Here's another one
I have a friend in Vegas who is selling her house. Her listing agent pawned the open house off on a new agent from his office. This guy brought along a mortgage rep.
My friend has a security system in her home which beamed, to her iPhone, in living color and sound, everything that went on during the open house.
This included the new agent and the mortgage rep interacting with the lone visitor to the open house. It seems the agent had a bone to pick with my friend's listing agent so he was complaining -- to a potential buyer -- that he wasn't given enough time to prepare for the open house.
The best part, though, (although my friend wouldn't exactly call it "the best") is the part of the convo where
the mortgage rep told the potential buyer that "the new builds down the street are offering 4 to 5 percent rebates."
Yeah, my friend was livid. Absolutely.
Of course, her listing agent wasn't directly at fault here, but he should use a little more care about who he puts in to pinch hit for him. I mean -- come on -- these people were there to sell THAT home, not the new builds down the street. She fired the listing agent for his lack of care and common sense.
See how that works?
You can be doing everything right but surround yourself with the wrong people and your reputation suffers. Remain stubbornly loyal to these people and it is you who will end up losing money.
Check in with clients after the transaction to find out how they were treated by your vendors. If you get negative reviews on any of them, find out what happened and dump repeat offenders.
Don’t let anyone, regardless of your feelings for him or her personally, become an albatross around your business’ neck.
After all, "it's not personal, it's strictly business," she says in her best Michael Corleone voice.