Measure Twice, Cut Once

It’s advice that you’ve heard more than once in your lifetime and it’s never more appropriate that when you’re running a business – particularly real estate.  It’s advice that I give to our support staff frequently.  Measure twice, cut once.

The Consequences are Enormous:

In real estate there are such large sums of money involved that one mishap can cost a realtor and their client dearly.  In many other businesses it can be difficult to pinpoint who is responsible for a faux pas.  As a realtor, however, you can be sure that somewhere along the line someone will attempt to place the blame squarely on your shoulders.  Also, unlike many other businesses, the consequences in real estate could result in 100’s of thousands of dollars lost by the client.

Do Your Homework

We were recently on the buy side of a sale where it was discovered by our realtor that there are leins on the property.  The listing agent neglected to research the title and the deed.  Needless to say this adds a completely different nuance to the transaction, which at this time is very much in limbo.  There are many other crucial bits of information that often go unnoticed until very late in the homeselling and purchasing process.  Easements, under ground oil tanks, asbestos – the list goes on and on.  Many a lost sale could have easily been avoided if the realtor simply did their homework upfront, before placing the home on the market.

 Knowledge is Bliss

Be thorough.  It’s easy to create a story in your mind about the financial strength of your client based on their status in town or family history.  Yet what you see is not always what you get.  Researching a propety’s history is part of your fiduciary responsiblity to your clients who are entrusting you with a very valuable commodity when they list their home with you.  Lack of thouroughness is also a major disservice to your fellow realtors.  See: http://www.gfbor.com/code_of_ethics.htm

What say you?  Please let us know by commenting below.

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