Scott Newman
By Scott Newman
Real estate is back in 2012 in a big way. Many markets are seeing price increases in response to dwindling inventories as more and more buyers are getting off the fence every day. With that in mind — especially since it’s been so long since we’ve had the opportunity to use the phrase “multiple offer” — I felt it would be pertinent and relevant to go through some best practices for handling multiple offer situations to make sure you’re in line with ethical and fair business practices.
Don’t Forget Your Loyalties: This is a big one, and it’s obvious, but many agents forget that you can’t disclose information that your client doesn’t authorize. No where is it written that you must disclose whether or not you have other offers on the table. Unless your seller has specifically directed you to do so, you should not automatically answer that question if asked by a buyer’s agent or buyer.
I have seen situations where a buyer will pull out of a deal because they think there is too much competition, and you can be legally liable for any negative consequence that results from your disclosing information you shouldn’t have.
To summarize, don’t ever forget that your ultimate loyalties lie with your seller, and just because you’re asked a question doesn’t mean you have to answer.
Treat Everyone the Same: This is another obvious one, but it’s important and bears repeating. To avoid accusations, legal action, and overall negative impact to your reputation as a professional, it’s imperative that you treat everyone the same way.
If you’re sending out a request for highest and best, send the exact same e-mail, forms, etc., to all interested parties who have seen the property so there is absolutely no doubt that everyone was informed of the status and had a chance to make an offer if they wanted. It’s better to e-mail an agent that showed the place six months ago along with everyone else, than it is to have your deal blown up by a lawsuit from a buyer who feels they were unfairly kept from knowing the latest update and opportunity to place an offer.
Keep Unbelievably Good Records: Continue reading »
Kelly Reark
By Kelly Reark
Uncluttering: A great New Year’s resolution for all of us. Clutter comes in many forms. We advise our sellers to de-clutter their homes when preparing them for the real estate market. We shred old papers in an effort to clean out our offices of unnecessary transaction documents. We send clothes from our stuffed closets to local shelters. We gasp when watching Hoarders or Clean House on TV and plead with our friends to intervene, “If my house ever gets that messy…”
So what about our electronic clutter? Did you know that we humans have created more data in the past year than we have created in the past 5,000 years? Did you know that the number of text messages sent every day exceeds the total population of the planet, and that it has been estimated that only 61 percent of the global population even has a phone?
Just thinking about the 413 messages I have kept as part of my e-mail “necessities” makes me shudder. I have 36 folders that organize my email messages for just one of my e-mail addresses. And I have four e-mail addresses. I have 2 gigabytes of information stored on my computer, all in files for future reference. I have an external hard drive with 800 MB of space, and about half of that is occupied. I take a ton of photos, and some of those are pushing 24 MB each. Even with those, there is still a lot of data filing going on. What am I doing with all of this?! At the rate information is being created, I will NEVER read it all again. And if I do take the time to review it all again, I will be in a perpetual state of catch-up with all the new stuff coming in daily. Continue reading »
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