I thought I would reflect on the past several years since I have been in the real estate industry. I have made rookie mistakes just like many of you. I was spoiled because I had a mentor for the first two years in this industry who taught me the ropes. They say people who have the most experience have made the most mistakes. We all learn from mistakes to make us better realtors. So, here is my top 10 list of mistakes made by realtors:
- Send over fully executed contract
- Not opening escrow the next day
- Verify the prelim title report
- Forget to take down sign post after house is sold
- Scheduling 30 day close when most deals taking 45-60 days to close
- Forget to order termite report
- Arriving late an appointment without a courtesy call to client
- Forget the closing date
- Not obtaining all signatures to obtain commission check from broker
- Allow buyers to occupy house before official record and fund from title. Big trouble on this one.
I am sure you can relate to one or more of these mistakes. Please share one of the mistakes that you made as a rookie. I am sure others will be able to learn from this post.
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I have made a couple of these mistakes and we can make so many more.
Have to add ..
Saying Yes when You Should say .. "let me check a few things and get back with you"
I appreciated this list. I've had a great mentor too. Our company has a checklist for every aspect of every transaction and it has been really helpful in forgetting important but little details.
Thanks for the honesty when it comes to making mistakes. I have to agree with all of them. Experience is obtained by making mistakes
As our broker likes to say, "Never, never, never allow early occupancy...unless you want problems!"
Bob-I learned my lesson on that one-No Early occupancy-No No No
I several times made # 7, not with clients but with my office members, when I scheduled a meeting. I should be more careful in future.
Thanks for sharing Suma
Here's a few more....
Forging initials or signatures
Suggesting an asking price, should be left to Buyer once they have been provided comps
Not looking at and forwarding Survey to client
Not providing a copy of the paperwork to client
Not researching what's included on the listing and failing to include it in offer
Not setting certain expectations
Not explaining what certain inspections are (i.e., Mold...Air born or tape lift)
Not learning the Purchase Agreement and winging it
Don't try to give advice in areas out of your expertise
Relying on previous listings square footage
Not researching nearby schools, churches, etc.
Not listening to client's needs and wants
Need I continue?? I've been a licensed agent since 1994 and I've seen some doozies. This is just some that came to mind in a matter of minutues.
I am a seller. Today I dropped off the requested information to the buyer's title company. I told them my propane company told me they will take a reading of the tank three days before closing and fax a Statement of Settlement to the title company so the contract can be transferred to the new property owner. The title office said they only handle electric, water & sewer and the seller's & buyer's realtors handle the propane. Huh? I called my realtor who said gee, most times sellers never say anything about their propane. What? I asked my realtor why this was not brought to my attention at the time of offer/acceptance? She had no answer. It appears it was an error or omission on her part. I told her I would obtain the Statement of Settlement, give it to her, and she needs to work with the buyer's agent to resolve this issue. I need a CLEAR TRANSFER of the propane contract from seller to buyer! We are 34 DAYS FROM CLOSING! I sent an email to her today as well as speaking with her, making the request for reimbursement ,and requested receipt of the reimbursement two days before closing. I am concerned I will get to closing and find that the realtor has choosen to ignore my request. Unfortunately I will continue to hound the realtor until I am certain she will assist me with this to ensure reimbursement and PROPER TRANSFER of the propane contract from my name to the buyer's name.