Real estate agents may have been practicing their profession and expertise in selling properties, such as lots and lands in Arkansas. But, no matter how long you had been in this industry, if you are not careful in managing and handling transactions, then you may still fail. The sad part here is that, failing may lead to losing a client’s interest in buying a particular property. And then, the worst part is when this failure brings you to court because of legal issues.
That is why if you are working as a realtor, it is very important for you to work under a real estate company, which is working hand in hand with a law firm. Through this, you will know that everything that the company is dealing with follows legal processes. Now, if you are handling lands and lots for sale, you have to make sure that it is legal. So that when you start making negotiations and agreements, you won’t be facing problems with the company, the seller and buyer.
Always remember that your job as a realtor needs to be legal, so that your clients will trust you. It is true that you are trying your best to win a client. But if you will do things in the wrong way, then you will lose not just your career, but your entire life as well. Let’s say that you are still new in the industry, have not worked long time or experienced enough yet as a real estate agent. It would then be great to know about the failures that you may face throughout your career to prevent it from happening.
Unrevealed property issues
It is very true that honesty is the best policy – a trait that every real estate agent must possess. Pretty sure you are aware that dishonesty may lead to losing clients as well as your reputation. When you are presenting a land or lot with the house or building, it is very important for you to revel every good and bad points of this property. Let’s say that it has a house that really looks perfect and that is actually what your clients can see, right?
But, if it has defects in electrical, wiring or piping systems, then you have to inform the client. Without being informed, the potential buyers may buy this property and sign all the legal documents together with the payment. I know that some agents may not also be aware about the defects, especially if the owner did not include it in the contract. But your clients will be thinking that you are very sure about every detail of the property. Therefore, they will blame you for not informing them about the defects.
When this happens, you and the real estate company you are working for may receive a negative feedback. Sometimes, this failure may not be your fault because you are ignorant. But the client may even sue you and the company for this. And then, when you lost your job, it would be difficult to find a company and clients, who will trust you again. To prevent this failure, make sure to ask for permission and inspect the property.
Unfamiliar geographic issues
Before starting to sell a property that is located in an area that you are not even familiar with, I suggest you to conduct a thorough research and investigation about the location. Imagine yourself buying a land in an area that you have not yet lived in or been to. Will you not ask the agent about the place and what plans are waiting for the said place?
There may also be issues that you need to know. For example, do the place have water or electric supply? Are there plans of renovating the place for future business, trading and industrial purposes? Your potential buyer would really appreciate it, if you can inform and give them some precautions. Failure to do this will lead you to a problem that may take your career away from you.
Legal advices
Some of the clients that you will be negotiating with may have a lot of questions to ask. Of course, you would surely love to help because this means that they trust you that much. But, be very careful with giving answers, especially if the question has something to do with legal advices.
You are not your client’s lawyer and to give a legal advice is not a part of your job. Now, if you give wrong advices, then you will be blamed for it. So, it would be best to advise your client to talk to a lawyer, if need more help on legal queries. I guess, your client will understand that you are just being polite and honest.
Mislead buyers
It is not good to mislead people, right? If possible, you have to be very true to your potential buyers. I know how much you wanted to sell that particular property. You will do everything it takes to win this client. But you should not exaggerate things, especially when it comes to the features of the land or building on it. Why don’t you just be honest and make sure that you will tell your client exact details only?
After your potential client finds out that you have lied about the property, then he will surely file complaints about you. When this happens, the real estate company you are working with may kick you out of their office. Your clients and company may even warn others about what you have done – this is then the end of your career.
Sometimes, you are even close to getting this deal. But, because of misleading the client, they backed out. Of course, they won’t believe you and your company again. This won’t just be your failure, but it will also be a loss of the company. May this serve as a lesson that no matter what the status of the property is, a buyer will accept it as long as they are interested to have it.