Every real estate transaction is different due to all the variables but following certain fundamental principles will ensure that your transactions run smoothly each and every time. Of these variables, the one that may have the most bearing on how smoothly things go is the people involved. These include not only the clients but the real estate professionals as well. Over the years I have found that there are four basic “rules” that a Realtor must always follow if they expect their transactions to move along with experience and integrity.
Unless these principles adhered to every time, your transactions can fall apart and leave all parties disappointed and angry in the aftermath.
These are the rules:
1. Always work on behalf of your clients’ best interests.
As their Realtor, your job is to protect your clients by always working in their best interests. Their needs and priorities must be at the forefront when you’re negotiating an offer, a repair list from an inspection, the closing date, when the buyer takes possession, and or anything else.
There is just one exception to this rule and that would be if your client asks you to do something harmful towards any of the other parties involved in the transaction, including the opposing Realtor and client. You cannot protect your client’s interests by doing something unethical or illegal.
Also, your personal interests should never be put before those of your client throughout your entire Realtor/client relationship. For example, when you’re negotiating an offer on behalf of your client, the amount of your commission should never be a factor. You must always negotiate in a way that benefits your clients, regardless of the outcome for you. In representing your client, they come first.
2. Any issues that arise must be confronted and dealt with immediately.
Very few problems ever solve themselves, and this is absolutely true in real estate. As a broker, I always tear my hair out when an agent comes to me with a problem a couple of days before the deal is due to close. Why wasn’t it dealt with right away? No one enjoys confronting others when a problem arises, and this is true of Realtors as well. We’re working hard to make things go smoothly, and we may not like acknowledging bumps along the way. However, bumps are part of life and when an issue arises during a transaction that could become a problem, it must be handled immediately. Delaying the inevitable is never a good strategy.
3. Be honest & trustworthy.
Honesty and integrity are fundamental aspects of the National Association of Realtors’ Code of Ethics & Standards of Practice. Clients put an incredible amount of trust in their Realtor, which means that we have a moral and legal obligation, to be honest in everything we say and do. Being dishonest harms our clients, cooperating agents, their clients, and us.
4. Don’t hesitate to admit it when you’re wrong.
No one likes being wrong, but no one can be right 100% of the time. When the time comes to admit you’re wrong about something, whether it’s about a client, listing, inspection, or contract, just be honest about it. This is the only way you’ll regain the trust of everyone involved, and they’ll likely respect you enough to continue the relationship. Calm down and remember to act professionally in solving the problem. The last thing you want is to be the one causing problems.
Making sure a transaction doesn’t fall apart takes tenacity and problem-solving experience. You have to find workable solutions that bring the buyer and seller together, so the deal closes.
Take my word for it, Realtors can change the trajectory of a transaction with just the right words. To get things back on track, the agent must do everything in their power to ensure that the transaction remains intact while keeping their client in a positive frame of mind.
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