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Old 02-03-2008, 08:00 PM
 
Location: Raleigh, NC
173 posts, read 937,280 times
Reputation: 117

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Wow---

I can always depend on my good friends at CD to give your honest opinion. I will talk to my BIC for further assistance.

I am very comfortable with explaining the offer to purchase and contract, but sometimes you run against people who "question" you as an agent.

Thanks again for all of your advise.
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Old 02-04-2008, 04:32 PM
 
Location: Houston, Texas
469 posts, read 1,480,327 times
Reputation: 295
Quote:
Originally Posted by Captain Bill View Post
Missnew2nc, I have to be very candid in my response. From this thread and your other thread it really sounds like you need some mentoring.

It isn't entirely clear, but it sounds like you were representing a Buyer and she wrote a contract for a property. I don't understand the part where she took too long to sign and get it back to you, unless you're talking about a counter offer that a Seller made to your client, and your client missed the deadline.

On the verbal offer, that was a mistake on your part. Every real estate contract must be in writing. You can negotiate all you want, but until your client makes the signed written offer, then you don't have anything.

As far as not working for free, you don't earn any money until you have a completed transaction with the escrow closed. Until then all you have is a potential income with the risk of receiving nothing if it doesn't close.

When a client tells you that they don't want to work you, then you need to look inwards and try to determine what you may have done wrong to cause the client to want to make a change. Apparently you did something wrong in her eyes for her to drop you.

I have the feeling that you are new and/or have not had sufficient training, and she may have gotten that same feeling, and became uncomfortable.

Forget about suing. You have nothing to sue for. She doesn't owe you any money. Even if she doesn't go working with someone else, she can just say that she doesn't want to buy a house any more. The law suit would be frivilous and end up costing you a lot of money, and your broker may disaprove of the negative publicity that it can bring his/her office and may terminate you.

This is not what you wanted to hear, but in order to try and help you, I have to be perfectly honest and tell you what I'm seeing. I also realize that I may be completely in error.

However, I suggest that you take the advice of everyone who has told you to talk to your broker about the other transaction that involves earnest money, and get to studying these documents. Get a lot more education and you won't have to ask these questions.

Bill makes some very good points here and some of them I was thinking myself in reading your post.

What I would like to add to Bill's comments is:

1. Ask the broker if he thinks you should speak with the other agent about the situation politely.

2. Clear with your broker his allowing you to release the individual from the contract.

3. If your broker thinks 1&2 are O.K. swallow your pride on this one and tell the buyer and agent you will release the buyer from contract if they give you feedback as to why the no longer wants to work with you. If you have two buyers both asking out, something is wrong with the way you are doing business. I am not trying to brag here but, I have only had one buyer ever try to get out of contract and the only reason for this was the influence of a FSBO that told them they wouldnt sell them the house if they used an agent.

Now the reason they want out maybe as difficult to swallow and humbling as what Bill suggested or it could be as simple as you are just being a little to aggressive. Now if your feedback is that you are to aggressive you need to analyse your style and see if it is just your personality or if you are using to large a dose of old school sales tactics. If it is your personality dont try to be fake just embrace it and watch yourself a little and understand that you will lose some clients and it is not good business to force people to deal with you if you just dont get along. There is plenty of business out there and some people will only work with someone who is very aggressive. So, someone like myself that is very laid back isnt a fit for some people just like very aggressive individuals are not a fit for my personality. Takes all types to make the markets work. Just please dont be a hard core beat um up used car salesman out there, it gives me a bad name along with you since we belong to the same realtor organization( I am assuming).
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Old 02-04-2008, 11:21 PM
 
Location: New Mexico
631 posts, read 2,436,681 times
Reputation: 331
Quote:
Originally Posted by missnew2nc View Post
I have a question and need some advise:

I am/was working with a client and I have her under agency until the middle of March.
What do you think? Also, what are my rights as an agent?
Your rights as an agent should be in your contract with your client. Read it.
Only your broker can initiate a lawsuit, but she has to buy something first before you can show wronged.
Maybe shopper will find something with a diff. broker and be calling you too.
You never know what people will do.
I think do what your heart tells you to do. Only you know how much time and effort you have invested with this person under contract.
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Old 04-07-2009, 02:16 AM
 
1 posts, read 3,053 times
Reputation: 10
Exclamation The mentally hadicapped

Palmcoasting,

You used the term 'special' in your post. It was offensive. I'm sad that you used that word as a joke. Please think before you write. You don't know who your audience is.
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Old 04-07-2009, 11:06 AM
 
242 posts, read 732,722 times
Reputation: 192
Quote:
Originally Posted by missnew2nc View Post
I have a question and need some advise:

I am/was working with a client and I have her under agency until the middle of March.

I wrote two contracts with this lady. The first contract wasnt accepted because she took too long to sign it and get it back to me. We wrote and negotiated (verbally) the second contract, but she didnt sign it. She basically stalled and now has found some reason for not wanting to work with me.

Anyway, today I was out showing properties and I see the client (who basically wasted my time with stalling) with another agent. At first I was going to let this client out of the contract she signed with me, but now I feel like SHE owes me. I dont work for free. I feel as though I worked very hard for this client.

What do you think? Also, what are my rights as an agent?
if you signed a legal contract of some kind with the buyer, then she has to follow through with it or you can sue her I guess.
Other than that, not much you can do.

I worked with buyers my first year. Nightmare.

In the future simply state you do not work for free. An upfront hourly or daily fee is required, that's all. If they will not pay it, move on.

Tell them it will be refunded upon a sale if you must, but only out of the proceeds that come with the sale.

You do work for free if you do not charge someone. Welcome to real estate.

money up front or you will not see any. Listers last longer than buyers agents (usually).

8 hours a day, 5 days a week with buyers who may not buy or 8/5 a week trying to get listings...which is better for your pocket book?
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Old 04-10-2009, 07:06 PM
 
982 posts, read 1,093,158 times
Reputation: 249
I am not understanding something here.

How can you have someone under "agency," until the middle of March if you have no signed contract by them?
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Old 04-10-2009, 10:34 PM
 
Location: Columbia, SC
10,889 posts, read 21,844,719 times
Reputation: 10480
Quote:
Originally Posted by MsFancyPants View Post
I am not understanding something here.

How can you have someone under "agency," until the middle of March if you have no signed contract by them?
She had an ERTB but not a contract on a home.
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Old 04-11-2009, 03:35 PM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,838,830 times
Reputation: 1196
Default only idiots sign exclusivity contracts

When I bought my first place in 2003 I signed an exlusivity contract, which really limited my options. When I bought my 2nd place in 2006 I worked with multiple agents and am doing the same now.

I generally have agents that specialize in certain areas and types of properties but do not believe in limiting my options.

Realtors know better than to ask me to sign such contracts and I suspect experienced investors and buyers will not sign such contracts.

Are realtors on this forum able to get experienced RE investors to sign exclusivity contracts?

Exclusivity contracts are for people who don't know better, which is most first-time home buyers and even some buyers looking to buy another house (not investors).

Good luck working for a fee. I am a commercial banker and I get paid to close deals, not work on them. My salary is for managing an existing book of business.

Realtors are a dime a dozen these days and until your ranks are thinned more with continuing decline in prices (until end of this year at earliest, probably mid 2010) there will be a lot of crappy realtors out there. I know more than realtors about the properties I am buying, just use a realtor to help close on the deal and use for easy access to MLS. I am talking with 3 realtors currently and have used all 3 in the past to buy property and rent out properties I own.

I read the NAR forecasts daily for humor. People buying now should hold off unless they find the perfect foreclosure or are planning the stay put at least 10 years.
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Old 04-11-2009, 04:43 PM
 
Location: Salem, OR
15,490 posts, read 40,182,593 times
Reputation: 17307
I have had investors sign with me, but we agree that I will only look in certain areas. Then they had other agents in other cities as well. So I was the exclusive for my area, but not for the investor.

That is fine with me. You can't cover a large territory as in investor and only have one agent.
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Old 04-12-2009, 06:23 PM
 
Location: SW Austin & Wimberley
6,330 posts, read 17,976,190 times
Reputation: 5531
Quote:
I dont work for free.
Yes you do. We all do. It's only a matter of how often.

I generally accept 100% responsibility for this. Each time it happens I ask myself how I can learn, how I can better educate clients to be more confident in their decisions. Sometimes I don't find a lesson, other times I do. But I always quickly refocus on the things that will bring my next deal closer to closing, and I let situations such as you describe go.

My advice is to just move on. Be exceedingly polite and gracious. Let her know that you're happy to release her from your buyer rep agreement if she's determined that it's not a good fit. Then move on.

Good Luck.

Steve
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