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Being a real estate agent requires a desire to learn so that your business evolves and improves—and part of that process is understanding some of the most common mistakes real estate agents make. Being aware of potential pitfalls can help you define strategies to ensure you avoid them. Explore some common real estate agent errors in this quick guide.
It’s no secret that the real estate industry involves a lot of paperwork. There are offers to write, home loans to review, and multipage contracts to sign. And while it may seem like common sense to commit all pertinent information to paper, sometimes real estate agents let things slip through the cracks.
As a result, several aspects of a sale can go haywire and make a real mess of an otherwise thorough transaction. For this reason, every offer, acceptance, and inspection record must be in writing. If you discuss important matters with clients over the phone, take notes or send a transcript through email.
It’s crucial to have documentation of everything relating to the sale of a property. This way, you have a reference point for your client and yourself. Inherently, all your closings will be transparent from start to finish, which makes the process easier for everyone involved. This rule applies whether you’re a seasoned agent in your hometown or starting your real estate business in a new city.
One of the most common mistake real estate agents make is not disclosing everything about a property to their clients. You may believe that keeping certain information from your clients will help you close the deal. But the truth is, people value transparency—especially when they’re looking to make a lifelong investment in a new home.
Your clients will find out about any issues with a home or former owners through inspection reports and property records. For this reason, they should hear about these things from you first. This way, you instill a professional relationship built on trust. Plus, your clients will have the information they need to decide that’s truly in their best interest. Not only is this beneficial to them, but it’s also advantageous for your real estate career.
You’re a real estate agent, and it’s wise to remember that that’s your primary area of expertise. That said, when part of your job entails sifting through compendiums of property codes, real estate laws, and financial contracts, it’s easy to fall into the trap of thinking you’re qualified to advise your clients on their taxes and legal issues.
Having this knowledge makes you a better agent—but it doesn’t make you a lawyer or financial expert. As such, refrain from advising your clients on anything beyond your qualifications. Doing so will ensure you’re not misguiding your clients so they can make decisions based on what’s truly best for them.
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