Loyalty; A Fiduciary Responsibility

Real estate agents from across the country prompted me to write this article. If we step back in time 50-60 years, people

were loyal to each other. They were loyal to the people they did business with. The giving and receiving of loyalty was expected. It was almost like an unwritten law of conduct. In many cases, deals were made with a handshake. No written contract was required. What happened to it?

Then came prosperity

[Read more…]

Social Networks

Which Network Do You Use?

Which Network Do You Use?

Social Networks seem to be a main topic of discussion anywhere two or more real estate agents are gathered. Almost everyone uses Facebook, LinkedIn, Twitter or one of the many networks in an attempt to find prospective clients. Can you really find clients on Social Networks? If so, which ones are best served for finding people that want to buy or sell real estate? [Read more…]

Understanding Caveat Emptor

 Alabama is Different than most other States…. I can’t say for sure but based on my research, the only states that are still caveat emptor states are Virginia, Arkansas, and Alabama. When a person buys real estate in these three states, they need to fully understand it is their responsibility to make sure they know what they’re getting, that it’s in good condition and works properly. When the buyer does his due diligence to have the property inspected, their legal rights remain in place after closing should some latent structural defect appear. If a buyer elects not to have the proper inspection done, closes on the transaction and then a latent structural defect appears and the buyer sues for damages; numerous Supreme Court cases have ruled in favor of the seller and stated caveat emptor; the buyer is responsibility to inspect the property prior to purchase.

BUYER BEWARE

This is a topic I try to talk about in every class I teach because it is the most important and the least understood law. I intentionally try to scare real estate agents to get them to understand the importance of the law and the effects it has on people buying real estate in Alabama. Today I will tell you how to see the law as it is written, disclose the other states that have the same law, and explain the dangers and remedies associated with caveat emptor.

Caveat Emptor is the law in Alabama…..

The Alabama Supreme Court has held caveat emptor to be the law in a consistent line of cases. Everyone should be on notice that there is no warranty which comes with the sale of a used home.

Real estate agents were taught when completing their educational requirements to get their license that caveat emptor is a Latin [Read more…]

How to Get Your Clients to Call You

First it is imperative to have a complete consultation with a new prospective client as soon as you meet them. You are possibly entering into a business relationship so both parties need to know what to expect from the other party. You both need to know the preferred method for communicating and make sure each has the others cell phone number. If you wish to represent a person in buying a new home, you really need to know more than the basic number of bedrooms and the amount they want to invest. Both the agent and the buyer need to know how the other person feels about certain things. This has to happen before there is any semblance of trust which is necessary to have a lasting relationship.

Is she Calling You or Your Competition?

It is an eerie feeling when you have requested a prospective home buyer to return your call or to respond to your email and you don’t hear a word from them. What are you supposed to think? I can tell you from my experience that many thoughts run through your mind. You might wonder where they are, why haven’t they called, did I do or say something to offend them, are they talking with another agent, are they trying to go around me to save a commission? These are very legitimate thoughts because you don’t know these people and they don’t know you. You may have only spoken to them one time and then, for whatever reason, can’t seem to connect with them again.

Let’s evaluate our previous conversation with that particular prospective client. Exactly how easy did you make it for them to remember your name? Did you give them a business card or was that one of the prospects that you told you were out of cards? Did you give everyone, husband and wife, parents or friends, a business card or did you just hand one to the man. Did you have a meaningful consultation with the prospect so they fully understood the buying process?  Let’s look at a few ways to make it easier for our prospects to remember us and to contact us.

First it is imperative to have a complete consultation with a new prospective client as soon as you meet them. You are possibly entering into a business relationship so both parties need to know what to expect from the other party. [Read more…]

Find New Clients Everyday—Guaranteed!

Arm's Length is about 3-Feet

Arm’s Length is about 3-Feet

I get tickled at salespeople sometimes and then at other times I can get frustrated with them just as quickly. It never fails that salespeople will drive past people that would buy their product, while the whole time they are in search for a prospective client to work with. Let me explain what I’m referring to as it relates to the real estate industry. Real estate agents are always looking for new listing opportunities while at the same time they’re searching for people that are interested in buying real estate. Let me set the stage for what I want to tell you by causing you to think outside the box for a moment. More times than not, we do not drive directly to our destination. For example; we may be on our way to work in the morning, but first plan to stop by the gas station. Our next stop may be at McDonald’s or some other fast food place to get a sausage and biscuit. If not there we might stop by Krispy Kreme Donuts. We may not be accustomed to eating breakfast but have to have that cup of coffee first thing every morning. Then we stop by Wal-Mart for a quick visit to pick up supplies we need at the office. It is not uncommon, when going somewhere, to make [Read more…]