Saying Goodbye to Your Broker

So, are you considering moving your real estate license to another brokerage? Leaving your firm is a big decision for any real estate professional and saying goodbye to your current managing broker and the agents in your office can be difficult and stressful. If you are thinking about packing your bags and heading to a better opportunity at the firm down the street or across town, you need to consider how you are going to leave without too much “drama and trauma.” Why are you leaving your firm? You may be an agent who has invested a significant amount of time and money at your brokerage and find it hard to break the relational “umbilical cord” existing between you and your broker. Or, you might be an agent who feels your firm is not providing you with the broker support, tools and other services you need to grow your business. No matter your particular situation, moving to another brokerage will take some transition planning and good communication with the those you leave behind. Good preparation on your part will make for a smoother transfer of your business and will ensure there will be no “downtime” for you and your clients [...]

By |2019-07-10T08:19:38-05:00July 12th, 2019|Uncategorized|0 Comments

Be the Source of the Source, Not the Source

As a REALTOR®, we want to be the one person a client can turn to for answers to all of their questions.  We don’t want to look unprofessional if we don’t know the answers or have the information they need.  We should be the primary source of information for a client, right?  WRONG!  I have seen lawsuits and regulatory complaints arise from something an agent said to a client about matters that were clearly out of their area of expertise. When a REALTOR® begins working with a seller or buyer client, they should provide their clients with a written statement explaining what an agent can and cannot do in a real estate transaction. This statement should be a formal disclaimer outlining the importance of utilizing other professionals for certain aspects of the sale or purchase of the client’s property. We are not home inspectors, structural engineers, roofing contractors, electricians, plumbers, city planners, surveyors, appraisers, etc.  We are licensed real estate agents who have the education and experience to assist buyers and sellers in purchasing or selling real estate. When you start working with a client, you need to discuss with them the scope of your expertise as well as the [...]

By |2019-07-10T08:17:38-05:00July 11th, 2019|Uncategorized|0 Comments

Is it an Addendum or an Amendment?

Two of the most confusing and misused documents in a real estate transaction are the contract “amendment” and the “addendum.”  I have seen contract files over the years where an amendment should have been used instead of an addendum and vice-versa.  The misuse of these two is widespread because most real estate agents are not trained on the correct use of each one.  Let me see if I can bring a little clarity on their purpose and how they are used with the Purchase and Sale Agreement before and after the offer has been ratified and delivered to the offeror. An “Amendment” is used when changes need to be made to an already bound Purchase and Sale Agreement.  Amendments in real estate contracts are very common.  An amendment can correct an agreement or improve it. It can also be dubbed as a “modification” or “change” to any terms in the original agreement. An amendment may include anything from changing the purchase price to correcting the name of one of the buyers or changing the performance date of a contingency. An “Addendum” adds terms and conditions to the pre-printed language and/or special stipulations in the Purchase and Sale Agreement (offer). Real [...]

By |2019-07-10T08:14:38-05:00July 10th, 2019|Uncategorized|0 Comments

Industry Update Spring 2019

As I recently posted on social media, about 6:15pm, Friday, May 17th, I had just arrived home from Denver. The week before, I was in San Diego. Of the last 10 business days at the time, I had been on the road for 7 of them, attending two different, multi-day, C-level conferences put together by some of the most brilliant minds in our industry. By the end of those 7 days, I had traveled 6,292 miles. Had listened to more than 100 hours of presentations. Participated in countless, intimate conversations in hallways and quiet places with industry execs who run massive organizations spanning multiple countries. Over 50 pages of notes taken. It was indeed quite the experience. Why all the effort? So that we can gather accurate information to help Benchmark develop a strategy to fully embrace the rapid changes that are happening in our industry. Our industry is approaching a point of inflection in multiple areas – almost the perfect storm is gathering on the horizon. On one side we have the rise of new business models driven by technology and billions in external investment. Combined with that, we have the huge increase of the iBuyer concept, which will [...]

By |2019-06-27T09:46:14-05:00June 27th, 2019|Uncategorized|0 Comments