By Tracy Dau, May 8, 2018
By Tracy Dau, May 8, 2018
Keeping your WORD in Real Estate….
Most of us consider ourselves good people. We generally try to do the right thing when given the opportunity. I was raised by parents who instilled the notion that every time you give your WORD, you’re putting your honor on the line. . You’re implying that others can place their trust in you because you value integrity.
But I’ve had a recent rash of agents NOT keep their word when co-oping real estate deals. And it’s got me thinking. A whole bunch. About what it means to give your WORD.
It seems to me, that for many people, the area of personal integrity has become more blurred when considering what it means to make a commitment. When you say you are going to do something, or promise something, then do it. It feels like its becoming increasing easy to break promises (not for all of you, but some).
Case in point- I have had three recent real estate transactions where the buyer’s agent has written an “AS-IS” clause into their offer. Their offer is padded with the promise that they will NOT ask for ANY repairs or credits during the transaction. They know that the house has multiple offers, they are willing to go above asking, they just LOVE the house, and they want their offer chosen. The added clause is an enticing a “perk” to a seller. Mind you, these agents are not forgoing their home inspection (you should always do an inspection folks). When I have grilled these agents about how they prepared their client to write so freely, they answer quickly, “We noted all of the systems that might fail. Plus my client is extremely handy. He can build a boat engine. We have talked it over and we feel GREAT about the condition,” they say.
Me — “So, you are really really comfortable writing your offer AS-IS? Do you understand that the house needs a whole lot of love? That the roof is shot (we have bids), the sewer might be broken (there are rat holes in the front yard), its needing a bunch of work.” YES! they respond. “YES! We want it just the way it is.”
What I would like to say to agents and their buyers, if writing AS-IS doesn’t feel 100% right to you, then you should withhold those two words. I want folks to realize that commitments matter; if you are consistently breaking your word, your relationships with other agents will falter. Tiny fissures develop in relationships by broken promises. Even when you blame it on your client. It’s a slippery slope in this industry. I don’t hold score but unfortunately my memory is keen.
“Breaking commitments? Speaking half truths? That’s just how it goes. Wait… I am a good person. No, really, I am.”
Old House Enthusiast