Several months ago I wrote a post called Don't Ask Me To Help YOU Put Your License On The Line in that post I talked about agents from other areas of Oregon attempting to represent their clients in an area they have no clue about. These agents often times are being greedy and think that real estate is the same everywhere and it is all about the commission.
Today, I had another closing (note the word another) and it was the perfect example of what I was talking about. An agent from out of the area came to Sunriver - found a way into a couple Sunriver listings (one of which was mine) and wrote her own offer.
She wrote a great offer - it was clean and the transaction flew through the contingencies and the closed 2 days EARLY. Some of the reasons for this is we were able to skip some INSPECTIONS that are standard in Sunriver.
SO - WHAT IS THE BIG DEAL?
These are just the easy things that as a Broker in Sunriver should always be covered when purchasing a home in Sunriver. Keeping my mouth shut as I represented the Sellers and she chose to represent herself and not use a local professional.
So, now when she sells, she will find out - just how things work - and she will wonder why - she did not know these things before. My answer will be - you did not ask - and neither did YOUR AGENT.
PLEASE, DO NOT PUT YOUR OWN INVESTMENT INTO DANGER LIKE THIS AGENT DID. Use a local professional!
Thesa Chambers • Broker • RE/MAX Sunset Realty
541-771-7064 Cell • 541-536-0117 Office • 888-868-2050 Toll Free
Mailing Address • PO Box 3510, La Pine, OR 97739
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Besides not having the expertise in an area I think that it is in the best interest of the client to refer them to someone who knows the local market. Even if I was going to purchase a property on my own in an area I was not familiar with I would enlist the help of a local expert to help!
A perfect example of an agent stepping outside of their area of expertise. Although I am licensed statewide, I refer clients to experts in other counties or for other types of properties that I am not qualified to handle.
Couldn't agree more. What's more, develop a referral business with an agent in that area, and it will often come back to you. I referred a client to another agent when the client was moving about two hours away. I was licensed in the state, but knew nothing about that area. About 6 months later, the agent called me to return the favor and send a referral my way.
I am sure you will eventually get a call from the seller - so when they do call you hopefully you will be the one they remember when they go to sell or have a friend that wants to buy in the area.
At least you got your deal closed!
Wow -- it seems it was not so much the location and not know to ask for the appropriate documents. I always ask for CC&R's budgets, reserves studies, the standard condo questionnaire, meetings of the association and board for the past 2 years, etc.
Greed, why can people learn that if it pays now it could eventually burn them.
Local markets...we know our own and only our own!
Seems like some people learn the hard way. Glad you've had ANOTHER closing !!!
Nice post Thesa. I think this demonstrates why we don't have as much to fear from online threats. Local knowledge is always critical.
Thesa, Great post with some fantastic advice. I really like the part about ANOTHER closing.. Way to go
Referring is probably the best scenario instead of taking on something that might bite you.
Thesa--It is tough being the listing agent a few years down the road when the selling agent did a poor job. I think we all have been there...Referrals are the way to go. And agents really need to know their limitations.
Thesa, you make a great point here. Wouldn't it be interesting if, in the future, the agent lists this home and YOU bring the buyer?! Watch out! I'm glad the transaction went well for you and your seller and even closed early ;)
wow, some people...They do odd things! Pride is a funny thing, you know she had the attitude "Well, I'm an agent and I know how it works so I can do it myself" oh man...People!
Thesa - I feel the same way about out of area appraisers, I always opt to use a local appraiser who is familiar with the market and area.
Hey Thesa, this is so sad and I totally agree. I will refer out to many parts of Houston, let alone a whole other city. I hate to see buyers get left in the dark like that...
Thesa - A prime example of why an agent should not go outside their area of expertise.
Thesa, we get it here all the time! If the market is slow in Denver metro, they figure they can bring clients up here and make money instead. The ony trouble is that we do double the work! I recently had a Realtor from another state who wanted to use me as the listing agent (Seller's agent) write her offer for herself as the Buyer, for the listing side of the commission only. She would get credit for the other selling side of the commission. I told her to download the contract from the state website and write it herself, which she did, and very poorly too. The things people will do to save a few dollars!
Thesa,
When I first got started I would show properties anywhere people wanted to look. It took me a while to realize I can only really represent people well in my local area. I had to learn to use referrals when I need to - I guess that is a hard lesson for some to grasp.
That happens here in Park City. We have agents from other parts of Utah trying to work in the Park City resort market. We have our own MLS so many don't understand the resort market place and don't have access to the data that we have. I recently picked up an expired listing from one of these agents who lived about an hour away. The listing wasn't on our Park City MLS and so the listing didn't get exposure to the local agents with the majority of buyers. The seller thought there was a national MLS and didn't realize what she was missing out on. I've heard of buyers buying properties thinking they could do nightly rentals from the property but the outside agents didn't know that the CC&Rs for that property did not allow for nightly rentals.
Thesa,
I agree most of the time with your thought.....and I never work where I can not be sure I know "everything" I need to know.
My wife and I did buy a home for our college Daughter to rent for her and some friends. The short of it was the local Agents knew nothing of the major issues I had..... about the number of non-related residents permitted to live together. Basically the answer was...'no one here cares, this is done all the time". It was a major issue as it turns out and if it wasn't for my due diligence we would have been in a lot of trouble, having to evict these girls.
So my point is there are local agents dealing locally who don't know what is needed/required either....we have to be vigilant everyday and everywhere.
Continued Success!!!!!
Amen and amen. I recently picked up 4 nice waterfront lots that the previous agents had for a year. Their office is 50 miles away! They haven't even bothered to come pick up their signs.
Seems some agents need to remember the old saying - ALL REAL ESTATE IS LOCAL. We should ad to it - SO PICK A LOCAL AGENT TO SELL IT!
That happens ALL THE TIME here. Can we say, REFERRAL????
Hi Thesa, I agree with your post. I happen to be one of those agents who uses a referral service to other areas that I do not farm. I have built relationships with outside area developers and agents in the sales office and they welcome realtor participation. I feel that as long as they do and they allow me to advertise their properties then I will. I have visited the southwest and central coast of Florida, (I am from the southeast coast) and those agents love me and the referrals. It doesn't happen everyday but if I have someone who is interested in let's say, an investment property and I happen to know about a specific area that they are requesting then I will refer them. I don't see anything wrong with using referral services. I see them all the time. For example, agents who speicalize in luxury homes all over their state or country or brokers who specialize in investment properties. I don't look at it as greed but rather look at it as a specialization.