McClelland Minute - June 13, 2010

Rookie Mistakes

Like any profession, there is a steep learning curve the first few years as a Realtor.  What nobody told me was that around the first curve is another, then another.  Let me share with you some of the mistakes I have made  in representing over 1,100 properties in the Midwest to date. 

People tell you the truth.  Well, most people do, but some don’t, so you learn to use all of your senses including intuition.  Thank goodness I have a good sized gut to aid me in this regard!  It starts with ownership.  We always pull title before entering into a contract because sometimes the person who is asking you to sell the property isn’t the actual owner.  Then there are times when people have a legal interest in the property but aren’t on title, so are you confused yet?

Do your best to verify what you hear and read by observation.  There is no substitution for wandering around.  One commercial building had a pipe sticking up out of the ground in the middle of the side parking lot.  Investigation determined an undisclosed (and leaking) underground fuel tank.  A survey marker that is tucked fifty feet inside the planted shelter belt.  A deck built right up to the neighbour’s fence that all but eliminates access to the back yard.  All can, and will, cause you grief later.  You simply can’t provide an accurate opinion of value that means anything without eyeballing the property in person. 

The key you are given by the owner for storing in the lock box will always work in the door it is meant for.  Well it will, but that door may be on another house, or the key fits a latch that was actually on the door before, not now.  You get my drift.  I still get caught sometimes on this.  It’s embarrassing to have to admit on the phone to a fellow Realtor with buyer in tow that you obviously didn’t check to see the key actually fit the lock.

The buyer says he or she is pre-approved to make an offer on a property in this price range.  I have learned that the more the buyer says money is no problem, the more likely that it will become an issue.  Clients who find a property first, then go to the bank for pre-approval before making an offer, automatically get a higher rating in my book.

Open houses are a good way to sell someone’s home.  In my personal experience about one in a hundred open houses actually stimulate an offer.  That is not to say they aren’t worthwhile, but often prospective buyers are seeking to educate themselves on what is available within a certain price range.  However, it is a low pressure way for Realtors to see what people think about a particular property, and meet prospective customers, so for that reason we still do them.

Property always sell based on price.  That is like saying wages are the only determinant of job satisfaction.  Actually buyers justify value to themselves through a number of criteria including location, condition, and presentation as well as price.  If a house doesn’t give them a hug when they walk into it, they will simply keep looking.

If you don’t make yourself available 14 hours per day, seven days per week, you will lose business.  Before I had a team to work with, I used to place a message on my phone to the effect that calls after a certain time in the evening or on Sunday would be returned the next business day.  Believe it or not I got more compliments by far than complaints.  Yes, I likely lost some people, but since then our practice has tripled in size.  An effective professional is a balanced person, and one who is committed to their family first.  That’s my opinion, and I am sticking to it!

Vern McClelland is associate broker with RE/MAX of Lloydminster.  If you have questions or comments on this article or other real estate matters, he can be reached at 780.808.2700 or through the McClelland Group website www.mcclelland.ca

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