Real estate is tough business. Everyone comes to a deal with a different perspective, understanding and expectations. Interview prospective clients thoroughly to make sure you can maintain a healthy client relationship throughout the transaction! Here are seven critical questions to consider before you both sign on the dotted line:
- Does your prospective client have a realistic perspective on the condition and quality of their property?
- Is s(he) willing to hear your professional opinion about how best to market and sell the property?
- Do you feel s(he) will accept your recommended sales price?
- Is s(he) willing to disclose material facts about the property?
- Is s(he) fully committed to selling the house, and not just “testing the waters?” Are the two of you able to agree on an acceptable price range?
- Is s(he) willing to disclose details about equity and payoff? Given this information, are his or her expectations for net proceeds reasonable?
- Is s(he) flexible about holding the house open for showings?
If you answered “yes” to all 7 questions, you have found yourself a great client! If the answer to 1-2 questions is “no,” enter into this agreement with caution. If the answer to 3 or more of the questions is “no,” try to change those “no’s” into “yesses.” If you can’t, this client could pose a risk to both your income and your reputation. Consider very carefully whether the opportunity outweighs the risk.