True Story. My friend, Anne, told me this. Anne was having trouble finding a renter for one of her rental properties. She ran into an agent she had used many times over the years, an agent she had sent many referrals of her friends. Over the years Anne and the agent had become friends. Anne asked what the finder’s fee would be for the agent to find her a good renter. The agent said “X dollars,” and Anne said, “Great! Find someone to rent this place.” Together the friends agreed to “handle the paperwork later.” A renter was found. They all met at the rental house to sign the paperwork. Whoa! Anne was stunned to see the “Commission Agreement on Lease” for the first time. The agreement said she owed the Realty Company two-and-half-times “X dollars.” The agent explained that her “finder’s fee” IS only “X dollars” and the REST is the fee that goes to the agent’s Realty Company-Broker. End of story. End of friendship.
Moral: Great service is trumped by bad communication. Always be professional. Friend or no friend; big or small transaction, never be lax how the paperwork is handled.
Latest posts by Dan Richard (see all)
- MARKETING DARWINISM: How To Avoid Being The Biggest Loser In 2016 - November 27, 2015
- Yogi Berra’s Most Memorable Real Estate Quotes - September 29, 2015
- Some Things Never Change - April 23, 2015