05-24-2012

Good afternoon!
 
It's another GREAT spring day!  Sometimes we work so hard to make a living, we forget the basics.  

 

Question 1:

When I go on vacation or have a medical emergency, what do I do with my business?

 

Answer:

This really is a practical question. The best practices of a Prudential agent are to be proactive about the issue, communicate effectively and make arrangements for coverage.  You need to partner with another agent in your office early in your career and agree to cover for each other. You may also coordinate this with your manager. Teach your partner how you work, where you place your files and how to communicate with your clients. In the event of an issue, your partner and your office manager can address problems to keep your business together and moving forward.  Most of the time, if you stop communicating with your buyers (regardless of the number homes you have showed them) they will move to another professional.  This happens regardless of whether or not you have a buyer’s agency contract in place… they are gone.

 

Question 2:

I have received an earnest money deposit for a property that has not yet been accepted.  What is the Prudential process as to how to handle these monies?

 

Answer:

Every office may be a little different, but here’s a quick overview and advice from Jennifer Taylor in our accounting dept. The state law is very clear. When an agent accepts a check or cash, it must be turned into the office staff within 48 hours.  There are no exceptions.  However, the agent can place a note upon the envelope requesting that staff hold onto the deposit until the purchase agreement is accepted by the seller. This would be acceptable. Then, when the offer is accepted, you would contact the staff, authorizing them to move ahead with the deposit.

 

Question 3:

Jimmy, I have a listing that just is not selling.  My seller has relocated to Ohio. They have asked me to help them rent the home.  I want to help; however, I would like to not use the Prudential property management department.  Can I provide a copy of a lease and just show the home to perspective renters?

 

Answer:

Mark- helping “just a little bit” in property management is like helping a woman to become “just a little” bit pregnant.  There can be years of responsibility.  Once you are involved, like providing a lease that does not contain the verbiage needed in the state of Michigan, you are liable for the entire process. This is a serious area.  Don't do it.  Even showing the property is opening the door to tenant/landlord law violations.  Know your limits.  Please rethink this process. Speak with your manager.

 

As professional agents, we take the myth and legend out of the real estate sales process.  Go get ‘em.

 

Sincerely,

 

Jim Fase

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