Real-Life Communication
Being able to help people choose the house of their dreams or sell
the place they've called home requires great communications skills.
"You
have to be very good at reading people. You almost have to know what your
client wants better than they do," says real estate agent Rick Neilson.
Real
estate agents are governed by strict rules that set out what they can and
cannot do on the job.
These rules are important to agents since not
knowing them can mean trouble. If an agent breaks a rule, they could be sued.
Or they might be disciplined by the real estate authorities. They could even
lose their license and have to find a new career.
Some such rules cover
areas such as contracts, practicing law, making guarantees and conflict of
interest.
You're a real estate agent, and you've got a problem.
You've been told to write a memo to your boss to explain where you went
wrong in a recent sale. This is your story:
Agent
X Scenario
"I've got to tell you about the killer sale I
made. A few years ago, I went in 50:50 with a friend's grandfather on
the purchase of an acreage just outside of town. Well, just last week a client
of mine was looking into buying some land for himself, so I told him I knew
of a great acreage near the city. I told him it was guaranteed to be a moneymaker.
"He
was really interested in this property, so I went to my friend's grandfather
and told him it was time to sell. He agreed, but was all worried that he might
need to call in a lawyer. Relax, I told him, I'll be your agent and take
care of all the legal details.
"When the buyer came to look at the
property, I just pretended that my friend's grandfather owned the land
and we had the sale wrapped up by the end of the day. So there I was with
two commissions and the money from the sale of the land! I must be the smartest
real estate agent in the world!"
Maybe not so smart after
all. Your boss is angry. You have seriously damaged the image of your real
estate company.
Here is a refresher on the rules of contracts, practicing
law, making guarantees and conflict of interest:
Conflict
of Interest
The whole deal made by Agent X is a conflict of interest.
Not only did Agent X represent both the buyer and seller without both clients
providing written permission, but she also failed to inform the buyer that
she owned the land being listed.
Guarantee
Agent X
also made the mistake of guaranteeing the buyer the acreage would be a moneymaker.
If the buyer lost money on the sale of the acreage, he could then sue Agent
X for giving him false information.
Practicing Law
Agent
X told her friend's grandfather she would "take care of all the legal
details" and advised him not to call a lawyer. By doing so, Agent X was offering
to practice law on her client's behalf -- a definite no-no.
Write
that memo to your boss, explaining how you went wrong.