Great Expectations

by Shawn Lackie

I have had a few calls in the past few weeks from a very good friend, who is relatively new to the Real Estate business. She has been on fire lately, doing something like six deals in the last two months, and this is at a time when the business has been flat for the most part.

Being relatively new to the trade has led her down paths she’s never been before, especially in dealing with clients for the first time; and, in some cases, first-time buyer clients. This business can be unpredictable and, at times, exceedingly crazy.

Any realtors reading this are already smiling and nodding their heads. Like anything else though, high risk brings high rewards. That was the main reason I stayed with this for the last 20 years. It’s a great cure for people with career ADHD. You get to meet all different kinds of people and, for the most part, they have all been a blessing.

First-time buyers are a different breed. Some are super confident they know everything and all the agent is there to do is file paperwork. They listen to family, friends, complete strangers and almost anyone BUT their realtor. Others are scared silly and rightfully so. This is the single biggest purchase they will ever make, unless they decide to buy a sports team or apartment building. (That’s a story for another day) Back to this story.

My buddy told me, her buyer wanted rebates for everything, from a mould patch in the attic to a couple of broken GFI plugs. Heaven forbid, what would have happened if they had found a faulty roof or leaky basement.

Here’s the thing: I advise my people they are buying a used house. There are bound to be things not right, as long as they are not money-pit items, i.e., the aforementioned roof, basement, etc. If they are big-ticket items, I suggest we tell the seller, thanks but no thanks. Too many things could go sideways.

One thing, I call off limits, is, demanding price changes for every little thing. We negotiated a price which seemed to satisfy both buyer and seller, so that has been taken care of. You can’t come back after the fact and demand a different price. Have you ever tried that at Walmart, if so, how did that work out for you? If your intentions are good, you will simply thank the seller for their time, energy, and patience and move on. If the seller decides to make amends, price-wise, that’s a whole different story.

In many cases, these differences can be overcome with some good negotiating and a whole heap of common sense. Sometimes, it is not possible, but most times, it is. Let’s face it, a small mould clean-up and replacing 2 GFI plugs (50 bucks each) is hardly a reason to scuttle a $700,000 deal. Still, you never know.

The key is, in all areas, you're looking out for your client’s best interests. That is your fiduciary duty and if you want to stay in this business, you need to uphold that at all times.