First: Thank you all for your comments last week regarding Risk Management.
As I remind you about various risk management aspects, I also remind myself. We are moving so fast in our techie world that we sometimes forget some of the real estate license laws we learned when we earned our real estate license. I know that I am just forgetful as anyone.
One most important aspects of Risk Management I want to remind you about today is the old CYB (or CYA), and for those of you that are reading this and thinking…..what does that mean….Cover your Backside, by printing/documenting everything. Now you are thinking what do I need to print/document besides contracts and disclosures….everything that is pertinent to the transaction. I will give you my own experience….they are so much more meaningful as many of you think I know everything! One of my customers was in the process of purchasing a home and the initial offer was countered. I called and emailed my customer as he was out of town at the time and we went through the thought process of what should he do…he really wanted the property but had a budget limit, so he decided on a price. But he was not in an area that he could print but could email and even then the area service was not the best. So he gave me a verbal counter and I emailed him the counter he wished to make, I received a reply back that the counter was good to go. I conveyed the counter to the listing agent but did not receive an answer right away, several days later, our counter was accepted and of course I verbally and via email the conveyed the acceptance to the Buyer for him initial and sign. I received an immediate call back and he said….”Now that I think about it, that’s not the counter I wanted, you changed it”. Now we all know that of course, thank heavens, I printed/saved the email where the Buyer agreed and I sent that email back over to him. The transaction proceeded as planned and my customers are very happy in their new home.
So PLEASE print/document/save every email, and if you have a phone conversation that involves any aspect that is pertinent to the transaction, commit it to paper or “as per our conversation”….that way you should never have a problem with miscommunication.
Remember to be respectful to each other in your business dealings…we are all busy and a little respect goes a long way.
Until Next Monday…