COMMON MISTAKES FOR NEW REAL ESTATE AGENTS

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KASHMIRI REALTY
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COMMON MISTAKES FOR NEW REAL ESTATE AGENTS
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Common Mistakes for New Real Estate Agents
From legal advice, to hard money loans, binder
deposits and even an on-time escrow closing. Poor
time management and other mistakes can be
avoided.
While all real estate agents learn at the
beginning that giving legal and financial advice
is a big no, no in our industry, it is also good
to note that some conversations could be
misconstrued as financial or legal advice. When
in doubt, the key is to always recommend a
homeowner or a buyer to consider adopting legal
advice from a professional in their respective
fields. Like a real estate attorney for example
or a certified accountant.
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How has the Pandemic Affected Floridians and
their Housing Economic Outlook?
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In a purchase contract, dont label hard money as
a cash deal. A hard money loan is still a loan,
its simply a riskier loan, which tends to come
at a higher interest rate.
Dont forget to hand your Broker the Binder
deposit in time. This can get you on the HOT
seat, well explain why further below.
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Social media presents common marketing mistakes,
such as when marketing material doesnt include
your Brokers firm name. This is common and
simple but its still a mistake.
Remember to speak with your Broker and have them
review your first ten deals to make sure you
arent making any common mistakes.
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Eviction Moratorium is Deemed Illegal by the
Supreme Court
Hard Money Loans A Loan Is Still A Loan
As hard as it may seem, (pun intended) a hard
money loan is still a loan. Whether its a hard
money loan, conventional, FHA, VA, you name it!
Its still a loan. When you are preparing a
purchase contract for a hard money loan, the
common mistake you should avoid is electing to
put it down as a cash offer. Equally, you never
use a proof of funds because it is still a loan,
you need to get a pre-approval letter, preferably
with conditions listed prior to closing of
escrow. When you select the cash offer in the
purchase contract, you are automatically waiving
the financing contingency. Since there is no
financing with a cash offer, there is no reason
to have a contingency based on the ability to get
funded. If the hard money lender later decides
not to fund the deal, you could be stuck with the
losses. The initial binder deposit made by the
buyer could be in jeopardy and your buyer could
come after you for that balance.
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When Real Estate Discrimination Goes Wrong, What
Can You Do?
Binder Deposit is Late
Giving your broker a binder deposit past the
24-hour period is asking for trouble. This is
very well stated in the learning manuals.
Furthermore, if youre broker and their team is
booked with contracts and deadlines, the last
thing they need is your last-minute request to
delay them further. As an agent you already know
your Broker has 3 days to make the deposit from
the moment, they receive it from you, (Excluding
weekends and holidays) your deadline shouldnt
cut into theirs. Another binder deposit mistake
is as follows. Make sure that if you have an
offer with a split binder deposit, where the
buyer pays one portion upfront and the second
deposit 10 days later (as an example), that you
as an agent, schedule that in your calendar so
that you dont forget the remaining balance for
the binder deposit. There have been any cases
where a sales associate has forgotten to follow
up and collect the 2nd half of a binder deposit.
This could leave the Brokerage firm at liability
for the deposit not collected should the buyer
back out of the purchase deal.
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Floridas First-Time Home Buyer Down Payment
Assistance Program
Marketing Today is Vast, Keep a Keen eye on your
Materials
A good rule of thumb is to put your Broker on a
pedestal as it relates to your marketing
materials. A common mistake agents do when
theyre managing a team is to place their team
name on top in their marketing materials such as
business cards with big bold letters instead of
their Brokers firm name.
Taking off the Ground too Quickly When You Still
Need Oversight
In some cases, some real estate associates get
very excited, and they take off the ground
running. Looking for every deal they can get and
any contract they can sign. This can lead some of
them to very costly mistakes for both themselves
and their Brokers. Dont be the one to have to
payout when youre looking to get paid. Take your
time and advise your Broker that you have a deal
youd like them or a supervisor to review for QC
(Quality Control).
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Time Management Gets you to Escrow Faster
One of the many mistakes agents have in the
beginning is time management. As you have to
acquire an inspection with possible repairs,
maybe a survey and a plethora of other documents,
you need to start early in the game. Remember
that it can take one to two weeks to get an
appraisal. Inspectors tend to be available more
frequently depending on your source.
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Thank You
www.kashmirirealty.com
1 904-551-4955
marisol_at_kashmirirealty.com
5375 Ortega Farms Blvd, Jacksonville, FL 32210,
USA