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Staying in Your Lane: 5 Ways to Avoid Trouble in Real Estate Transactions

The Importance of Staying in Your Lane

Real estate transactions have many moving parts, and it’s easy to get caught up in trying to help your clients with every little detail. However, as a Realtor, it’s crucial to remember that you’re only supposed to do what you’re licensed to do – no more, no less. Otherwise, you might end up creating issues for yourself and your broker. So, what does it mean to "stay in your lane," and how can you do it?

Directing Traffic: 5 Ways to Stay in Your Lane

As a Realtor, your job is to provide expert guidance and support to your clients as they navigate the complex process of buying or selling a property. But what happens when clients start asking you to take on responsibilities that are outside your scope of work?

Here are five ways to stay in your lane and avoid trouble:

Don’t be the Source of Information

When clients ask you for information on things like community rules and regulations, building assessment information, school district information, or property tax information, don’t try to be the expert. Instead, direct them to the right sources, such as the building management, local property appraiser’s office, or the school district’s website. You want to be a resource, not a source of information.

Don’t Fill Out Forms

It’s tempting to help clients fill out forms, especially if they ask you to do it. But forms are the responsibility of the person filing for them, not yours. Whether it’s an application for the homeowners’ association or a disclosure form, stick to your role and let your clients do what they need to do.

Don’t Complete Disclosures

Sellers may try to beg you to fill out their disclosure form for them, but it’s not your responsibility. Not only is it their job, but the disclosure is relatively easy for them to fill out regardless of how much time they spend at the property.

Don’t Do Final Walk-Throughs

The final walk-through is a crucial part of the closing process, but it’s not something you should do for your clients. Encourage them to be present for the walk-through or have a friend or relative join them instead. When they’re unable to arrange for someone to be present, have them sign off on the lack of a walk-through and document the process.

Don’t Hire Tradespeople

When clients need a handyman or inspector, it’s tempting to suggest a solution or even do it yourself. But as a Realtor, you should never hire someone to do a job for your client. Instead, recommend a few reliable vendors and let them choose who they want to work with. Your role is to support them, not take on the role of contractor or inspector.

Why Staying in Your Lane is Crucial

Staying in your lane is essential to avoid trouble in real estate transactions. When you try to do something you’re not licensed to do, you open yourself up to potential liability and damage your professional reputation. By sticking to what you know and directing traffic instead, you can build trust with your clients, ensure a smoother transaction process, and avoid costly mistakes.

Conclusion

As a Realtor, your primary responsibility is to provide expert guidance and support to your clients. Staying in your lane means focusing on what you’re licensed to do and avoiding tasks that are outside your scope of work. By following these five simple tips, you can avoid trouble in real estate transactions and build a reputation for excellence in your industry.

Frequently Asked Questions

Q: What are the main reasons for staying in your lane?

A: Staying in your lane is crucial to avoid trouble in real estate transactions, prevent potential liability, and protect your professional reputation.

Q: What if a client asks me to do something that’s outside my scope of work?

A: Direct them to the right source, recommend a solution, or politely explain why you can’t do it.

Q: Will staying in my lane help me build trust with my clients?

A: Yes! By sticking to what you know and being honest about what you can’t do, you can build trust with your clients and create a more positive transaction experience.

Q: Will it be hard to stay in my lane?

A: At first, it might feel like you’re not helping enough. But trust us – you are! By staying in your lane, you’re ensuring a smoother transaction process, preventing potential mistakes, and protecting your reputation.

Author: www.inman.com

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