When to drop a buyer client, there are times when you’re like, hey, I totally need to get rid of this job, right?
But typically when that happens. You’ve invested a lot of time and a lot of effort and you just think, OK, I’ve just got to see this through, I can’t quit now. I’m in the middle of a deal, right? I’m in the middle of all of this
While we’re going to tell you how to do it. Your time is valuable. We’re going to tell you all the different stuff related to it. Right. I’m going to say how to avoid some lawsuits and to get out of things in advance. No one wants lawsuits. Right? And we want you to know that you can just refer to somebody else if you have a personality conflict that Shana Acquisto, she’s a luxury real estate broker. And my name is Mike Acquisto. Let’s dive into this one, Shana.
So how do we get out? Wellford Maybe we should identify the person, identify and let’s let’s. Back up to the beginning. So when you first talk with a client or meet with a client, you should be digging in a little deeper maybe, and you start to be aware of some of these signs. Sometimes it hits you, you know, out of the blue. But we all know that when you’re when you’re purchasing a home or selling a home, you know, this is really overwhelming for buyers and sellers. Right.
And sometimes they get you see a different side of them that you didn’t normally see. Yeah, it’s frustrating. And you do need to see it through. Right. You need to guide them in and help them through that process. That’s what you’re there for. But there are times where maybe people are not telling the truth or, you know, we’ve had situations to where proof of funds, we’ve seen fake proof of funds. They are not. Real and it’s crazy what people call fraud, It is called fraud, you don’t do that.
So, you know, and those are things you may not, as you know, you may not know that if you’re helping a buyer, they get pre-approved. This is why it goes back to being approved by a local trustworthy, experienced
And fully approved where they go ahead and verify these items would pretty much eliminate those items. If you don’t do that, that’s when you’re going to come up with the problem. So if we start right at the beginning, you’re there, you’re researching and dissecting and obtaining information, but you also need to vet in this situation with vetting is number one.
You need to make sure that you feel safe if you don’t feel safe or secure or you’re worried about yourself and your well-being physically, mentally, emotionally, then you need to drop the client. And then if if it’s a physical thing, then you need to be out and be done. You need your safety. So that’s where we need to start. Then after that, if it’s just a personality thing, you just don’t get along and it’s not good for mental sanity. That’s totally fine. We have somebody else here. They might get along much better with a different agent for some reason.
So if you have this situation and you think I don’t think this is going to work out, here’s some some signs that I’m saying you need to call me and we’re going to talk through it and and figure out if it’s the time that you should drop them or if we should what we should do and how we should proceed.
Get a second opinion. So professional opinion, call a realtor or broker and discuss that one with them. You should definitely do. And then once we found out if it’s just personality or whatever and we’re getting to the point where maybe the person can’t actually buy. So there’s a qualification problem, right. That’s going to be identified most likely by the lender.
And so when we have that full financial approval, then we can move forward with them. If the client can’t get approved or doesn’t have the wherewithal to purchase or has bad credit, sometimes they need they need time to work on that credit. And maybe we just need to put them back in the house and let them marinate and get better. Yeah, or we’ve sometimes mentioned fraud and it can’t happen and it won’t happen. It’s unrealistic. That’s when you drop.
So when when things cross the line. Right. And fraud definitely ranks high on that fraud safety, any of those concerns. And we need to drop them. I know it’s been asked if I have a buyer rep agreement, how do I terminate that? You know what? You just send them email. You send them a letter or an email identifying. I’m so sorry. Unfortunately, you’re out. I’m terminating this contract.
And maybe we need to add that into our engagement, that the listing are the broker has the right to terminate the agreement at any time, you know, just so it’s clear. But you can break up with your client. And you know and I know it’s hard because you guys work so hard and you’ve put so many hours into trying to make something work. But, you know, those things can probably be identified in the beginning.
And just because one lender, your favorite lender can’t approve them doesn’t mean another one can’t. Lender says, you know what, there’s something fishy here. I can’t verify their employment or I can’t. What they’re saying isn’t on their application. Is it matching up then? That’s a red flag for sure. That’s an excellent point. Shana, thank you for covering that. We don’t want in in lawsuits.
We don’t want any problems here. Get rid of them. If it’s not the right thing, we don’t want you unsafe. Right. There’s a lot of clients that you can work with and maybe it’s time to be looking for more. Your time is valuable, is valuable, and let us help you and walk through it. Just call a friend, call a realtor and discuss, because what we want to avoid are lawsuits.
And you keep going down a rabbit hole trying to make something work because you’re just too you’re proud, right? You don’t want to you don’t want to let something go. You don’t want to give up because we don’t give up, but we want to avoid a lawsuit. And sometimes continuing down the rabbit hole is just opening us up for huge, you know, issues.
Episode Links
Shana Acquisto, luxury real estate broker, Mike Acquisto , realtor
