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February 8, 2013

Mastermind for February 6th. Transparency and the Coulda, Shoulda, Woulda Syndrome

by mark mclean

matstermind feb 6The funny thing about our Mastermind sessions at Bosley Real Estate is that we rarely cover the same topics twice. But even if we do there is always a wrinkle to the story or we simply approach it from a different angle. It keeps things interesting, and since we have so many new agents attending these days, there is still lots of topic discussions, opinions and laughter . This week we focused on two main topics. The first about transparency and the second on missed opportunities.
So, an agent sold a condo to a client who already lived in the building. This client was going to sell her first suite but wanted to keep her original parking spot and locker and include the parking and locker from the new suite. Overall, nothing earth shattering. It seems like a relatively easy thing for a lawyer to do. The concern was whether this information should be disclosed to a potential buyer. Does it really have to be? I mean, the reality is she is still selling a condo with a locker and parking, just not the same locker and parking that came with her unit. Let’s add this little wrinkle to the story; when she eventually sells her unit, she is including a parking spot and locker that she hasn’t closed on yet. So how was the issue overcome? Simple really. The two units were not closed at the same time. The purchased unit closed first and in the brief time that she owned both units, the lawyer was able to transfer the parking and lockers. By the way, the purchaser was made aware of this transfer well in advance. File this under the category of “full disclosure and transparency”. I would equate it to the saying….always tell the truth so you can’t be caught in a lie down the road. While on the topic of full disclosure several agents asked about other things that might be considered pertinent to a house sale. Would you disclose a nutty neighbour who lives down the street? How about the fact that the property was known as a local “swinger” hang out? While not considered “stigmatized” properties, the information might alter a potential buyer’s opinion of value. Do you agree?
We also talked about missed opportunities. I have said this on many occasions; If I could go back in time I would buy EVERY house I walked away from because I thought the Seller was asking too much. Coulda shoulda woulda. I could have, I should have and I would have…..if I knew then what I know now! Well there is one other slogan that I firmly believe in; if you lose a house, it is because there is a better one just around the corner. This topic led into a discussion about helping buyers make that all important decision to jump into the market. An agent suggested that they start with the ultimate wish list and then start paring it down to what is really important. There is a delicate balance to how you approach this because you do not want a buyer to think that what they want is unattainable. It seems that the conversation has to be a balance of availability, price and practicality. Another agent felt that some clients are completely numbers driven. They analyse every detail of the purchase down to the last dollar while others work on a decidedly emotional level. Understanding your client and keeping an open line of communication will get you farther and make the experience pleasurable.

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