Coaching Corner: Please sign here!
By "Coach" Marilou Butcher Roth
In my early months of real estate, I clearly remember the day when a client posed a question to me regarding what a certain clause meant in the purchase contract and I was mortified to not be able to give him a concise answer. I had taken the training offered and thought I had a good grasp of the document but came to realize quickly that more training was in order.
In teaching contracts, I continue to see, even with seasoned agents that there are bits and pieces that they do not fully understand. One of the biggest misinterpretations in our purchase contract is the phrase “maintenance agreement.†When asked, I find a number of agents who respond that it is about the condo or homeowner association; related to maintaining the property. Nope -- this addresses common areas, driveway easements might be a good example or sometimes you might list or sell a home on a private drive that the homeowners collectively maintain. I know that might be a simple item but I contend that as part of our jobs, we are responsible for knowing what we are asking buyers and sellers to sign!
So this week I challenge you to revisit your contracts. Read each one carefully and make sure that you have a full understanding of what each section means. Certainly we need to be careful not to offer legal advice but we should, at a minimum, be able to paraphrase the various sections and clarify anything clients might not understand before you ask them to “please sign here!â€
Marilou Butcher Roth
Marilou Butcher Roth is the owner of The MBR Group, a coaching and training company working primarily with REALTORS who have a desire to work and live from a more inspired place. She is also the Broker/Owner of Group REALTORS in Cincinnati.
Marilou is a member of the Ohio REALTORS Board of Directors and past chairman of the organization’s Communications Committee.
