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Broker expection class 6 13-19 - sheila dunagan


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broker expectations. What you can and can't do

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Broker expection class 6 13-19 - sheila dunagan

  1. 1. Broker Expectations 6/13/2019 What You Can and Cannot Do Sheila Dunagan
  2. 2. Broker Expectations General Expectations 1. You will have a great understand of TREC rules 2. You will read and take courses and adhere to NAR’s code of ethics 3. You will do your very best to abide by both 4. You will ask questions in areas you are uncertain about 5. You will be respectful and professional at ALL times
  3. 3. Broker Expectations 6. You will work to understand the proper way to contact the proper departments a. is a general Texas email. b. I cannot answer 3200 agents without assistants. We have managing brokers who are your first line of contract defense. You can reach them by email, phone, text, chat, workplace post. Each have a personal email: State Managing Broker & are both Managing brokers for the North Texas area. & are the Managing Broker for the Coastal area (Houston and surrounding). is the Managing Broker for the South Region which is San Antonio and surrounding. is the Managing Broker for the Central region which is Austin & surrounding. He will also cover West Texas and East Texas contract questions.
  4. 4. Broker Expectations c. We cannot fix your computer, we cannot send you a check, we cannot fix your KVCore, we cannot help you get into the world. So who can? Support, Accounting, Tech Outpost – you have a HUGE office staff at your disposal. Texas Staff is for Texas specific issues – contracts & MLS and Texas real estate. 7. / / / Texas State Group / Texas State Meetings / Texas State Contracts & Productivity 8. Does information change all of the time? YES it does. Do you have help & support? YES!! Does it require getting out of your comfort zone a bit? Probably. Tip: Did you know you call someone from Workplace Chat??? You can. :-)
  5. 5. Broker Expectations 9. Respect Office hours. As much as we love you we cannot pick up the phone at 8:00 pm and answer an on boarding question. I am usually up and working by 6:00 am. So by 8:00 pm I am DONE. Now, if you have a contract that is on fire, blowing up deadline is at 11:59 pm then myself and 5 managing brokers have all reserved our brain power for these situations. Can you imagine how frustrating it would be if you had that issue happening and couldn’t reach us because we were busy helping agents answer on boarding questions? 10. Have a professional TREC Compliant signature on your smart phones, email accounts, etc. Your name, exp realty and your phone number would be expected. You are a business professional at all times. And remember, you have a duty to identify yourself to the general public and that you are a licensed realtor. A professional signature helps you do this at all times.
  6. 6. Broker Expectations So what can you do contract wise??? 1. Work with buyers & sellers/traditional real estate a. Avoid Creative real estate. Creative financing, creative closings, creative deals is a great way to have you end up with a TREC complaint. Take up art, photography, cooking, sewing if you want to express your creative side. But please do not do so with real estate transactions. 2. Return ALL phone calls. Even the ones you really don’t want to. 3. Be professional at all times. You may be dealing with an agent who is the worst you have ever dealt with. Do NOT express that during the transaction. Reach out to the broker team, we can assist you, but YOU stay above dirt. NEVER EVER use foul language with an agent or client. EVER.
  7. 7. Broker Expectations 4. You have the authority to sign TAR listing agreements on behalf of the broker 5. You have the authority to sign TAR buyer rep agreements on behalf of the broker. The broker name is EXP Realty #603392. You sign as an associate. 6. Be competent/well educated on your profession. Take classes at your local board. Be a CMA wizard. Get a GRI designation, obtain other designations in the areas you are wanting to specialize in. Do NOT operate outside of your area of expertise. The commission you walk away from may be the best money you ever make. Think about the cost of fines, litigation, E&O, loss of a license, loss of a broker for acting outside of your scope of expertise.
  8. 8. Broker Expectations 7. Read the contract. Use the most current versions. Check and double check before you submit an offer. Check and double check before you submit a counter offer (are all changes initialed by all parties?) 8. Remember YOU are not a party to the contract. You are there to be the messenger. If you ever hear yourself say “WE will never accept….” you are too close. YOU are not buying/selling. The client is. You do not get to decide for them. You convey the information, you advise what the possible options may be. You do NOT have a “go to” lender/contractor/inspector/insurance provider. You have 3-5 of your favorites. I like to say “and remember, they are all human, so all are subject to make mistakes”
  9. 9. Broker Expectations 9. Sign up for the TREC advisor / TAR information 10. Know when your license expires, and track where you are with your CE hours 11. Stay current on your board/MLS dues. Your ICA says you agree to be a REALTOR. So you are held to a higher standard. 12. Adhere to the showing instructions. ALWAYS ring the door bell, knock on the door, Open the door and announce LOUDLY “REALTOR” even on vacant homes. 13. NEVER enter a home without approval from listing agent. EVER.
  10. 10. Broker Expectations BE VERY CAREFUL WHEN IT COMES TO THE FOLLOWING: Please have a conversation with your managing broker when it comes to the following: Buyer Leasebacks - these can be really bad news. As a general rule we do not approve these. So you must have a conversation with your managing broker before this is executed. Short Sales - take a class and understand the process before you jump into this. We will see more of these. Same on HUDHOMESTORE.
  11. 11. Broker Expectations BE VERY CAREFUL WHEN IT COMES TO THE FOLLOWING: Assignments You cannot be the middleman. You can represent the seller. You can represent the buyer. You are NOT to be the wholesaler. You are not to represent the seller, be the buyer and then resale the property. That violates your fiduciary duty.
  12. 12. Broker Expectations BE VERY CAREFUL WHEN IT COMES TO THE FOLLOWING: Seller Financing - it is usually okay, but ask the seller if they really own the property without any mortgage company being involved. If there is a mortgage company involved then we do not want to do the seller financing. Why? If there is a mortgage company then it is a WRAP. Wraps are sandwiches. They are not good real estate transaction material. We do NOT allow our agents to participate in WRAPS. They are highly litigious and can come back to haunt you years later. We do NOT want you to do wraps.
  13. 13. Broker Expectations Things we hear that are not true: “You are toooo busy so I didn’t reach out.” “TREC says I can do it, so I can do it” “I should just call TAR first” “TREC is who I need to call” “The broker will never find out if I just do this one unethical thing….” “CMA is not required.” “Texts aren’t binding”
  14. 14. Broker Expectations Final Best Practices: 1. Document your conversations. Send an email at the end of day summarizing texts/chats/conversations with clients 2. Know your forms. YOU are a professional. KNOW your craft. 3. Upload the Sellers Disclosure to the MLS after the SELLER fills it out. 4. Executed contracts/amendments/addenda go into a one way locked vault. You amend a contract to fix something. You add and Addenda to add documents 5. Option checks should NOT go to title or to Regus. (think about Venmo)
  15. 15. Broker Expectations Final Best Practices Continued: 6. Be careful what is placed in Special Provisions. What are some things that we see in there? Most of these should not be placed in Special Provisions A. Fridge will convey B. If property doesn’t appraise xyz will happen…. C. Sellers agree to let buyers move in… or Buyers agree to let Sellers stay until…. D. Buyers will use Hard Money Lender (this one is okay) E. Buyers have chosen to be unrepresented in this transaction (this one is also okay) F. Buyer agent will contribute $500 towards buyer’s closing costs…….NOOOOO G. When in DOUBT - ASK
  16. 16. Broker Expectations Final Best Practices Continued: 7. CMA’s are required per TREC 8. Seller Net Sheets should be provided before the property goes on the market 9. Advertising should go to for approval PRIOR to first use. 10. Text/Chat/Call when in doubt.
  18. 18. Broker Expectations QUESTIONS?????