There's a reason why you NEVER do business with Family!

Описание: Why didn't my family member hire me to sell their house? The answer is actually quite simple. In this video, we're going to teach you how to make sure that never happens again.

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Transcript of this video:
Why you never do business with family. Don't end up in the friend zone. Why is it that we constantly hear professionals in the real estate industry complain that their sister hired their competition instead of helping them earn a paycheck or a neighbor or a friend? There are certain times when you should absolutely not represent a family member or friend in real estate in several circumstances.
It is simply illegal in other circumstances. It's just a very bad idea. Hi, I'm Bert, your favorite real estate photographer and marketing pro. And today we're going to unpack the answer as to why so often your family members, friends and neighbors hire your competition instead of you. It's actually quite simple.
If they are not receiving marketing from you, they are not actually in your sphere of influence, whereas your friends were receiving frequent communication from a real estate professional who did have them in their sphere of influence. So what efforts did you invest to stay top of mind with your friend? When was the last time you sent that relative neighbor or friend your marketing mailing?
When did you take them to lunch to talk about business? So shame on you for getting all but hurt when you didn't do your job. According to a study by the National Association of Realtors, 73% of buyers only interviewed one real estate agent during the home. So when your competition was actively building a business relationship, you were still in the friend zone.
Shame on you. Stop expecting someone else to hire you. Just because they know you, they know 20 other realtors too. So don't expect a friend to do a favor with the most expensive asset they own. Be professional and earn their business by showing them that you are the most qualified to help them. And quit making them feel guilty or weird about making a decision that's in their own best interest with their most prized possession.
Now there are times when you should absolutely not represent your family member or friend, so this would be a good excuse to take an attorney to lunch and chat about a strategic partnership to help one another. So in this case, you'll want to ask that attorney when you should not be a family member or friend's real estate representative.
If you're acting on behalf of a friend or family member who has appointed you as a beneficiary in their will, you have now triggered a vested interest clause in this property transaction. So there may be additional rules, disclosures, and laws that you must follow in this case, and also many insurance policies will not protect your business when you have a vested personal interest.
Also, be cautious of the pitfalls of dual agency. As the other party could file a lawsuit claiming that you gave your friend preferential treatment or did not properly disclose something that you as an expert should have more knowledge of. This is why many times a realtor will hire another agent to sell their own personal home.
Another danger zone that could trigger claims of fraud is when the home is in a family trust or a special needs trust, or when there's a short sale involved, a 1031 exchange or an ex-spouse is involved. Perhaps your friend's business is going through a lawsuit or a similar type of legal scenario where there could be conflicts of interest and you'd better think twice about submitting offers that waive home inspections or forego home warrant.
When I did estate planning, we had a saying that it's usually not the family members that cause all the conflicts and problems. It's usually the person they're sleeping with that have the most to say, to steer them astray....