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When Poor Communication Kills Real Estate Deals – REALTOR® Wisdom
Dated: August 23 2022
Miscommunication is often cited as one of the leading causes of real estate deals collapsing. It can often be as simple as a slight over a term in the contract, an unclarified assumption, misperceived demeanor, or a lack of defined chain of command at a realty.
Sometimes, the deal partners decide on a verbal contract, which also goes up in smoke, with people backtracking for supposedly higher gains. Even worse, the entire deal is drawn up, but something gets left out without anyone to delegate to rectify it on time.
Unfortunately, these misunderstandings & blunders can lead to huge losses on both sides in terms of money & time, so it's important to know what to look out for to avoid them. This blog post will look at common ways estate deals fail & fall apart and what you can do to prevent them.
Types of Communication Problems -
Real estate transactions involve numerous stakeholders and much paperwork. Unsurprisingly things can sometimes get lost in the shuffle. Miscommunication can happen at any stage, but it's often most common during negotiations. Here are some problems that can occur:
-One party assumes that the other is taking care of something when they're not.
-A change is made to the contract without all parties being notified.
-An email or text gets lost or misplaced and isn't seen by the intended recipient.
-Information gets misinterpreted or misunderstood.
How to Prevent Communication Problems-?
The best way to prevent communication problems is to have systems and procedures in place from the start. Qualified real estate agents will have systems to ensure all the right people are kept in the loop and that important details don't fall through the cracks.
If you're not working with a professional, it's even more vital that you take measures to protect yourself. Here are a few tips:
· Please keep copies of all communications, whether it's an email, text, or note you've left for someone.
· Be as specific as possible when conveying information.
· If possible, follow up on critical communications with a phone call.
· Please ensure everyone involved in the deal knows who the point of contact is and how to reach them.
Expectations & Perceptions
Sometimes miscommunication also stems from how you view the real estate to how the other person does. It's essential that you lay all your cards on the table and communicate what your expectations are for the deal.
For example, if you're selling a fixer-upper, be clear about recent upgrades and what will be left for the buyer to do. The same goes for buying a property. If you're looking for a move-in-ready home, communicate beforehand to avoid misunderstandings later.
The best way to avoid any communication breakdowns is to ensure you're working with a reliable real estate agent who will keep everyone on the same page.
If you’re looking for more information on how to buy or sell a home, be sure to contact Dynamic Properties / eXp Realty serving Conifer, CO. We have years of experience helping people just like you navigate the complex world of real estate transactions.
Driven to Be Her Best. Personal mission statement to serve the needs of her clients and make a difference in their lives. Sharon started in real estate with a very simple philosophy: 1) Know your mar....
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Miscommunication is often cited as one of the leading causes of real estate deals collapsing. It can often be as simple as a slight over a term in the contract, an unclarified assumption,
When you're buying or selling a house, the last thing you want is for the deal to fall through. It could occur due to a lack of communication between the buyer and seller. When one or both parties