Posts tagged mailbag
Real Estate Errors & Omissions Insurance Explained | Mail Bag

All real estate agents make genuine errors at some point in their real estate career. The answer to this question is the barrier of protection you need to protect yourself.

Welcome to another episode of ✉️ MailBag ✉️

This week's question comes from Brandon from Dallas, "Do I need E&O Insurance?"

First of all, what is that?

Errors and omissions insurance. If you're an agent and you miss a step or miss disclosing something, E & O Insurance should cover it. This insurance is for accidents - genuine errors. This does NOT cover fraudulence. It is for actual mistakes, accidental omissions, and errors.

The answer to this question is yes, you need this as much as you need air.

Why? If you don't have it, your genuine mistakes could cost the brokerage 1 million dollars.

Great question, Brandon. Friends, keep hurling your burning questions this way.

Thanks for being part of the rebellion and for being here ❤️ Pete

Tips on How to Handle Indecisive Buyers in Real Estate | MailBag | Q&A

Tips on how to handle indecisive buyers may just be the nugget of info you need today to help your real estate career.

Welcome to another episode of ✉️ MailBag ✉️

This weeks question comes from Mary O from Richmond Virginia "How do you deal with indecisive buyers?"

All buyers are indecisive.

It's our job to be patient, to be a therapist. It's not about our job to get the deal to close as fast as possible. Sure, we'll have to work harder with one client at times than we do with others.

My lovely wife Cindy gave me this advice: Never look at each client as a commission check. Look at what you make over a year as your salary.

Don't worry about the results. Focus on serving your clients and treating them like family. Trust me, the rest will follow.

Keep the questions comin'.

Thanks ❤️ Pete

Do I Really Need To Disclose That??! | Mail Bag

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "Do I need to disclose a death in the house?" - Maryann G. Santa Barbara

This one can be a landmine. 💣

There are two explanations to this. A legal (-ish. Disclaimer: I'm not a lawyer) explanation, and my own explanation.

Legally, in California, you only need to disclose a death if it happened in the property within three years of the deal.

However, my explanation is different. I go by this rule of thumb with EVERYTHING (and my clients appreciate it). If I'm thinking, "Do I need to disclose this?", the answer is one thousand percent "yes".

It's just not always clear cut. Buyers may have religious reasons for wanting to know, or they simply just get freaked out about such things. Keep yourself out of the courtroom and in trust with your clients by following these three words: Always Disclose Everything.

As always, thanks for your questions. Keep hurlin' em this way.

Thanks for being here ❤️ Pete

YOU’RE FIRED! How to Stop Working with a Bad Real Realtor | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "As a buyer, can I change my realtor throughout my home buying process?" - Ana J, Tulsa, OK

Technically speaking, yes. Most realtors are not a huge fan of this fact, but it's true. I don't believe it's prudent to jump around, choosing different agents throughout the process. However, if your buyer's agent is not adding value, and you haven't signed anything - you're not obligated.

For the most part, buyer's agents are free. Utilize that. You'll probably get a better deal and just overall make a more educated decision.

Thanks for the questions! Keep 'em coming.

Thanks for being here ❤️ PL

Shhh: The Secret Way to Buy or Sell a Property Anonymously | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "How can my client buy or sell a property anonymously?" Frank J., Los Angeles

This happens quite often in the celebrity world. Most of A-listers don't enjoy the world knowing when they buy a new home. I've gone through deals like these with several clients.

It's not possible to anonymously buy a property. So here's what you do:

1. Get an attorney who can help.

2. Take the title in the name of an LLC or a trust

For example, I have a client who owns multiple properties. He doesn't want the world to know they are his, so he takes ownership with an LLC. That way, when someone searches his name, no one can tell who owns it.

Thanks for your questions, keep hurling them this way!

❤️ PL

What The Heck Is A Real Estate Prelim? | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "What is a preliminary title report?" - Melissa C.

A preliminary title report is a precursor to the title report.

Here's what you do with it.

Agents, when all transactions open, you get a preliminary title report - most likely issued from escrow. In every single one of my deals, I send my preliminary title report to my title officer. Even if he's not the title officer on this particular deal - I ask him to look it over. These reports can be covered in landmines and things that are easy for the untrained eye to miss. Make sure you bring in an expert-level second pair of eyes to check out your preliminary report before moving forward.

As usual, wonderful question. I'm really enjoying working through all these. Keep sending them in!

Thanks for being part of the rebellion and for being here ❤️ Pete

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Send me your deets here: https://peterlorimer.com/contact-plg-1

What is A Dual Agency? | MailBag | Q&A

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You ask questions, and I answer them. This week, the question is, "What is a dual agency?" - Tristan Y.

A dual agency is where you represent the buyer and the seller. I believe this is incredibly dicey--and honestly, this is where a lot of the lawsuits in regards to real estate live.

Tread carefully; transparency is EVERYTHING.

The best advice my lawyer ever gave me: If you ever find yourself wondering if you should disclose something, then you should absolutely disclose it.

Unless your seller really wants you to be a dual agent, I'd recommend you only represent the seller.

❤️ PL

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Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.

Staying in Touch With Past Clients | MailBag | Q&A

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You ask questions, and I answer them. This week, the question is, "How often do you keep in touch with a past client?" - John M.

Oh, The Past Client Follow-Up.

Real estate tends to be extremely forward-focused, so a lot of agents let these "forgotten children of real estate" fall through the cracks a bit.

It's definitely a missed opportunity. These are people that we've worked with and that will be advocates and tell others about us.

I recommend following up with them no less than every 6 months. For me, I don't simply send a note, I buy past clients dinner or invite them to an event at least once a year.

❤️ PL

Want to join my email list?

Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.

How to Market Your Real Estate Business | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them.

This week, the question is, "As a new agent, how much marketing and promotion should I do to grow my business?" - Larry B.

When I was a new agent, I went all in with social media. I spent every last dime I had on social media marketing. Creating original content that shows who you are as a human being and a real estate agent. People run towards similar people (their tribe). People can't run towards you if they can't SEE you or know you. How much? When you're first starting out, everything but food and gas should be spent on your career.

50/50 rule: 50% of your time learning about your craft and 50% actually doing it.

Immerse yourself.

❤️PL

Want to join my email list?

Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.

How to Avoid the Wrong Partnerships | MailBag | Q&A

You ask questions, and I answer them. This week, the question is "What are the potential downfalls of entering into the wrong partnership?"

Much of my answer to this really boils down to acting vs. reacting. If you are wanting to enter into a partnership because you aren't hitting your goals, you might end up disappointing two people instead of one.

I would only recommend getting a partner if you have so much business that you can't handle it all yourself OR your potential partner could contribute to the partnership in different and valuable ways.

What are your thoughts on this? If you have a partner-in-crime, tag 'em here and share the love.

Thanks for being part of the rebellion and for being here ❤️ Pete

Want to join my email list?

Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.