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Is it a good idea to have the property of a friend or relative in your portfolio?

Posted by hormicasa on March 18, 2020
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Mixing work and friendship can be tricky. The same thing happens when doing business with a family member: the personal relationship inevitably interferes with the professional one and the consequences can be disastrous. If everything goes well, there should be no problem, but unfortunately, this is not always the case. What happens if that close client is not allowed to advise? What if you refuse to accept the suggested price or to follow professional directions when showing your home? Is it worth putting a friendship at risk by having one more property in your portfolio?

Consequences for life
For some experts in the sector, the possibility of having a friend or family member’s property in their portfolio is a resounding no, and not only because of what may happen during the sale of a property, but even afterwards. If quality defects appear in the home or the neighborhood does not turn out to be as expected, there are few who seek to blame the real estate professional, who as an expert on the subject did not know how to advise them.

I don’t work for free
There is an even more complicated situation: that of those who expect professional help to be offered for free. It occurs in all professions, from photographers to lawyers for example. The real estate sector is not spared. Perhaps in the case of someone really close, they are willing to do it, but as a general rule it is evident that one should not accept working for free. Dedication, effort, experience and knowledge must be remunerated accordingly.

How to say no
The recommendation in these cases is to be as honest as possible: openly explain that the closeness that friendship or family ties entail makes your job as a real estate agent difficult and that it is best if someone else you trust is in charge.

The refusal can be complemented with a series of tips so that they can enhance the strengths of your property when putting it up for sale, and with the contact of other agents in the area specialized in the type of property in question.

When they are the ones who don’t count on you
Just as it can be awkward for a friend or family member to request the services of a nearby real estate agent, there are also those who find it shocking that they don’t. Why are you looking for advice elsewhere if you can count on me?

The reasons pointed out so far also apply in this case: mixing friendship and business is not very clear for many people. But, in addition, in the case of the real estate sector, there are also other factors. For example, they may want to stand firm on a price or on their terms, and feel that it will cost them more if there is a friendship in the middle. They may not want to share information about their financial situation or financing details, or may find it awkward having to negotiate a commission with someone they know. They may also prefer to work with an agency in their neighborhood or that is dedicated only to properties like yours.

Source: Fotocasa

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