Should family and friends get involved and give their “advice” in the property selling or purchase process of their family/friends when they are not a real estate agent? That is the question and “court is in session”!
In life situations, as in business I believe there are two sides to everything. ALWAYS. Otherwise, how would I come to a decision of any one point being made?
In this case I will look at the pros and cons of “helping” family and friends with their real estate decisions when they have an agent. It can be beneficial or it could be detrimental in the sale or purchase of the property.
The pros of having family and friends getting involved with the sale of the property:
- The family/friend is “associated” with the Real Estate Industry and knows “some” of what is going on and feels that they can benefit their family/friend.
- They are emotionally involved because they are friends/family and feel they can “help” them with not getting “ripped off”
- They “care” about their family/friend and want to make sure that anything “bad” about the property should be addressed.
- They could be helping them get a better deal because of all of the above.
The cons of having family and friends getting involved with the sale of the property:
- The emotional involvement can alter the “advice” they are giving because everything is looked at in an emotional state and not in a professional business sense.
- They do not have a real estate license and aren’t qualified or licensed to give advise.
- They may cost them the sale if they are giving incorrect information.
- They will be blamed by the family/friend if the sale is jeopardized.
- They already have a real estate professional who is assisting them and that real estate professional is not letting emotion get in the way of their better judgement. ( I could go on an on but we get the idea here)
- Added stress is doubled…may be tripled ..for the decision making process for the client because there are “too many” chiefs for a decision the client should be making with the assistance of their agent.
Believe me, I have been in several transactions where the family or friends are giving their advice. It was stressful and a struggle to prove that I was THE professional and worthy of listening to. I also took into consideration that the family member was “highly trusted” and it made the job harder although at times I had to show understanding and compassion when trying to get MY point across when the family/friend was wrong.
My opinion is I do not appreciate when others get involved because it most often than not jeopardizes a transaction and stresses the client out to no end. I have had instances where the buyer/seller put everything on hold because of it.
A real estate transaction is always stressful for all parties involved and with a real estate professional’s sound advice we are geared to take on the stress and make the transaction as smooth as possible.
Now…the jury is in…..let’s hear from you all.
Celeste “Sally” Cheeseman, RA * Century 21 Liberty Homes*
95-2214 Kipapa Drive, Mililani, HI 96789
Direct Contact: 808-375-1404
Celeste “Sally” Cheeseman’s Mililani Hawaii Real Estate Blog 2007©