All of those Facebook real estate groups can be an interesting diversion, but I’m here to tell you to stop getting your business advice from these groups, especially national ones. Every time I see a contract question or a post-closing question or a request for legal advice, I want to scream out ASK YOUR BROKER in response. I don’t, because I’m sure that wouldn’t go over well, but in my head, I’m totally judging the folks posting.
Why should you ask your broker?
First of all, Louisiana law is totally different from the other 49 states. You didn’t forget that part of your education, did you? In fact, every state is different. Some have attorney review of contracts before they are executed, some deals aren’t closed until recorded in the courthouse, some states don’t even require seller disclosures. You have no way of knowing if the person answering a question knows enough to fight their way out of a wet paper bag, much less enough knowledge to advise you on your business.
Secondly, contract and legal questions should always go to your broker. That split you pay to your brokerage? It’s to ensure you have someone at your back when you have issues. No one in a Facebook group has a duty to you or your client, but your broker sure does.
“What do I do when my client did xxx” questions should always go to your broker. It might be a contract issue. It might be a communication issue. It might even be your issue. But let your broker guide you in the right direction.
Make your broker earn their split. ALLOW your broker to earn their split. If you don’t feel like you can ask your broker, then it’s time to consider a change.