In real estate, like most professions, experience counts, yet many people will choose to work with a newly licensed agent simply because they are a relative or friend - often to their own detriment. Sure, newer agents are supposed to have the guidance and tutelage of a more experienced real estate broker, but in a 'hot' real estate market, new agents are often left to their own devices.

1. The Top 5 Mistakes
Made by "Rookie" Real
Estate Agents
B Y D A V I D S O B L E J D

2. 01
02
03
04
Knowledgeable Agents
Help To...
Establish realistic asking prices.
Act as a buffer between parties in
what can be a very emotional
experience.
Negotiate the best terms in
confidence.
Handle the various administrative
tasks and paperwork needed to get a
transaction across the "finish line."
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3. Do I Have to Use a
Real Estate Agent?
Using an agent is not a requirement to
sell or lease a property. However, their
involvement can, in most cases,
improve the outcome of a sale.
That being said, one must be careful
when hiring an agent because dealing
with a less experienced agent has its
problems.
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4. Here are the top 5 mistakes
that "rookie" real estate
agents make that will often
jeoperdize a transaction:
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5. They make written changes to
purchase contracts in the form of
addendums, without
considering underlying
performance contingencies.
In effect they create conflicting
provisions in an agreement that
deals with timing or waivers. This
"confusion" often has to be
sorted out by attorneys.
#1
www.provenresource.com
Make
Written
Changes

6. Make Verbal
Representations
They make verbal
representations to a
buyer or seller that, while
not binding, still create
contention and distrust
between the parties.
This slows down the sales
process or 'kills' a deal
entirely.
#2
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7. Overstate
Material
Items
Similar to item #2, new
agents, eager to make a sale,
tend to overstate a material
item to a transaction in an
email or text.
True, sales has its share of
"puffery" and embellishment,
but agents can be held liable
for written statements that a
buyer or seller has
reasonably relied upon.
#3
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8. Hesitate to
Say "No!"
They hesitate to say "no" to
a demanding client, or
worse yet, they allow a
transaction to be overtaken
by the other party's more
experienced agent.
In effect they compromise
their fiduciary duties to
their own client.
#4
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9. Practice Law
without a
License
Only licensed attorneys are
legally authorized to provide
a legal opinion.
New agents will often
comment on title issues or
create written statements or
conditions or provisions that
affect the integrity of a
transaction.
#5
www.provenresource.com

10. There is nothing wrong with helping
an agent start out in their new
endeavor.
Just make sure that they are
mentored by a more experienced
agent so that your transaction can
be a smooth and successful one.
www.provenresource.com

11. Since 1990, attorney David Soble has represented
lenders, loan servicers, consumers, and business
owners in real estate, finance, and compliance
matters. For over 25 years, he has been involved in
thousands of real estate transactions and has
successfully negotiated and saved millions for his
business and consumer clients.
WWW.PROVENRESOURCE.COM
DSOBLE@PROVENRESOURCE.COM
31800 NORTHWESTERN HWY.
SUITE 350
FARMINGTON HILLS, MI 48334
PHONE: (888) 789-1715
ABOUT THE AUTHOR