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Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.
We’ve all had those terrible, horrible, no good, very bad days. And if we’re lucky, we come out learning a little something (whether it be about ourselves or the business) and come out with a great war story too.
Last week, we invited you to tell us about your worst day in real estate. How did you come out? Here’s what you had to say:
- Early in my commercial career, I had set up an appointment to see an investor to look at some lots for sale. On the way out of the office for the appointment, I told the other brokers in our office who I was going to go see and asked if any of them had anything they wanted me to show him. One of the agents handed me a package on a multi-tenant building he’d heard was for sale. Without looking at it, I stuck it in my briefcase and went on the appointment. After I went through the properties I wanted to show him, he asked if I had anything else. I handed him the package I’d been given by the other broker in our office. He studied it for awhile, then looked up slowly and asked where I’d gotten it. I told him it was given to me. He said, “These numbers are all wrong. I own it, and you’re standing in it.” That was embarrassing and a great learning lesson.
- I [once] listed a motel … The value was not in the motel; It was in the land and location. After approximately 16 months, I procured a buyer for the amount the seller asked for. Ten days into the signed agreement, the seller hired an attorney and claimed I deceived the seller, and the property was worth more than what she agreed upon. I was kind, understanding and procured a buyer for a very generous amount. The seller was a single, elderly but tough. Greed entered the picture; the seller wanted twice the agreed-upon agreement. My broker called me and said we need to reduce the commission by 50 percent. I worked long and hard, paid for a billboard and a lot of marketing expenses. Ultimately, in order the make this deal go through, I reduced my fees by 50 percent. At the end of the day, my net barely covered my expenses. It was a nightmare.
What did we miss? Please share your thoughts in the comments section below.
Editor’s note: These responses were given anonymously and, therefore, are not attributed to anyone specifically. Responses were also edited for grammar and clarity. Inman doesn’t endorse any specific method and regulations may vary from state to state.