15/01/2018 by Rod Askew – RCA Business Brokers

How tempting is it to offer our opinion on something just to make us feel important and knowledgeable?

As a salesperson with 23 years experience, I still struggle at times to not throw my two bobs worth in when asked a question about our industry.

I have known agents who are only too happy to have a guess at an answer to a question asked by a purchaser rather than say, “I will have to get back to you on that as I am not quite certain”.

Buyer: How many units in the letting pool?  Agent: “Oh about 50 or there abouts!”

Bzzzzzzzzzer: Wrong how about 30.

Worse still is the agent who believes he is a lawyer and wants to give free legal advice or he believes he is a financial planner and wants to do the bank’s job also.

Telling a buyer that there will be no issue with the body corporate changing from the standard to the accommodation module after settlement is like putting a legal gun to your head.

Yet we are constantly made aware of instances where an agent has said such things to buyers or vendors if it means getting them to sign a contract.

Unfortunately we have had occasions where we are forced to also pull up vendors who are getting carried away with their free legal advice and explanation of the “great opportunity” their property offers.

Vendor: “This is a great body corporate and you won’t have any trouble getting a new 25 year term after settlement”.

After 23 years you learn that buyers aren’t idiots and when you have buyers spending millions of dollars to buy a business, they tend to know a lie when they hear one.

There are specialist lawyers and funders in our industry for a very good reason.

So that we agents don’t have to guess the answers.

In this age of litigation there is no room for “Best Guess” answers.

If the buyer finds out after settlement that what he bought wasn’t what he was told he was buying, then someone is in trouble.

As vendors, DON’T let that someone be you.

Sometimes it pays to simply keep your mouth shut!

Have a great month.


Rod Askew