October
2004 | Index of all Real Ethics columns
What constitutes abandonment of a buyer in Colorado?
When you are working with buyers, how do you prevent "abandonment" from ever occurring?
Before we go any further, we need to define "abandonment." What follows is the best definition of "abandonment" that I have ever heard (and you can quote me on this):
The definition of abandonment in Colorado is WHATEVER THE BUYER THINKS IT IS!
In our real estate practice, we never want buyers to think that we have abandoned them. Whether or not we have abandoned them is not as important as how the buyers see it. If buyers feel that a broker has abandoned them, will that broker ever gain back the buyer's confidence?
So, how do we prevent this problem from occurring? Well, to be realistic, we can't be sure 100 percent of the time that our buyers won't feel abandoned (in case you didn't know there are some unloyal buyers out there). However, there are some actions we can take to reduce the possibilities of the feelings of abandonment from occurring.
When working with buyers, we have an obligation to ask how often they would like us to be in contact with them. If your buyer says "Once a week," then find out what day he or she would like the call and be sure to call on that day.
What if another buyer says, "I know the good houses sell quickly and I want to be the first person to see all the new listings." How often do you call this person? EVERY DAY! On Monday, you call and say "Hi Mr(s). Buyer, I have just finished checking the MLS and nothing has come up that meets your requirements." On Tuesday, you call and say, "I've just finished looking through the MLS and nothing has come on the market that meets your requirements, but I'll keep looking." On Wednesday, "Something just popped up on the MLS that you should see. Can we get together at 6 this evening? You may be the first people to see it." On Thursday, "Nothing new came on the market today, but I'll keep looking." On Friday, "Something just came over the MLS that looks interesting. Can we get together at 10 TOMORROW?"
If you are giving this kind of service, your buyers will never feel a need to call the broker listed on a new sign that they just drove past. Hopefully, they will assume that this house is not for them because they KNOW that you check the MLS for them every day. We all know that some buyers will want to look themselves....however, by staying in contact them, we greatly reduce the possibility of problems occurring.
Each month, the Aurora Association of REALTORSŪ Web site features Real Ethics,
a column by Steve Stazel devoted to explaining Code of
Ethics issues for members. A REALTORŪ since 1974, Stazel is a Professional Standards
instructor and senior Ethics
instructor for the Colorado Association of REALTORSŪ.
If you have an ethical concern or an issue you would like
to see addressed, please call Stazel at (303) 773-3333 or e-mail him at
stazels@msn.com. The comments of this article reflect the understanding and
opinions of the author and do not represent an official expression of policy by the National Association
of REALTORSŪ.
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