No matter how honest you are in your job, no matter how you are trying to do your best, there really are people who will try to swindle you.
In most cases, real estate agents who are new in the business are the ones most prone in getting screwed over.
In today's post, I will talk to you about ways not to get screwed over as a newer agent. There are is a landmine of things to watch out for as a newer agent and being all too trusting with your other fellow agents who might not have the best intentions.
I also did a blog post in lined with this, you can check out the Top 10 Dirty Tricks Used by Real Estate Agents.It's not really geared to real estate agents per se, but you can read through it and get some knowledge of what goes on in certain markets.
Today, we will focus on off market pocket listings and in particular, what's going on inside of social media groups ( Facebook, Instagram, private email newsletters etc. )
In Los Angeles, there is a thriving off-market community that consists of many different facets of social media, news groups, word-of-mouth and brokerages running their own internal sites for off market listings.
As a newer agent it's kind of overwhelming when you come into the business and you don't have as many listings, you have sellers that are kind of lukewarm with you aren't ready to commit to signing a listing agreement (maybe due to your lack of sales, experience, brand, etc)
The problem with that and what you have to watch for is that there are more seasoned agents that don't have the best intentions, they tend to spot newer agents that has pocket listings so they can go around them and contact the seller and close the deal or get the listing for themselves.
In this case, you have to be extra careful about who you're interfacig with on social media when you have a pocket listing or some motivated seller that isn't ready to sign a listing agreement with you but wants to market the home off market.
Everyone knows that when you are broadcasting something on social media, there isn't any real policing of it there. Nobody that's really watching out for you and watching your back.
In our platform, we actually do police that when someone is caught stealing a pocket listing or someone brings us ample evidence that a pocket listing have been stolen or something off of our site, someone who's went around an agent, that person is banned for life.
They're no longer welcome in our platform.
We have several moderators and people who are fact checking and make sure we avoid it from happening. Unlike in social media that there is no real governing body so you have to be very careful.
1. Be extra careful about giving out information about your client.
If you see a pocket listing on social media or somewhere similar, whether it be real or fake, and you send the agent an inquiry like " Hey, I have a buyer that might be interested in this". Sometimes the agents will request extensive background on your buyer."What's his name, what does he do, where does he live, what's his qualifications"
You have to be really careful about what information you are giving out to them especially about your clients and how specific you're going to be because frankly they can reach out to your client and close the deal without you. They can start pitching them properties, build a relationship with them and steal them from you. Though not always possible, it's essential to build a strong rapport and connection with your client.
2. Be extra careful about giving out information about your pocket listings
If you submit a pocket listing on to social media or you tell an agent about it, you want to be careful of how much information you're putting upfront.
You can never really know who to trust, so you have to keep your circle extremely small especially in a hot market that you know that listings are exceptionally valuable.
Keep an open mind but yet don't share too much information with people that you don't know at this point and don't be too trusting to other agents.
Make sure that they were able to earn your trust before you start giving out information if you choose the social media route to trade your pocket listings.
Always remember that you are greatly welcome in our platform, Duvora, You can sign up as an agent and trade pocket listings securely
Remember that prevention is always better than cure. No one can screw you over if you don't give them the chance to do so.
Any stories you want to share with us? Was there a colleague who screwed you over? Tell us how they did it and how you dealt with it. You can share your stories to email@example.com.
I hope this helps, see you on my next blog. Have a prosperous day!
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