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Trulia Phoen…, Home Buyer in Phoenix, AZ

Is representing your family or friends a good or bad idea?

Asked by Trulia Phoenix, Phoenix, AZ Fri Apr 26, 2013

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Answers

22
It's a great idea if you are a great agent.
It's a bad idea if you are a bad agent.
1 vote Thank Flag Link Sat Apr 27, 2013
David Rider adds much needed humor to a very volitle situation.
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Assess if the family and friends in question are those you can afford to lose forever.
If they are, more forward.
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If these near and dear ones are important to you, be aware, when money is involved, relationships CHANGE!
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Your choices are:
1. Refer to a trusted associate
2. Do the deal FREE.
or roll the dice
3, "I've been trying to get rid of these folks for years!"
4. Proceed in the traditonal manner if there exists a well established pattern of attentive and genuine communication with an well defined process for resolving conflict based on common values.
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It is absolutely amazing how one's best efforts can be misinterpreted by those who drag a trainload of baggage. When your lips are moving discussing the marketing stategy all they hear is 'whaa, whaa waaa, waaa' which is translated, "promised to sell in four days to cash buyer sight unseen."
Say what!
1 vote Thank Flag Link Sat Apr 27, 2013
If you are a full time agent who knows what you are doing, good. If not, then bad.
1 vote Thank Flag Link Sat Apr 27, 2013
It can get touchy representing people close to you. It is important the agent and client can separate business from the other relationship. Communication is key.
1 vote Thank Flag Link Fri Apr 26, 2013
Your family will either love you or hate you at the end of the transaction!
1 vote Thank Flag Link Fri Apr 26, 2013
It all depends on the way your family handles stressful situations. Since my family puts the fun in dysfunctional, I typically don't deal with them. LOL, much more important to maintain the relationship then make the money.
1 vote Thank Flag Link Fri Apr 26, 2013
Many will tell you that "if you value your relationship it's best to pass on these opportunities." There are ways of being involved, reaping financial benefits, and maintaining a distance.....going the referral route could be the best avenue here.......one that keeps your relationship safe!

Bill
0 votes Thank Flag Link Sat Jul 13, 2013
You never know. Family and business can be tough. Just make sure that you give them the same treatment as you would any other client no more no less and everything should be fine.
0 votes Thank Flag Link Fri Jul 12, 2013
Always. It can be trying at times and it could cause problems with the relationship but they tend to be your best supporters and referral agents. Just because they are a friend or family doesn't mean you can cut corners. They always deserve your best and your honest opinions.
0 votes Thank Flag Link Fri Jul 12, 2013
Kelli's answer is exactly right.

Some agents think they have latitude with their friends. That is not correct. Let's say you go out together for dinner and drinks the night before the open house. It doesn't mean you don't have to show up for open house because you were out late with your clients.

Whether friends, family or strangers, your clients are paying for quality representation. It is your job to deliver it. In all cases, the best protocol is to surprise and delight your clients and exceed their expectations.
0 votes Thank Flag Link Fri Jul 12, 2013
Sure, it is a great idea to represent your family and friends because it provides mutual benefit for both sides. Assuming the relationship is a positive one, this would be a good start in the real estate process.
0 votes Thank Flag Link Sun May 5, 2013
It all depends on the people involved and what they expect. I myself will represent my family and friends. It is good to have a set plan ahead of time as far as commission because so many relationships are ruined over money.
0 votes Thank Flag Link Sun May 5, 2013
It all depends on the people involved and what they expect. I myself will represent my family and friends. It is good to have a set plan ahead of time as far as commission because so many relationships are ruined over money.
0 votes Thank Flag Link Sun May 5, 2013
If your family member is purchasing a short sale home, you may not be paid commission.
0 votes Thank Flag Link Wed May 1, 2013
Representing family and friends should be the BEST idea but it can be the most stressful business that you ever do!
0 votes Thank Flag Link Wed May 1, 2013
My business started with help and support from my friends and family.

In fact, one of my friends help off on listing her home until I had heard if I passed my board exam.

They key to success in dealing with family and friends is to keep in mind you are engaging in a business activity (not hanging out)

I am so grateful to my friends and family for getting my business off the ground, and allowing me to be of service to them.

Kawain Payne, REaltor
0 votes Thank Flag Link Sun Apr 28, 2013
It all depends, it can work out well with great communication.

Some with certain personalities that omit bad vibes are thankfully a great indicator not to work with them.
0 votes Thank Flag Link Sun Apr 28, 2013
Because I know my family members and my friends very well, I will know which ones NOT to represent ;)
0 votes Thank Flag Link Sat Apr 27, 2013
I represented a very good friend once. It was strenuous to say the least, but it worked out in the end. Our friendship was strong enough that we still remain friends long after the deal closed. Now... I had a step sibling as for help with their home, and I couldn't run away fast enough. I think it just depends on the situation and the relationship you have with this person.
0 votes Thank Flag Link Sat Apr 27, 2013
Interesting question, I recently represented a friend and there were times that she became less than cooperative during the escrow, I love Kelli's answer because I just went into ultra professional mode and had a successful close.

A few years back I represented a very close family member and it was a very good experience.

I am currently representing my sister in purchasing a home and we are having a really excellent time together. She's not afraid to tell the truth about specific homes, and she really apreciates my honest opinion about sales in this area.
0 votes Thank Flag Link Sat Apr 27, 2013
It is a very touchy subject. Many of your relatives and friends will have a hard time sharing personal information. If that is getting in the way, refer. Money can realyy get in the way of friendship, so be very careful. I and , I am sure a lot of us, have friends and relatives that it would be a bad idea to represent. Just be careful if you value the relationship.
0 votes Thank Flag Link Sat Apr 27, 2013
We are all taught from the beginning to make a list of people we know and begin marketing to them and try to get referrals. A lot and family and friends shy away from using an agent they know because they don't want someone they know to "know their business". I think the best way is to have a sit down with them and explain how you work like you would do anyone else, If after the meeting either don't feel comfortable, explain how you would be happy to refer then to another you trust and you know will respect their fiduciary duties.
0 votes Thank Flag Link Fri Apr 26, 2013
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