Do You Work With Optional Clients?

By
Real Estate Agent with Keller Williams Realty 0575737

EverythingHere in Texas in our residential purchase contract the state has set up this fun "Option" period usually for ten days and about $100 at risk that puts you first in line to buy a house and lock it up BUT although normally for an inspections period, you can walk away in that period for NO reason at all. Options are FUN!! But what about

Do You Work With Optional Clients?

In romance, a great phrase is, "Don't make someone a priority, when THEY make YOU an option." Namely build mutually fulfilling relationships. COMMITMENT on both sides. Win Win or NO deal. Buyers rep agreement, listing agreement, or a SOLID understanding that you are NOT their part time REALTOR with another REALTOR.

Commitment is not such a bad thing like in marriage or goals or real estate partnerships with agent and client and only may be a problem when you are pointed at the state mental asylum. Don't take OPTIONAL clients, an instance when OPTIONS are NOT FUN.

Your precious energy, time, talent, and money need to be spent with those who say YOU ARE THEIR EVERYTHING!!!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
Texas Denton County Flower Mound
Groups:
Realtors®
ActiveRain Rockstars
BananaTude
Best Business Practices
Diary of a Realtor
Tags:
committed clients

Comments 35 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the envelope to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
104,176
Carolyn Shipp
Mineral Wells Texas Real Estate
Source 1 Real Estate

I am in Texas as well...a little further west than Karen, and see the option period filled in quite frequently.  The days are usually about 10 and the amount is around $25 here.  I've never seen it as an inconvenience or a "put off" to the seller.  The house is marked Active Option in the MLS and then once that period passes marked as Active Contingent or Pending depending on what is going on.  Since the house is still listed as Active, it's never taken off the market, so it really doesn't affect the seller.  I know there are some agents that won't show the property if it has a contract already on it, but again, none of my sellers have had a problem with it.  That option period only lasts a few days and there are plenty of other things that will allow a buyer to back out if they so choose...contingencies...financing the number one reason I see.  If an inspection or something detrimental to the property is seen, that is re-negotiated and an addendum completed anyway.  Sometimes it just makes the buyer feel better.  Plus, I've had an occasion or two where it didn't matter.  Option period came and went, all was fine, but in the end the buyers backed out.  Just got really cold feet and couldn't bring themselves to go through with the purchase. 

February 17, 2011 02:52 PM
Rainer
65,414
Alyce Martin
Albuquerque - THE Place To Be!
The Realty Group, LLC

Gary - oh Lord, I could write a book - maybe I'll just write a blog instead.  You are 100% on the mark.  I'm done with wishy-washy, noncommittal-make-believe clients.  I'm the real deal.  They need to be too. 

February 17, 2011 05:37 PM
Rainmaker
995,711
Karen Anne Stone
Fort Worth Real Estate
New Home Hunters of Fort Worth and Tarrant County

Carolyn in #31:  Thanks for the back-up on my comment in helping define the Texas "option" period... and in trying to show that it is nowhere near the same as an "option to purchase" contract.  Lots of confusion going on here.  Have a great weekend !

The buyer/client IS committed when they write the offer.  The Texas "option" portion of our purchase is NOT the same as working with "optional clients."

The best example would be if an inspection during the "option period" came up with severe (but hidden) foundation damage.  If the report is back in the buyer's hands during the ten-day option period... (which it better be)... then the buyer has the "option" of canceling the sale.  The seller gets to keep the nominal option fee... and both buyer and seller go their separate ways.

If this is invoked... the most time it can cost the seller... is the seven to ten days period, or whatever time period they have negotiated.

February 17, 2011 05:40 PM
Rainmaker
331,134
John Mosier
Prescott's Patriot REALTOR & Land Man 928 533-8142
High Country Realty - Prescott - AZ

The option you mention in your article does not appear to be a part of our purchase process here in Arizona unless I totally misunderstood your post.

I will not work for clients who are not willing to work with and stay with me. I also will not work for clients who have such a long list of wants or needs that cause there to be no solution. Win-Win or no deal.

February 18, 2011 12:06 AM
Rainmaker
995,711
Karen Anne Stone
Fort Worth Real Estate
New Home Hunters of Fort Worth and Tarrant County

John in #34:  The willingness of clients to work with you has nothing to do with this "option" clause in Texas.  It is part of an agreed-upon contract, and is simply a contingency that has to be addressed by the buyer in the first seven to ten days of the purchase agreement, or the contract automatically becomes FIRM.

It simply gives the buyer seven to ten days to get inspections, and if, during and only during that time, an item of concern comes up so serious that the buyer feels it impairs the purchase, the buyer may dissolve the contract.  The buyer in question is not wishy-washy about either committing to purchase, or about working with a certain agent.

Contracts vary, and sometimes greatly so, from state to state.  The "option" clause has nothing to do with "wishy-washy" buyers.

February 21, 2011 01:06 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the magnifying-glass to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Ambassador
1,484,038

Gary Woltal

Assoc. Broker Realtor SFR Dallas Ft. Worth
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cloud to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information