Don't be afraid to throw money at a problem to make it go away.
I call this the Open Checkbook Policy. If you've read Sell with Soul, you're already familiar with it. The Open Checkbook Policy means that you, as a buyer or seller representative, are willing to throw money at a problem to make it go away. Maybe the problem was your fault to begin with. Maybe it wasn't. Maybe it's even the fault of the agent sitting on the other side of the table!
Some agents are vehemently opposed to giving up even a little piece of their commission check to solve problems, even problems that they created. I think that's bad business. More than once, I've sat across the closing table from an agent who screwed something up and written a check myself to salvage both our reputations. Never got a Thank You from the other guy. He probably thought I was a wimp.
And maybe I was. Maybe I don't have the gumption to make a stink and create a confrontation. Maybe that's the introvert in me.
Or, maybe I realize that I have the potential to make a whole lot more money in one month than my client made last year... and that my $300 contribution (which is barely noticeable to me) means the difference between whether or not he makes his car payment next month.
Okay, so maybe that's a little too melodramatic. So I'll get practical. I Open My Checkbook because sometimes I have better things to do with my time and energy than start a fight I might lose. Maybe I'm not willing to let $100 stand between me and a $5000 commission check. Maybe not even $800. Maybe I don't want to put that buyer back in my car for another tour of the city.
And {gasp}, sometimes I even mess up. I forget to share a disclosure with my buyer. I mis-state the HOA fees. I forget to exclude the washer and dryer from the purchase agreement. In these situations, I can't Open My Checkbook fast enough.
As an introvert, I'm not a natural fighter. I can't sweet-talk or hard-sell someone into doing something they don't wanna do. So, sometimes, I take the easy way out, for me. It's only money. I can make more.
Peace of mind? That's a little harder to come by!
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copyright Jennifer Allan 2007
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Great post! I know of a few agents that do this as well, not only does it show your true dedication, but also the good person you are for this. I think it is a great thing you do.
I agree with you. I practise this philosophy. But sometimes it stinks (ops, can I say that???)
Not only have I opened my checkbook to make my problems go away, I've got physical labor involved too - cleaned, wiped, etc.
Hello Jennifer,
Not one of us is perfect... We all make mistakes... much like you, we believe it wise and prudent to quickly confess, correct and move forward, learning from our errors.
Thank you for sharing...
It amazes me when I have some final touch ups on a HUD and there was an error made and I Can't get anyone to take a cut off their fees...
... and I've scraped my fees down and even my commission down as low as I can comfortably go but someone has to stick to 3%... "I deserve it!!!" Yeah... but only if it closes!!
I couldn't agree more Jennifer. We make good money for what we do and if sharing a little will result in a win-win situation and everyone can move on happily, I bet you have happy (repeat and referral) clients and you can close that chapter and move on to the next. I never can understand why someone might give up an entire commission to stand their ground on a much smaller percentage. Good post (PS we did the same thing JUST THIS WEEK and have a happy buyer, seller, and landlord ;-)
Jennifer,
We all have faced this issue, some more than others. Yes, my checkbook is going to write a check in 2 weeks. What for? Well, I have buyers who wanted an escrow check put into an interest bearing account and the listing company didn't provide that service. So, I'll probably treat them to something special to make up the difference (although it was minimal.)
I have had more success and repeat business for my "out of the box" thinking and way I practice my profession. My checkbook is open..... sometimes more than necessary... but life is short... I am not going to stress over pennies... I'll cover it... problem solved... people happy.... and I am the hero!! I'll take that everyday over losing a transaction cause we can't work out a couple of hundred dollars worth of repairs etc.
Thanks for sharing.
I agree with your policy, Jennifer. Sometimes a person just does not have the time or energy to deal with a fight. Quite often, it simply isn't worth it. Like the saying goes you have to "pick your battles".
Jamie.....And we introverts need to pick our battles even more carefully! We need to conserve our energy for when it matters. Not that we're lazy, oh no! But social energy is something we're a little low on...
Desiree - I LOVE IT. Yes! You said it very well. And I bet it's working well for you...
Diane - that is a perfect example. One thing about the Open CheckBook Policy is that it forces you to actually look at the cost as opposed to the "principle". I once had a rookie agent threaten to terminate a deal (I bet she hadn't even asked her clients though) because my seller wouldn't agree to pay two day's worth of rent for a delayed possession. I did the math and came up with $110 for the buyer's out of pocket. I DID not offer to pay for it, but I did casually point it out to the buyer's agent... She apparently hadn't thought to actually figure out the dollars we were talking about!