At a particular time, a realtor may decide to help their friends or family in either buying or selling a house. However, it is important to understand that consequences come with buying or selling property to close friends and family.
You may be going against the Code of Ethics as a Realtor
Among the clauses in the realtors’ code of conduct, a section of it requires that real estate agents disclose any personal interests in the properties they are transacting. When it comes to dealing with family, the article still has to be respected. If the family in need of real estate is already living in a property that a realtor owns, the realtor may continue to help them. However, the realtor can be held liable for any damages that arise from the transaction. It is also important to note that you should only disclose your interest when unavoidable, like a Phoenix Realtor. The article may not apply when the family is a seller or transacting a property on behalf of friends.
It can be Difficult Handling Tense Situations with Friends and Family
There are always high levels of stress experienced when buying or selling land or a home with family. When the transaction is not going well, the family may think that you are the one who is at fault. However, you may have done nothing wrong as an Arizona realtor. For example, when a family member is not happy with the amount of money they are getting per square foot for their home.
A different case is when they are not happy with the condition of their property, they may think that it is because they do not want to pay enough money for your property. As a realtor, you must be aware of these situations and be ready to handle them professionally.
Real estate transactions are not always straightforward, and there are bound to be moments when the family is unsure of what to do. As a realtor, you should be able to guide the family through each step of the transaction, especially when the buyer has a problem with paying for the property. You should also be able to help them understand how they can fix the payment problem and how things can move forward.