"It's not personal Sonny. It's strictly business."

Every so often there comes a time where someone isn't doing their job. Agents, contractors, tenants, property managers (this probably happens more frequently) and title companies screw up. Sometimes in a way so bad that you have to let them go, or at least stop sending them business for a while.

What I'm curious to hear about is what situations are forgivable, and what situations are not? Also, what "punishment" fits what "crime"? We as investors are important to these people, and usually they are willing to work hard to maintain their relationships with us, so sometimes it is better to let them work their but off, knowing they likely won't make the same mistake again.

I'm sure there are a number of different thoughts on this, and I have a feeling this will turn into a heavily anecdote based thread. That's cool... that's kinda what I'm looking for.

Michael Power

Real Estate Investor · Riverview, Florida

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66 posts
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Feb 22, 03:41 PM

Jake / REI is a relationship business. You can do great things with a little money and terrific partners and opportunities. As long as the team player is contributing positively and sincerely, any errors or mis-judgements are forgiveable.

I don't put a price on the dedication, although I did sever my stock broker relationship in 2009 when told to..."just ride it out".

Mike P.

Michael Power, JCM Investment Holdings Inc.
E-Mail: info@jcm-investment-holdings.com
Telephone: (800)647-0859
Website: http://www.1.jcm-investment-holdings.com

Jeff Sielicky

Real Estate Investor · Portland, Oregon

721 posts
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Feb 22, 05:27 PM

When a contractor's prices start creeping up because he doesn't think you will get bids. It is tough because you get to know each other and they certainly do take it personal.

Ibrahim S

Real Estate Investor · Union, New Jersey

Pro Basic

468 posts
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Feb 22, 05:49 PM

When an attorney who I refer buyers and sellers to (depending on if I'm buying or selling) obviously puts the whole deal on the back burner but wants to still charge top dollar for doing virtually nothing - TWICE - It's time to let them go. I agree with Michael, you can't put a price on dedication. But you can place a bill (as in money it costs you) on negligence.

Everyone on my team is dedicated to getting the deal done efficiently and as effortlessly as possible. But when someone on the team drops the ball and leaves it there, I have no choice but to let them GO.

Albert Hasson

· Paradise Valley, Arizona

Pro Basic

64 posts
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Feb 22, 06:53 PM

Mike P, sorry but I can't not comment on your severed relationship with your stockbroker. The s and p is currently at its highest level since some time in 2008 so your brokers advice was actually right on.

Brian P

Real Estate Investor · Salt Lake C[ty, Utah

283 posts
1 award
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Mar 01, 03:52 PM

just because time brought the stock market back doesn't mean the stock broker was right, my broker made me as much money in down markets as he did in up markets and would never have told me to ride it out, that's for clients flying coach, my broker wanted his clients flying first class. Another great person wiped out by a chronic drunk driver allowed to keep their license.