Did I Kill This Deal?
As a Commercial RE agent I take my fiduciary duty to my client very seriously. Can that sometimes get in the way of a deal? Sure, all the time. I put deals in this perspective: “ Having all the facts regarding this deal, would I agree to or sign this?”
Here’s an example;
I represented a tenant who had to move his auto repair shop. We found a shop that more than fit the clients needs. I prepared a Letter of Intent and sent it to the Landlord, who was a National RE Co. The Landlord accepted the LOI but, stipulated we must use their lease contract. OK, no big deal.
I need to state here that I work with a RE Attorney that reviews & draws all my contracts. I looked over the contract with my client and we found some terms that put my client in a distinct disadvantage over the term of the lease. I forwarded the lease document on to our attorney, along with my concerns. Our attorney concurred and redrew the sections that were not in my clients best interests.
I sent the corrected signed lease to the Landlord. The next day, I received a reply from the Landlords rep. “This is a deal killer” You either sign the original lease or we will cease all communications
Ok, what now. For me, it’s simple I’d walk away and not look back. But, my client thought of this space as his “dream shop”. After meeting with me & my attorney, my client was able to put aside emotion and realize it was time to walk.
Did I kill this deal? Yes, I did. Do I feel bad about it, NOT IN THE LEAST. Oh, I did find a better shop for my client on good terms for my client & the Landlord. He’s 3 yrs into a 5yr lease.
Comments (8)
Thank you David.We just keep moving forward!
Mike Morrison, almost 14 years ago
Good work Mike. You represented you're client well. It shows you have integrity. Another one will come along to make up for it and I'm sure your client appreciated it.
David Wedemire, almost 14 years ago
Kathy, that's the only way to do business.Sad situation is when the buyers rep. doesn't know that their client has been placed in a subordnate position.I see it more than I should.
Mike Morrison, almost 14 years ago
Hi Mike. Kudos to you. I had a similar situation(residential). A very stressful transaction but we walked too. The seller's attorney had rewritten a clause that put my contingent buyer in a very difficult position. Found them a much better place!!
Kathy V., almost 14 years ago
Matthew, I keep the faith. As late I'm beginning to wonder about a lot of agents that should know better. thanks for your comment!
Mike Morrison, almost 14 years ago
Mike, well done! You represented your client and put his needs above your own and that will always pay dividends (even if not immediately). It's good to see that there are still some good ones out there!
Matthew Scott, almost 14 years ago
Thanks Uryss!
Mike Morrison, almost 14 years ago
Darn good decision Mike.! Kudos to you! It's a wonderful thing to see it's not always about the money with people but instead decisions based on morals,character,and clients well being emotionally and financially. Once again great decision.
Uryss Mitchell, almost 14 years ago