In Real Estate & Life, Admit Mistakes, Learn, Move On

In my 18-year real estate career representing Fort Lauderdale home buyers and home sellers, I’ve made my reputation asking all the right questions at the right time to ensure their interests are protected.

Sometimes, however, a question gets missed.

In a recent edition of Tuesdays With Gary, we discussed the importance of remembering to ask the right questions at the right time to set the stage for a great client experience.

I recently took a listing for a greater Fort Lauderdale duplex. As the agreement was being signed by the seller, unbeknownst to me, the seller also was renegotiating the duplex leases for the coming year.

Had I known that, I would have advised the seller that the cap rate on a no-rate increase rental would not produce as many buyers. Smart buyers would immediately realize their contractual obligation to accept that rent during the term of the newly inked lease, no matter the changing market conditions. In Fort Lauderdale’s fast-escalating residential rental market, that could cost hundreds – even thousands – of dollars each month.

It’s a critical distinction and an oversight I will not make again in the future.

Smart business executives will rightly excuse a single mistake as a learning opportunity, as long as it’s not made again. Now, I know to ask the right questions first.

Gary Lanham is team leader for the Gary Lanham Group at Coldwell Banker Real Estate Fort Lauderdale Beach Office. To learn more, visit instagram.com/garylanhamgroup or call 954-695- 6518.