Have you ever had an agreement with someone and thought the rules and boundaries were unmistakeably clear?
Then…when it was time to split the profits, or put in the money, it became sticky. In real estate deals, sticky situations happen:
Suddenly, the boundaries got blurred, there was a misunderstanding or someone didn’t do what they were supposed to. Then the whole deal, or business started to fall apart and in addition the relationship got fuzzy?
Six Ways To Handle Sticky Situations
1. A unmarried couple intend to buy a house together. They look and look and finally settle on one. Then when the credit is run for the purchase, they discover late payments, or other credit issues. Suddenly, buying a house together isn’t as simple. One partner starts to mistrust the other. They may end up needing a co-signer. Sticky conversation with your partner.
2. A contractor is renovating a property at an agreed upon price. When he opens up the wall there is mold. Now, the work he needs to perform is more intensive and requires more time and supplies. The owner argues about any changes to the original bid yet agrees that the contractor must get the job done right and on time. Sticky conversation between owner and contractor.
3. Two people are in business together making money on real estate. Their strategy is buy and fix. One partner is responsible for finding the properties and figuring out if there is profit potential. The other partner is responsible for the fixing and getting the job done on time. There is a minefield of situations that can go awry with these partners. The job isn’t getting done on time, holding costs are building, the repair estimate was off – why did they pick this one anyway? and now the cost overages are eating at the profit. Sticky conversations between partners.
No matter how well we try to run our business, life and family, we all need to know how to handle sticky conversations
1. Tell the truth
The sooner the real facts are on the table, the easier it is to make smart decisions. Honesty pays and you can sleep better too!
2. Don’t wait – discuss it now
Sometimes, when we have the facts, the fear sets in. We are afraid to tell the parties involved, OR we let the fear drive us to inaction. DON’T let fear get in the way of your dreams and a life by design. Step through it.
3. Get it in writing – email is helpful here
Write down you action steps to resolve the sticky issue. Then take action.
4. Agree to disagree
When each party is heard and opinions differ then make a new agreement that moves the issue forward and finishes the past.
5. Work for peaceful resolutions
Learn to give in sometimes, look for the higher good in the project or relationship.
6. Let go of being right
Stubborn, egotistic thoughts and behavior make YOU the difficulty. Let go and resolve to move on.