Matthew Kraai, doing this for a trainer course for a real estate (na)

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Rainmaker
990,805
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Consider it your evidence of the transactions validity

Jan 28, 2020 04:52 AM
Rainmaker
1,898,287
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

When is record keeping not important? Much of the paperwork is State mandated and much is just good sales practice Matthew Kraai .

Jan 27, 2020 07:43 PM
Rainmaker
6,603,303
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You need a database for reference if your wish to have continued success.

Jan 28, 2020 07:47 AM
Rainmaker
563,429
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Keeping a clean file that has thorough documentation of each step in the transaction is not only a good business practice, it is a necessity!

Jan 28, 2020 06:01 AM
Rainmaker
1,385,224
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Record keeping keeps you out of jail. You'll need it for audits and for taxes.

Jan 28, 2020 03:13 AM
Rainmaker
2,641,192
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

if anything you did or do is contested in this litigious world we live in

Jan 27, 2020 08:42 PM
Rainmaker
5,582,583
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Whether you sell real estate or soap, records must be kept.  And those records can be audited by the state, and can be subpoenaed in a court case.  A

Jan 27, 2020 08:21 PM
Ambassador
1,820,641
Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

This is one of the odder questions that Agent Professor charges you with asking.  It's right up there with the "Why is following the law important?".

Keeping records is important so that you have a paper trail, a history of what you've done.  That might be important just to keep track of which properties you've shown a buyer, or maybe the IRS will want to look at your records, or worst case scenario you may need to show them to the department of justice.

Keeping accurate and organized records can be crucial.

Jan 28, 2020 08:29 AM
Rainer
52,347
Krista Jenkins, REALTOR®
klm Real Estate - Lubbock, TX
Residential sales and retail & office leasing

We are required by law to keep records. In Texas we must keep all applications, agreements, communications, contracts, disclosures, statements, and work files for a minimum of four years from the date of closing or termination of the contract. Also, when you reach middle age, your brain turns to pudding and sometimes you forget who you are calling and why you are calling them as you are calling them so it is helpful to have notes in front of you that you can add to your database or work file. you will speak to A LOT of people in your real estate career.

Jan 28, 2020 08:27 AM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

You have to know where you have been to know where you are going.

Jan 28, 2020 07:12 AM
Ambassador
3,054,625
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

In real estate, we are required to retain records.  You better have them if you need proof/evidence. 

Jan 28, 2020 07:03 AM
Rainmaker
545,883
Tom Bailey
Margaret Rudd & Associates Inc. - Oak Island, NC

Lawyers!

Jan 28, 2020 05:29 AM
Rainmaker
1,722,500
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

Well, going thru an audit really hits home about how important it is. (taxes)

Proves your case when you have disagreement about a contract, commission, etc.

Jan 28, 2020 05:13 AM
Rainmaker
3,330,425
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

The easy answer is that it is the law. You have the state mandated things, the federal mandated things, and the things if you want to stay in business you keep track of. 

Jan 28, 2020 04:33 PM
Rainmaker
5,571,826
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

you'll know that answer soon enough, after you get a written notice that the IRS is auditing you for the past 3 years.... you'll wish you had every receipt and record of every step you took....

Jan 28, 2020 12:30 PM