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Ambassador
5,049,488
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Well it's required and I don't have to worry should there be a dispute (none so far). And it should keep me out of trouble with the IRS.

Oct 13, 2017 10:11 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I keep good records to keep the tax man away. I can usually put my hands on or find the documant I need in a couple of minutes. 
It save time and keeps me out of court.

Oct 13, 2017 09:27 PM
Ambassador
2,684,109
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  1.  Record keeping is required by law, by the Real Estate Commission, by IRS, etc.

 2.  When you are in a civil suit, or defending yourself in front of the Real Estate Commission, any lawyer will tell you that if it isn't writing, it never happened... it's just hearsay.

Oct 13, 2017 09:20 PM
Rainmaker
1,027,602
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Keeping records of past transactions where I represented the buyer definitely helped me remember all details of the home inspection, etc. when those buyers became sellers.  

In theory, keeping records may protect me at some point in the future;  so far, I haven't needed protection, but they are there if I need them. 

Oct 14, 2017 03:56 AM
Rainmaker
4,457,359
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Kyle everything I say I am willing to put in writing and the best part is it has kept me out of standing in front of a Judge and I did not have to say "well you honor the reason I said this was..."

Oct 13, 2017 11:24 PM
Ambassador
5,230,159
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

I haven't had to use (saved records) but, we are required to save them both personally (IRS) and professionally (REC) and you bet, I DO!

Oct 13, 2017 10:46 PM
Ambassador
6,393,609
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

It is essential.

Oct 13, 2017 10:17 PM
Rainmaker
290,969
Allie Angeloni
Long Realty - Oro Valley, AZ

I think real estate is similar to other jobs where you work with clients Kyle Beers.  Records are kept to document the different phases of 'what is happening' with clients, and having a paper trail that can be reviewed is always safe to have, for others as well as yourself.  One cannot always trust their memory, and you don't want to be in a situation of 'he said she said', because it's only someone's opinion and not in black and white.  I document everything, usually in an e-mail, though Texts could be printed if needed.  So, after having that phone conversation, I follow-up with the same words in writing!  I believe It helps and protects you!  

Oct 14, 2017 07:43 AM
Rainmaker
4,572,595
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Documentation is your friend.   

Oct 14, 2017 05:41 AM
Rainmaker
2,781,303
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

In courts of law, records speak louder than words at times

Oct 14, 2017 05:30 AM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

It keeps you out of potential trouble.

Oct 14, 2017 04:30 AM
Ambassador
3,345,221
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I wish you all the best with your studies.

Oct 14, 2017 12:55 PM
Rainmaker
2,220,654
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

It is required, contact your local real estate commission for more information in your area.

Oct 14, 2017 09:08 AM
Rainmaker
1,543,983
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Records refute "he said, she said".

Oct 14, 2017 08:30 AM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

with transactions, it's saved many conflicts!!!

with the IRS, it's a necessity if and when I ever get an audit...

Oct 14, 2017 08:18 AM
Rainmaker
7,836,442
Roy Kelley
Retired - Gaithersburg, MD

If you need to provide documentation, records are mandatory.

Oct 14, 2017 07:08 AM
Rainmaker
599,274
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

When I needed to provide evidence for a trial, my documentation saved me. 

Oct 14, 2017 07:07 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Kyle Beers Keeping records is like keeping an audit trail on everything you do in this business. I used to tell my students the reason the inside of a manila folder is blank so there is a place where you can keep a journal of all activities related to the transaction. In the event there is an investigation, you will have everything at your fingertips.

Oct 14, 2017 06:33 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

First off it is the law but second off, after taxes, a great source to build a data base

Oct 14, 2017 06:12 AM
Rainmaker
4,883,260
Richard Weeks
Dallas, TX
REALTOR®, Broker

Will help you with your transactions and the IRS.

Oct 14, 2017 05:55 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Being able to document my recollections!

Oct 14, 2017 04:44 AM
Ambassador
2,178,703
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

So far, it's kept me out of jail.

Oct 14, 2017 10:18 AM
Rainmaker
1,503,028
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Nice!  a new question!

Records have been helpful several times.  I've used email records to put down arguments of abusive agents.

Oct 14, 2017 09:31 AM
Rainmaker
1,052,321
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

The guy with the longest paper trail wins in court.
The guy with the most organized records stays out of court.
The guy with the most complete records has smoother transactions.
Be that guy.  ;)

Oct 14, 2017 08:54 AM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Kyle,

We kept all records of transaction in a neat orderly manner. A

Oct 14, 2017 07:04 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes

Oct 14, 2017 06:24 AM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Because I keep records I've been protected. Besides, certain records retention is the law.

Oct 14, 2017 05:46 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

In many ways.

Oct 14, 2017 03:46 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

(I can do my taxes easily....lol~)

Jun 04, 2018 10:08 PM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Well, you have to. You have to records pretty much everything, your transactions, your relationships with clients, your expenses, your daily activities. 

Oct 19, 2017 10:29 PM
Rainmaker
5,868,689
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

You never know when you will need them.  

Oct 17, 2017 08:15 AM
Rainmaker
5,005,670
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

It is required and I keep records religiously! Keeps me out of any issues and with the IRS.

Oct 15, 2017 10:07 AM
Rainmaker
1,726,096
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

B/c no one will do it for you

Oct 15, 2017 08:52 AM
Rainmaker
577,750
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

Keeping detailed records in this business is very important.  It has helped me twice over my 30 + years as an agent.  Once when a Buyer threatened to sue me, and because of my detailed records proved her wrong... the other time a client wanted to report me to RECO, and once again, becasue of my detailed notes... it never went any further... In both instances I was wrongly accused... and save by my noates.

Oct 15, 2017 06:47 AM
Rainmaker
679,404
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I had a situation where I had to appear in court as a witness for a lawsuite that was between a buyer and seller.  The Judge was very complimentary and said to everyone that because of my accurate and amazing records it was an easy case to solve.  Can't say it helped me "other than the compliments" -- however, it protected my seller!  Which in the long run ... helped my business!

Oct 14, 2017 05:45 PM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

It stopped a law suit aainst me

Oct 14, 2017 04:31 PM
Rainmaker
1,239,901
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

clouds- One site I don't even have the password anymore.

Oct 14, 2017 07:20 AM