Track Your Expenses: It is important to track your expenses as an agent for tax purposes, billing, and general accounting. When representing an out-of-state seller it is critical to track your expenses because you will likely be performing duties outside your normal duties as a real estate agent. You may be performing duties as a Property Manager, a Contractor, a Facilitator, etc.
On one recent transaction I encountered the "Jacked Up Jacuzzi". I received a contract on the home, the buyer conducted a home inspection and during the inspection water streaming out of the tub through various holes, cracks, and crevices. Now, water has to have a place to go and the gravity always has something to do with where it ends up. The tub was on the 3rd floor of the unit, so the water leaked down through the ceiling of the second floor dining room, across and over to the office in the basement. After several trips to the property, $1,800 in clean up, $700 in drywall/paint, and $175 to repair the drain, we lost the buyer. A couple of weeks later we received another buyer and the same thing happened but to a lesser extent. More fixup and repairs were needed but these buyers didn't bolt on us. If you catch water damage and ensure it dries out immediately, fix any drywall and throw on a little paint, there are no long term effects.