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Do I Need to Talk to YOUR BROKER?

Lender and Real Estate Agent Rules to be followed in a purchase/sales transaction:

Rule Number 1: Our clients come first

Rule Number 2: Time is of the essence

Rule Number 3: Everyone should work together as a team

One thing that I think is fascinating about Real Estate is the fact that no two transactions are alike. As much as we would like to "streamline" the process, to cut down on costs and improve efficiency...it simply never plays out that way. Why? I think it's simple...there are simply too many pieces to the puzzle in a purchase transaction.

The key is to keep each transaction on even keel!

What I have found to be the main cause of home purchase transactions going south is a lack of communication. It is almost inevitable that something will come up or go wrong in a Real Estate transaction. What typically determines the successful transactions from those that don't do so well is how well all parties communicate and come up with a solution. To include the buyers agent, sellers agent, buyers,sellers,lender,mortgage broker,etc.

This is where things can get...well...tricky!

Why?

Well, I have found that being a California Mortgage Broker has led me to some interesting agents (on both sides of the transaction)...To say the least...

Here are a few of the qualities that I've found to be disruptive in a purchase transaction...From a lenders perspective:

Not communicating with your clients (One of my personal pet peeves. Represent your clients! It's why they sought you out to begin with.)

Being quick to jump to conclusions and making false assumptions.

Being argumentative rather than a solution seeker.

I've only had to do it once thus far. But, if an agent is overboard and hard to deal with...I'll simply ask, "Do I need to talk to your broker?"

In this one particular case, I did. Poof!

An hour later, the agent called me up and apologized. I accepted the agents apology and the rest of the transaction went smooth. Since then, we have closed 3 purchase transactions with each other and continue to help each other grow.

It's a simple question. Yet for some reason, it gets superior results.

Scott Gormley
Broker/Owner
Oak Valley Mortgage
2006 Chico Assoc. of Realtors Affiliate Chairman
Direct: 530.592.8362
Fax: 530.267.5555
Website: http://www.CALoan.com

Blog: http://www.CARealEstateBlog.com

"You find the perfect home, we'll find the perfect loan!"

Posted by Scott Gormley on 07/06/2007 12:18 PM

Comments (6)

real estate transaction, california home loan, california home loans, real estate loans, california real estate, california homes, communication

This post has been included in California Information

6 Comments on Do I Need to Talk to YOUR BROKER?

JUL

2007

Nice insight Scott and you are so very right....there are so many variable in each transaction that it makes it practically impossible to streamline the process.

Scott I feel your pain. We too have that problem not only with other Realtors but with lenders as well. I hate to call a Broker Manasger or Owner, but I have several times. Waiting 5 days for an agent to reply to an offer after leaving numberous voicemails is uncalled for, as is their attitudes. I often wonder how some of these peeps survive.

Personalities are definitely the biggest challenge in each transaction! I like your 3 rules... if we could all keep those in mind, life would definitely be easier. The team concept is interesting... considering you sometimes have two opposing teams (the buyers side and the sellers side- we do have to put our clients first, after all)... but it does help when everyone remembers we have a common goal-- to CLOSE the deal!

If we looked at each other as colleagues rather than as competitors, as a team rather than opponents, transactions would be much smoother and all of our clients would be much happier.

JUL

2007

It is not a difficult business. If the prima-donnas would not have their attitude, we have them in every market, and if the rookies would seek guidance, then everything normally goes well. Speaking with the broker sometimes does work but there are also brokers and owners that really don't care. The biggest problems are usually from the "hang your license" shops. But the nice thing is that there are a some really good Realtors and mortgage officers that care about getting the transaction to close with a minimal of problems. After all, we do work for our customers and our egos should not get in the way.

JUL

2007

communicating is so important - it is my #1 pet peeve - when one party lacks we all suffer and have to work harder to keep it all together -

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