I have seen to many agents give up on deals that have an opportunity to have a successful close of escrow. Just as buyers and sellers get fustrated so do agents. I suggest that if you are in a transaction you must remember why you are there. Weather you represent the buyer or seller you have to remember that they hired you to help them through the finding, negotiation and completion of the closing. Sure there are almost always going to be bumps in the road. The difference between a agent and a successful agent is how they handle those bumps.
As Realtors we must follow through on transactions. We can't put buyers and sellers in a contract and then disappear and hope it closes so we can get paid. I have seen this through out my career and I am sure that one or two of you have done the other Realtors job to get a transaction completed.
I wonder how many brokerages out there spend time training new agents on the process of a transaction after escrow opens, after there is an accepted contract. Is this really the time a new agent or inexperienced agent should wing it. I don't think so. Brokers, mentors should go through a practice escrow with the new or inexperienced agent. Take the time to show them a transaction check list and how important it is to keep records of the transactions process and not rely on the escrow officer to do it for them. Teach them to keep a conversation log of the transaction as buyers and sellers sometimes seem to forget that an agent has discussed the bumps in the road, let them know about buyers remorse and how to help the buyer through it, COMMUNICATE in the transaction as the bumps can turn into mountains without it, prepare the buyers and sellers on time frames of the transaction, teach them to respect the time frame because you never know if a seller might get a better offer and be looking for a way out of the deal, the buyer may have found a different house and is looking for a way out, let them know that all the prospecting and legwork and showings and open houses pay off in the completed transaction. Teach them that learning about the loan process can ease the buyers nerves, Talk to them about how the buyer and or seller may feel during this time.
Seller will be concerned about the inspection process and when they should start moving, They need to be told in advance about things that are going to come up in the escrow like Inspections, appraisals, C.L.U.E. reports and the pre-audits, how much it may coast to sell their home besides the Realtors commission. The obligations as written in the contract.
Buyers need to know about when the appraisal should be paid for and ordered, that they may need to have reserves in their bank, that they need to get all the information to the lender asap, when the inspections need to be done and advise them on what may or may not need to be fixed, They need the agent to be the solution not the instigator of the bumps. They need guidance and may not even know it.
Keep buyers and seller apart. Most of the time they get together will make more work for both agents. Deals fall through because he said she said, comments on the house, stupid little things that should never been said or perceived.
I know there is alot more to the transaction but how many agents new and old wing it. The Real Estate schools don't teach it, The other agent isn't going to teach it and the Title company may try to teach it but it is not their job. So how do the newbies and inexperienced agents learn. Do they just get thrown into the fire?